Econet formalises ZSE offer
BUSINESS| Feb. 15, 2013, 5:37 p.m.
By Alfonce Mbizwo, Harare, Zimbabwe
Zimbabwe’s largest telecoms company, Econet Wireless, has formalised its loan offer to the local stock exchange for setting up an automated trading system.
The mobile operator has offered the Zimbabwe Stock Exchange a loan for the full cost of the electronic trading system including supporting modules needed to enable efficient utilisation of the system.
The automated system costs an estimated USD5 million. The absence of an electronic trading platform makes it possible for stockbrokers to manipulate share prices and short sell. There have been instances when stockbrokers have been accused of trading shares which they do not hold ad then lead the market to secure the shares at lower prices.
Econet has come out strongly against the slow pace of reforms on the ZSE, often dubbed an “old Boys Club" for its resistance to change.
"It is time for the ZSE to become more accessible to ordinary people, and a proper
vehicle for mobilising capital for companies," said Econet.
In its offer, Econet said the loan will be conditional upon the ZSE producing a transparent selection process acceptable to Econet for the selection of the system and vendor. Sources say the disbursements will be conditional upon ZSE following a good corporate governance process.
The ZSE recently parted ways with its CEO, Emmanuel Munyukwi, who was seen as a stumbling block to reforms, over allegations of misconduct.
The ZSE board is yet to respond to Econet’s offer.
MORE BUSINESS NEWS
Contact centres: cog in the machine or customer experience hub?As customer experience becomes the primary competitive advantage in business, the role of the contact centre is changing significantly. But whether it becomes the heart of the business or a component of the bigger machine depends on the business, say African contact centre experts. Read More
Building an African Dream: The Wyzetalk journeyEnterprise social networking company Wyzetalk examines the challenges and opportunities it encountered as a startup in Africa. Read More
African organisations under pressure to sharpen skills retention and employee engagementBusinesses across major African economies such as Kenya and Nigeria are coming under increasing pressure to align their strategies for retaining talent, compensating employees and engaging with their workforces with good international practices. Read More
The Workplace of the FuturePhilip Gregory, Senior Regional Executive: Johnson Controls GWS, Middle East & Africa, talks about the workplace of the future, how it will impact the workforce and how businesses can navigate the tension between employee demands and the needs of the corporation. Read More
New MTN boss Ebenezer Asante starts work at MTN Ridge officeThe former Chief Executive Officer for MTN Rwanda Ebenezer Asante has started work on Friday as the new CEO of Ghana’s leading network operator MTN at its plush Ridge Head quarters in Accra. Read More
Tigo Ghana CEO 2nd on Sweden’s list of 75 young and promising womenThe CEO of Tigo Ghana limited, Roshi Motman, has been named as the second most young, promising and prominent female executive on Sweden’s tall list of 75 outstanding women. Read More
Safaricom non-voice revenue, subscriber numbers show strong growthSafaricom has reported a total revenue increase of 13% to Kshs 163.4bn, with non-voice service revenue increasing by 27% to Kshs 68.8bn. Read More
She Leads Africa launches 2015 Entrepreneur ShowcaseThe premier platform for young female entrepreneurs across Africa has launched this year’s competition, with a $15,000 cash prize for the winners. Read More
Africa highlighted as high potential tech marketAfrica’s trade potential has come under the spotlight at the 5th annual DHL Global Technology Conference in Dubai. Read More
FEATURED STORYThe transformative power of affordable smartphones and unlimited data in Ghana
Smartphones are helping transform their lives of ordinary people in Ghana, Reports Nana Appiah Acquaye.
BEST READ NEWS
IN DEPTHNIMC infrastructure must be managed by credible people: NIMC chief
NIMC’s chief speaks to Kokumo Goodie about the role of the NIMC and his own legacy.