Cassava Smartech gets listed on Zimbabwe Stock Exchange on December 18, 2018
Tuesday, 18 December 2018 15:27
Cassava SmarTech Zimbabwe Limited (CSZL), a subsidiary of the mobile telephony operator Econet Zimbabwe Limited (EWZL), born from the separation of its mobile network exploitation activities from the technology operations, enters the Zimbabwe Stock Exchange (ZSE), today December 18, 2018.
The new firm that owns 100% of EcoCash, the mobile money service, 85% of Econet Life, 100% of Steward Bank and 90% of Econet Insurance, will issue a total of 2,590,577,241 ordinary shares on the stock exchange.
770,000,000 CSZL shares, representing 77% of the initial issuance, were issued on credit to EWZL shareholders at the pro rata of their shareholdings while 200,000,000 shares, representing 20% of the issued shares, are credited to Econet.
The listing of CSZL is part of the conditions EWZL has to meet to sell its 51% stake in Data Control and Systems (Private) Limited, operating under the commercial name Liquid Telecommunications Zimbabwe, in exchange for Liquid Telecommunications Holdings Limited (LTZ)’s shares valued at $135 million.
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