Business

ReNaissance to rebrand

ReNAISSANCE TO REBRAND
Harare July 12, 2012 (New Ziana) - ReNaissance Merchant Bank (RMB) is set to rebrand as it turns the corner under new ownership.
Among the raft of changes, the bank will assume a new name, Capital Bank Corporation Limited.
The central bank placed RMB under curatorship after it had unearthed governance shortcomings and the pilfering of depositors’ funds
The National Social Security Authority (NSSA) acquired a majority 84 percent stake in the troubled bank and has moved to reform the bank’s corporate structure and culture.
NSSA general manager James Matiza said the authority had appointed Lawrence Tamayi to sit on the ReNaissance Merchant Bank board to oversee the handover process.
Other board members include Allied Timbers Group chief executive officer Joseph Kanyekanye and Barnabas Matongera.
RMB had a heavily concentrated ownership structure which saw the majority shareholders disregard good corporate governance and have been fingered in running the bank aground.
ReNaissance Merchant Bank Limited, a private sector initiative, was incorporated in October 200.
It covered the growth sectors of the economy including commerce, manufacturing, services and export with focus on well-managed medium to large scale corporate entities, and high net worth individuals.
New Ziana

Telecel subscribers reach 2 million

TELECEL SUBSCRIBERS HIT TWO MILLION
Harare July 12, 2012 (New Ziana) – Mobile telecommunications company, Telecel Zimbabwe, said on Wednesday its subscribers base has reached 2 million, up from 1.5 million in December last year.
Telecel Zimbabwe chief commercial officer Ashraf Elguindy said the subscriber numbers continued to grow.
“The last two years or so have been an exciting period for Telecel. We have led the way within the mobile telecommunications sector in reducing costs and making mobile communications affordable for everyone.
“The number of subscribers we have has soared to its present level of two million and continues to grow,” he said.
Telecel has introduced a variety of attractive packages making it ultimately the cheapest mobile services provider.
On Tuesday the company announced it would give free airtime to returning subscribers, doubling the amount they would have recharged.
While the company appears to be making strides in attracting subscribers, it appears to be drawn back by the fact that its network reach across the country is probably the least compared with its peers.
Telecel Zimbabwe, a subsidiary of Egyptian telecoms giant, Orascom, is mired in licensing problems as it has reportedly failed to adjust its shareholding in line with government requirements.
Zimbabwe has witnessed a phenomenal increase in telecommunications accessibility in the last three years following the adoption of stable foreign currencies which allowed companies to invest in the business.
New Ziana

Biti accuses ZSE of being mafia gang

BITI ACCUSES ZSE OF BEING MAFIA GANG
Harare, July 11, 2012 (New Ziana) – Finance Minister Tendai Biti on Wednesday labeled the Zimbabwe Stock Exchange (ZSE) a “mafia operation,” accusing the bourse of failing to practice good corporate governance.
Biti said cabinet had approved amendments to the Securities Act, the law which governs operations of the bourse, to facilitate its demutualization and democratization.
He said the amendments would be gazetted by the end of the week.
“We as government have a major challenge with the Zimbabwe Stock Exchange, its management and the committee that has been running it,” the finance minister said at the listing of TN Bank Limited.
“We think for lack of a better word, you are a mafia operation. We think that you have tried to protect this institution without democratizing it and modernizing it.”
Biti said the new measures would force the ZSE to demutualise, a process which has taken officials running the bourse years to implement.
Demutualization of the stock exchange will remove stock brokers from its management while establishing the bourse as a separate listed company, allowing for its professional management.
“The current status quo of the ZSE is that nobody really knows who owns it and who is in charge. So the stock brokers who are the players, become the referees and the umpires and the overseers,” Biti said.
“That is not supposed to happen. We should all be accountable to good corporate governance.”
Demutualization of the ZSE was mooted four years ago but has not been implemented due to lack of funds.
Reports indicate that up to $4 million is required to fund the process.
The Securities Commission of Zimbabwe said last week it was in consultations with the Ministry of Finance on the Initial Public Offer for the ZSE.
New Ziana

TN Bank lists on ZSE

TN BANK LISTS ON ZSE
Harare, July 11, 2012 (New Ziana) – TN Bank commenced trading on the Zimbabwe Stock Exchange (ZSE) as a separate entity Wednesday following approval of its demerger from its parent company, Lifestyle Holdings (formerly TN Holdings) last week.
The opening share price for the new counter was $0.3208 with 207 298 shares sold.
Lifestyle Holdings also traded for the first time without its banking subsidiary with its shares trading at $0. 25 and 1 728 708 shares sold.
TN Bank becomes the seventh financial counter to be listed on the local bourse joining Barclays, CBZ Holdings, FBC Holdings, ZBFH and suspended Barbican and Interfin Financial Services (IFS).
ZSE acting chairman, Peter Shonhiwa lauded the separate listing of TN Bank.
“The exercise will unlock value for the shareholders,” he said.
TN Bank chief executive George Nyashanu said the bank would continue to exploit group synergies even though it trades as a separate company.
Nyashanu said with 27 branches across the country, the financial institution would continue to expand its footprint.
“We will be opening a new branch in Mvuma at the end of this month,” he said.
TN Bank's demerger from the group was aimed at correcting the perception that the group had strayed into non-core activities.
It also provided an exit mechanism for Lifestyle Holdings shareholders who did not wish to invest in the banking operation.
Lifestyle Holdings shareholders are the majority owners of TN Bank with 55 percent equity while Econet Wireless holds the remaining 45 percent.
Approval of the demerger resulted in Econet Wireless Zimbabwe injecting $20 million into the bank, recapitalizing the financial institution.
New Ziana

SMEs urged to establish linkages

SMES URGED TO ESTABLISH LINKAGES
Harare July 6, 2012 (New Ziana) -Small and medium enterprises should to establish linkages among themselves and with big companies in order to boost their operations, a cabinet Minister said on Friday.
SMEs contribute 70 percent of the Zimbabwean Gross Domestic Product and employ more than 85 percent of the population.
Small and Medium Enterprises Development Minister Sithembiso Nyoni said linkages would enable small businesses to share knowledge and resources to expand their operations.
“Linkages within the SMEs and other corporates would assist in transforming small businesses into big organizations,” she said.
Nyoni urged SMEs to embrace the ongoing indigenization programme and buy shares in big companies in order to be part of the ownership structure.
“SMEs can benefit largely from the indigenization policy,” she said.
Meanwhile Nyoni said SMEs performed very well during the first half of the year.
“The SMEs are beginning to organize themselves by forming district chambers that manage their operations in different parts of the country,” she said.
Nyoni said registration of SMEs had increased countrywide with more than 200 business cooperatives being registered through the chambers.
However, Nyoni said SMEs still faced challenges of funding and limited working space.
New Ziana

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