Zim's first company lists on JSE main board: Brainworks
Brainworks Ltd, a Zimbabwe-focused investment company, has been granted a listing of all its issued shares in the equity investments instruments sector of the main board of the Johannesburg Stock Exchange (JSE). This makes Brainworks the first Zimbabwean company to have a primary listing on the JSE main board.
The investment holding company has 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. It has said that there is no minimum capital requirement to be realised by the offer but that applications pursuant to the offer must be for a minimum of R1 million. Proceeds of the offer will be used to settle interest-bearing debt, the company has said, which will strengthen the group's balance sheet and position it for growth.
Brainworks will begin trade on 13 October.
Pictured: Brainworks founder, George Manyere