Prospective investors express interest in AfrAsia Zimbabwe Holdings Limited
Benoit reminded the stakeholders that AfrAsia Bank Ltd (ABL) in Mauritius had raised nearly $15m (approx Rs 474.00 million) of fresh capital from the National Bank of Canada this month, “and this clearly demonstrates faith in the brand.” (Image: chronicle)
AfrAsia Zimbabwe Holdings Limited (AZHL), a subsidiary of Mauritius-based AfrAsia Bank Limited (ABL), has announced that it has engaged local finance group IMARA Capital Finance to jointly market a Medium Term Secured Note, which is expected to generate an incremental $15 million (approx Rs474.00 million) liquidity.
In a joint update to stakeholders last week, AZHL Group CEO Lynn Mukonoweshuro and AfrAsia Bank Limited CEO James Benoit said several prospective investors had also expressed interest in making equity investment into AZHL/ABZL.
“This note has been marketed to local, regional and international investors,” they said. “The Note, which will be drawn in tranches, is expected to generate an incremental $15m liquidity. The first tranche will be drawn towards the end of January 2015.”
Mrs Mukonoweshuro also announced that AZHL’s micro finance unit, MicroKing Finance, had attracted regional and international interest.
“During the course of December and early January shortlisted investors will visit Harare to conduct their due diligence with a view to submitting final offers in mid-January. The proceeds of the partial disposal will be reinvested in the business,” she said.
She added, “These processes take time to complete but are well advanced and we thank our valued customers and other stakeholders for their patience.”
Benoit reminded the stakeholders that AfrAsia Bank Ltd (ABL) in Mauritius had raised nearly $15m (approx Rs 474.00 million) of fresh capital from the National Bank of Canada this month, “and this clearly demonstrates faith in the brand.”
“In addition, ABL recently completed a $46 million (approx Rs1.45 billion) Class A Tier 1 Preference Share Issue, which will be listed on the Stock Exchange of Mauritius soon,” Mr Benoit said.
“ABL is committed to raising capital for all its Group operations to allow them to compete strongly in their respective markets, including in Zimbabwe,” he added.