Econet to list Cassava on Tuesday

Econet Group finance director, Roy Chimanikire
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Econet Wireless Zimbabwe Limited has announced that it will list the now separated Cassava SmarTech Zimbabwe Limited on December 18, 2018 following approval by the Reserve Bank of Zimbabwe for shares to be issued to foreign shareholders.

Econet Group finance director, Roy Chimanikire confirmed the new listing date.

“We have now obtained all outstanding shareholder and regulatory approvals to go ahead. We are finalising the modalities and shareholders will have their shares in a few days.”

Explaining the modalities, Chimanikire said all Econet shareholders that acquired their shares before November 22, 2018 would be eligible for a free distribution of shares. He said there will now be two companies on the Zimbabwe Stock Exchange birthed by Econet both having exactly the same shareholders, but this will change over time.

“When the bell opens, we will have the same shareholders but once trading begins, this will change,” he said.

New shareholders will be free to start buying shares once trading begins.