This year Zimbabwe records the first company to get listings in the Johannesburg Stock Exchange (JSE) despite challenges facing the country.
Brainworks Limited, a Mauritian Registered investment holdings company with an investment base of the Zimbabwean hospitality, real estate, financial services and logistics sectors commenced trading on the Main Board of the JSE in the “Equity Investment Instruments” sector on Friday last week under the abbreviated name “Brainwrks”.
The company which was established in 2011 by George Manyere and Walter Kambwanji announced the launch and pricing of its institutional offering of 27 523 396 ordinary shares at an offer price of R11.50 per share according to Brainwork’s press release.
Brett Childs, CEO of Brainworks says: “We are confident that our strategy of listing on the JSE will prove sound and that international investors will view Brainworks as the window through which they may access our excellent asset portfolio and participate in the opportunity that is Zimbabwe”.
“With approximately 38% of group revenue being generated from exports, through our hospitality division, a large property portfolio and our focus on micro finance, banking and insurance we are well placed to benefit in a changing economic environment.”
Brainworks Limited is listed on the JSE as companies face challenges which threaten their existence in the country.
One of the challenges is foreign currency shortage in Zimbabwe as at least 76% of businesses that participated in a KPMG poll said that the inadequacy of cash currently facing Zimbabwe was negatively affecting their businesses which need to import raw materials.
The companies have also been losing investors due to unclear business policies which would change at any time.
Zimbabwe is ranked 161 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings.
Brainworks was established with the aim of becoming Zimbabwe’s leading investment holding and advisory firm as well as an investor of choice to foreign partners seeking pro-active and value-adding equity partners.
The company is working on a facility with the Reserve Bank of Zimbabwe, which would allow Zimbabwean investors to buy shares of the company without the need to source for foreign currency according to the Business Report.