23 January 2018
   
ZRP ‘Idiot’ Charamba loses cop insult case
Gukurahundi: Blame govt, not me – says ED
SA: Jazz legend Hugh Masekela dies
Cholera: Angry minister blasts city councils
Mzembi challenges arrest; quits politics
Mudzuri: Amnesty for MDC-T cop murder 3
Mnangagwa: Grace mentally unstable
ZESA gave Chivayo $7m, not $5m: Parly
MORE NEWS
Govt reduces excise duty on fuel
Filthy 5-Star hotels: Economy blamed
MORE BUSINESS
‘Am I African’ explores Zim's race conflict
Gafa’s Epworth concert draws thousands
MORE SHOWBIZ
Billiat might still leave: Sundowns coach
Katsande: Chiefs show championship mentality
MORE SPORTS
Mnangagwa’s ‘New’ Zim merits support
Zhuwao: kleptocracy and EDiots in Davos
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
AfrAsia bank seeks $100m fresh capital
27/06/2014 00:00:00
by The Source
 
 
RELATED STORIES
Afrasia moves deadline for Chanakira deal
AfriAsia invests US$20m in local unit
AfrAsia Bank names new Managing Director

FINANCIAL group, AfrAsia Zimbabwe is seeking to raise $100 million fresh capital after shareholders on Friday approved a resolution to increase the company’s preference shares due to high demand.

This comes two months after its parent company, AfrAsia Bank Mauritius said it would inject $20 million fresh capital into the group to meet capitalisation requirements, among a variety of initiatives and increase its shareholding from 36 percent to 62.5 percent.

At the beginning of this year, the central bank extended the deadline for the achievement of a $100 million minimum capital threshold for commercial banks to 2020. Currently, minimum capital levels are $25 million for commercial banks.

AfrAsia board chairman Fungai Ruwende told shareholders at the company’s extraordinary general meeting in Harare that the group would seek to raise $100 million in fresh capital.

“There was heightened appetite from the market for preference shares as an alternative investment instrument; and committed capital has since been procured to take up the full $20 million worth of preference shares. From the road shows done by management, there was an expression of interest from shareholders and other potential investors to also participate under the preference shares programme,” Ruwende said.

Shareholders also voted to extend the period for the conclusion of Nigel repurchase of 289,133,648 AfrAsia shares worth $12,5 million from the group’s founding shareholder Nigel Chanakira’s Crustmoon, from the initial March 31 to a new September 30 deadline.

“The extension of the deadline was necessitated by the delays in fulfilment of certain conditions precedent to the implementation of the transaction,” said Ruwende.

AfrAsia Bank Mauritius took control of the former Kingdom Financial Holdings last year after buying out Chanakira and renamed it AfrAsia Zimbabwe Holdings. The bank changed its name from Kingdom Bank to AfrAsia Bank Ltd and Kingdom Asset Management to AfrAsia Capital Management.

AfrAsia is headquartered in Mauritius with offices in Johannesburg and London.


Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker