The post Econet’s business unit Cassava Smartech suspended from trading on the ZSE appeared first on Provoker Magazine.
]]>Cassava Smartech’s mandate is to use digital technologies to facilitate the improvement of the overall quality of life for Africans. It houses the mobile money business Ecocash, micro-insurance Ecosure and eCommerce.
This large entity failed to produce audited financial statements of the year to February 28 2021. Due to this fact, the ZSE had to suspend them. This is in accordance with one of the listing terms which states that a listed company has to produce annual audited financial statements. They are even given a grace period of 7 months from the end of their financial year to produce this reports. However, Cassava still failed to produce them in that period.
View the official ZSE statement below:
This suspension can only be lifted when Cassava Smartech finally releases its audited financial statements.
The post Econet’s business unit Cassava Smartech suspended from trading on the ZSE appeared first on Provoker Magazine.
]]>The post Zimbabwe to list a bond on local exchange market (first time in 20 years) appeared first on Provoker Magazine.
]]>South Africa is Zimbabwe’s largest trading partner. As a result, expansion and development of the main highway that links the two nations to each other will undoubtedly promote trade and improve the economy.
Although the listing date has not yet been confirmed, the Infrastructure Development Bank of Zimbabwe’s (IDBZ) chief executive officer, Justin Bgoni expressed his support for this decision. He stated that issuing of a government bond is key to building a strong capital market for the nation. He added that he was happy that the government is considering using the IDBZ market to raise capital for the development of the country.
The bond, which will be listed by the Infrastructure Development Bank of Zimbabwe is said to amount to $250 million. This will be the first note issuance on the Zimbabwe Stock Exchange (ZSE) since 2001. However, In March the lender stated that it could take up to 3 months to issue this bond as it requires investors support.
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