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
CNN, MultiChoice launch 20th African Journalist AwardsCNN International and MultiChoice this week officially launched the CNN MultiChoice African Journalist 2015 Awards. Read More
Cokodeal.com aims to revive ‘made in Nigeria’Cokodeal.com, describing itself as Africa’s largest medium for business exposure, is aiming to boost Nigerian manufacturers through greater online exposure. Read More
Leading African airline adds new payment optionsASKY, the leading airline in West and Central Africa, has partnered with PayGate and booking engine SITA to offer web-based booking to its customers for the first time. Read More
Francis Dufay takes the reins of Jumia in Côte d’IvoireE-commerce firm Jumia has formalised the appointment of Francis Dufay at the head of its subsidiary in Côte d’Ivoire. Read More
MTN Uganda rewards women entrepreneursThe 2015 edition of MTN Women in Business Awards have seen Mrs. Barbara Ofwono, the proprietor of Victorious Schools, scoop the overall Award of MTN Women in Business SME CEO of the year. Read More
Microsoft 4Afrika launches Biz4Afrika online SME hubMicrosoft 4Afrika used the opening of the Connected East Africa event in Diani, Kenya today to launch Biz4Afrika, an online hub providing Kenyan small and medium enterprises (SMEs) with access to locally relevant information and promote trade. Read More
BTCL, SA’s Vodafone seal partnershipBotswana Telecommunications Corporation Limited (BTCL) and South African based Vodafone have signed a non-equity partnership agreement. Read More
Mascom Derby horse race extravaganza for BotswanaMascom is doing it again this year with its annual Mascom horse racing event which has been on the Mascom calendar for at least 10 years. Each year during the Easter holidays, Botswana’s leading mobile telephony provider gets people to Botswana’s tourist resort of Maun for the race. Read More
Togo women get down to ICT training, businessWomen and girls came in numbers last week to attend the three-day Female TechCamp 2015 hosted in the capital Lomé. Read More
FEATURED STORYe-commerce space untapped, says phonekings head
E-commerce is the future, says the head of a new online electronics mall launched in Nigeria. Tayo Olusanya spoke to Kokumo Goodie in Lagos.
BEST READ NEWS
IN DEPTHVillagers get solar training at Barefoot College
The Botswana Human Resource Development Council (HRDC) has seconded seven semi-illiterate mostly Ngwatle villagers for a six month solar electrification training course at the famed Barefoot College in India.
COMPANY NEWSSchneider Electric sponsored runner wins 2015 Paris Marathon
Ethiopian runner, Meseret Mengistu (26), has won the prestigious 2015 Schneider Electric Marathon de Paris women’s race in 2:23:24.CNN, MultiChoice launch 20th African Journalist Awards
CNN International and MultiChoice this week officially launched the CNN MultiChoice African Journalist 2015 Awards.