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
FNB, PayPal bring global eCommerce to BotswanaFirst National Bank (FNB) has announced it will be extending the partnership between FNB and PayPal to offer the PayPal Withdraw Service, previously available only in South Africa, in Botswana. Read More
Survey: businesses have less than two years to make digital inroadsProgress has announced the results of its recent global survey: "Are Businesses Really Digitally Transforming or Living in Digital Denial?" Read More
Gartner: profit opportunities exist for PC vendorsThe worldwide PC market registered one of its lowest quarterly growth rates in the first quarter 2016, but Gartner, Inc. said several profit opportunities exist for PC vendors. Read More
MTN Business makes headway to be an ICT Partner of ChoiceMTN Business, the enterprise business unit of MTN SA, plans to focus on three key areas in a bid to become the ICT partner of choice, namely, getting the basics right, accelerating growth and diversifying its revenue streams. Read More
MTN Ghana celebrates 20 years of operations in GhanaMTN Ghana has unveiled its 20th Anniversary logo at a grand ceremony held at the iconic MTN House in Accra to officially mark the 20 years of operations in the country. Read More
Copy Cat bets on innovation to grow market shareKenyan technology company Copy Cat Group is implementing a new transformational strategy to increase its market share in the ICT market. Read More
Infrastructure investments highlight bright spots for SSA economic diversificationThe commodity super cycle may have ended, but there are certainly bright spots for investors across sub-Saharan Africa, IHS has told the World Economic Forum on Africa. Read More
Africa’s CEOs look to innovation and technology to stimulate growthCEOs in Africa are ramping up their efforts to innovate and find new ways to do business on the continent, according to PwC’s Africa Business Agenda released at the 26th World Economic Forum on Africa in Kigali. Read More
4th Africa Business Forum to be staged in EthiopiaRegistration is open for the 4th Africa Business Forum to be held on Wednesday, June 1st, 2016 at the Sheraton Hotel, Addis Ababa, Ethiopia, East Africa. Read More
Airtel divests telecoms tower assets in DRC to Helios Towers AfricaBharti Airtel International and Helios Towers Africa have announced an agreement for the divestment of approximately 950 telecoms towers in the DRC from Airtel to Helois Towers Africa. Read More
FEATURED STORYGovernment should encourage youths in ICT early
Youths should be given more encouragement to develop their ICT skills, an 11-year-old app developer told Kokumo Goodie.
BEST READ NEWS
IN DEPTHIBM Opens First Cloud Data Centre in South Africa
IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.
COMPANY NEWSEnhancing your security posture to fight new ransomware threats
Petya ransomware is proving to be one of the top cybersecurity stories of 2016.Arbor stops malware in its tracks
There is always a substantial amount of banking trojan activity taking place, however, recent developments have intensified the threat landscape.