JSE list­ing for Zim port­fo­lio sought

The Star Early Edition - - COMPANIES - – ANA

MAURITIAN-BASED in­vest­ment firm Brainworks yes­ter­day made its sub­mis­sion to the JSE for list­ing its di­ver­si­fied Zim­bab­wean port­fo­lio on the ex­change’s main board. Brainworks’ in­ter­ests in­clude a 57.7 per­cent stake in African Sun, a ho­tel in­vest­ment and man­age­ment com­pany listed on the Zim­babwe Stock Ex­change, with seven re­sorts and two casi­nos un­der man­age­ment. At De­cem­ber 31, 2016, Brainworks’ gross as­sets to­talled $151 mil­lion (R1.9 bil­lion) and rev­enue gen­er­ated from its op­er­a­tions amounted to $48 mil­lion. The com­pany was es­tab­lished in 2011 by Ge­orge Manyere and Wal­ter Kamb­wanji, with the aim of be­com­ing Zim­babwe’s lead­ing in­vest­ment group. The group has ac­cu­mu­lated in­vest­ments in, among others, the hos­pi­tal­ity, real es­tate and fi­nan­cial ser­vices sec­tors. Manyere said the list­ing would pro­vide Brainworks with greater fi­nan­cial flex­i­bil­ity. “We are list­ing our port­fo­lio of pre­mium Zim­babwe-based as­sets for im­proved ac­cess to cap­i­tal,” Manyere said. “We be­lieve a list­ing on the JSE will pro­vide the plat­form for us to ac­cess deeper and more liq­uid cap­i­tal mar­kets in South Africa, thereby af­ford­ing us greater fi­nan­cial flex­i­bil­ity to grow our busi­ness.” Brainworks chief ex­ec­u­tive Brett Childs said: “The pro­ceeds from this pri­vate place­ment will be used to strengthen the group’s bal­ance sheet through re­duc­tion of debt, to grow and ex­pand the un­der­ly­ing busi­nesses in ac­cor­dance with our in­vest­ment strat­egy.”

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