Econet formalises ZSE offer

BUSINESS

-
Image: By BiztechAfrica
Econet formalises ZSE offer

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.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

PwC investment to accelerate African growth opportunities

Suresh Kana PwC is increasing its investment in Africa and building closer links between PwC UK and PwC Africa, to meet increased demand for professional services as trade activity between the two regions grows. Read More

Kouros Capital Group announces multi-billion Nigerian investment plan

Arch. Amir H. Amiri, Executive Director, Kouros Capital Group and  Chief Etiebet of Dextel Kouros Capital Group Limited (KCG) has announced that it is making immediate arrangements to bring into Nigeria substantial investment funding, for projects in telecommunications, agriculture, banking, oil and gas and aviation sectors.   Read More

Samsung to open TV manufacturing plant in SA

Samsung Electronics South Africa announced its plan to open a television manufacturing plant in The Dube Trade Port, Durban by end of this year.  Read More

Econet rejects base station report

Econet Wireless has released a statement refuting recent media reports around its importation of base stations. Read More

Nigeria: potential to become major economic force

Acha Leke A new McKinsey report finds that Nigeria has the potential to expand its economy by roughly 7.1 percent per year through 2030. Read More

Call for pan-African contact centre association

Interactive Intelligence has called for the creation of a call centre association for Nigeria and other African countries as a way of promoting a standard for call centres. Read More

AMI, Strathmore launch free online courses for managers and entrepreneurs in Africa

Managers and entrepreneurs in Africa can now gain advanced skills for free, with the launch of free online courses courtesy of the African Management Initiative (AMI). Read More

Bytes, NCR and Barclays in ATM deal

Bytes Managed Solutions, the exclusive distributor of NCR technology solutions in Southern Africa had signed a deal with Barclays Bank of Botswana (BBB) for the installation of intelligent cash deposit ATMs. Read More

Orange reports 8% revenue growth

Integrated telecommunications service provider Orange has announced an 8% revenue growth for the overall business for the first half of this year, compared to the same period last year. Read More

Business Connexion appoints CEO

Business Connexion Group Limited has announced that Mr. Isaac Mophatlane has been appointed Chief Executive Officer of the company. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

Widening ICT skills gap: Cause for concernWidening ICT skills gap: Cause for concern

Nigeria's FDI gains could be eroded by the widening gap in indigenous skilled ICT manpower, writes Kokumo Goodie.

IN DEPTH

Kenya rolls out e-extension to improve agricultureKenya rolls out e-extension to improve agriculture

In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.