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

DHL to invest millions of Euros across SSA in 2015

DHL plans to invest millions in upgrading its shipment handling systems and facilities in SSA this year. Read More

Ebenezer Asante to assume CEO role of MTN Ghana

Ebenezer Twum Asante will officially assume the position of Chief Executive Officer for MTN Ghana, effective 1st July, 2015. Read More

Nomanini scales West African footprint with Transaction Solutions partnership

South African-based portable Point of Sale (PoS) service provider Nomanini has signed an exclusive agreement with Transactions Solutions Ghana Limited to substantially scale numbers of its cloud-based PoS terminals in Ghana.  Read More

Online procurement system for East Africa goes live

Kenyan IT start-up M-Tenders Systems has created East Africa’s first live online procurement system, www.m-tenders.com. Read More

Customer experience starts with staff experience

Companies seeking to improve customer experience to boost business may be overlooking a critical component in the mix: staff, says new Interactive Intelligence research. Read More

MasterCard, Ecobank Group to accelerate e-payment in SSA

Ecobank, Africa’s largest bank by geographical reach, will roll out MasterCard payment solutions to millions of its customers in Africa. Read More

Travellers more tech savvy

78% of global travellers are using digital information while planning their trips; 66% resorting to digital sources for travel tips at the destination, says Visa. Read More

Standard Chartered appoints Chief Innovation Officer

Standard Chartered Bank says it has appointed Ms Anju Patwardhan as the Bank’s first Group Chief Innovation Officer, effective 1 July 2015.  Read More

Cameroon: a well-kept investment secret

The investment opportunities in Cameroon are wide open, believes Africa strategy advisor for Moore Stephens, Jeff Blackbeard, who recently met with Cameroonian Prime Minister Philémon Yang. Read More

Morpho targets African growth

Morpho, a leading supplier of biometric identification and security solutions, says it plans to aggressively capture the untapped markets in Africa. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

IHS plans to inject fresh $500m to grow capacityIHS plans to inject fresh $500m to grow capacity

Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.

IN DEPTH

As curtain falls on MDGs, what next?As curtain falls on MDGs, what next?

Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.