Source: Brainworks to list on JSE – DailyNews Live
BUSINESS WRITER 3 October 2017
HARARE – Zimbabwe-focused investment and advisory company, Brainworks, has
been given the greenlight to list on the Johannesburg Stock Exchange Main
Board.
In making the move, the company is aiming to have access to a deeper pool
of more liquid capital to help push growth in its portfolio of financial
services, real estate and hospitality assets.
Brainworks is aiming to raise at least $25 million in the initial public
offering, which is taking place on October 13, 2017.
The Mauritius-based investment firm yesterday extended an offer to
qualifying investors to purchase up to 10 680 555 ordinary shares and
subscribe for
16 843 396 ordinary shares in the company at R11,50 per offer share.
“The proceeds of the offer will be used by Brainworks to settle interest
bearing debt, which will strengthen the group’s balance sheet and position
it for growth, and will be invested in its current investee assets to
enhance future revenue generation and profitability, as well as the
payment of listing expenses,” the company said.
Since its founding in 2011, the company has built up a portfolio of listed
and unlisted assets, which, at the end of 2016, had a reported gross value
of $158 million.
These include a 100 percent interest in GetSure, a life assurance company
and significant minority interests in two other financial services firms,
GetCash a mobile money transfer platform and GetBucks a deposit-taking
microfinance institution.
In the real estate and hospitality sector, Brainworks holds majority
stakes in Dawn Properties, a real estate group, and African Sun, a listed
hotel investment and management company.
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