Zahra boosts GetBucks shareholding

09 Aug, 2019 - 00:08 0 Views
Zahra boosts GetBucks shareholding

eBusiness Weekly

Tawanda Musarurwa

GetBucks Zimbabwe’s majority shareholder, Zahra Investment Trust (ZIT), has further increased its shareholding in the listed micro-financier.

The Trust snapped up 9,53 million shares after the company’s rights offer garnered 51 percent subscription.

ZIT was one of the firms that underwrote the rights offer.

Prior to the rights offer, ZIT held a 51,6 percent stake in GetBucks Limited.

Earlier this week, GetBucks said its rights offers, which was meant to raise $5 million (about US$795 000) to boost its capital base, had been under-subscribed.

The micro-finance firm had placed 69,6 million shares with a nominal value of $0,0001 each up for subscription at a price of $0,072, at a ratio of 6,36 new shares for every 100 shares held.

Results of the offer show that 35 457 871 of the shares, amounting to 50,98 percent, were taken up by shareholders.

The remaining shares were taken up by firms that underwrote the offer, parent company, GetBucks Limited, which took up 24,56 million shares while ZIT took 9,53 million shares.

“The rights offer shares were issued and listed on the Zimbabwe Stock Exchange with effect from Monday July 29, 2019,” said company secretary Paul Soko.

GetBucks Zimbabwe’s new detailed shareholding structure following the
rights offer could not be immediately obtained.

GetBucks is a deposit taking micro-financing institution, with 14 branches across Zimbabwe.

Proceeds of the rights issue are anticipated to “increase its working capital and finance the expansion of operations and underwrite more financial products particularly to the productive sectors.”

GetBucks was spun off Mauritius-based investment firm, Brainworks Capital last year.


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