Breaking News

Econet plans to acquire the entire shareholding in TN Bank

by Business Reporter
08 January 2013 | 2253 Views
ECONET Wireless Zimbabwe is proceeding with its plans to acquire the entire shareholdings in TN Bank through a share swap deal, the company said yesterday. Econet, which currently holds 45 percent




shareholding in TN Bank, intends to acquire the entire ordinary shares of the bank through the share swap of one Econet ordinary share for every 28,79 TN Bank shares.

TN Bank shareholders can also exercise a cash option by getting US15,91c for each TN Bank ordinary share held. The price is approximately 50 percent less the listing price of US32,08c in June last year.

Shareholders linked to the founder of the bank, Mr Tawanda Nyambirai, with a combined 30,46 percent shareholding, have indicated they would accept the offer.

"The transaction has no material effect on the earnings per share and net interests value of TN Bank Limited," said Econet in a circular to shareholders.

"EWZ will pay for the TN shares using Econet Wireless Zimbabwe shares in its treasury stock and there will be no issue of new shares. The transaction will have no material effect on the earnings per share and net assets of Econet Wireless Zimbabwe."

If approved, TN Bank will delist from the Zimbabwe Stock Exchange. Apart from approvals from the shareholders, "an application has been made to the RBZ to approve the holding of up to 100 percent (shareholding) of TN Bank by EWZ".

After acquiring the entire shareholding of TN Bank, Econet will recapitalise the bank in line with thresholds set by the Reserve Bank of Zimbabwe in June last year.

Two weeks ago, TN said it needed to raise money to meet the new minimum capital requirements of US$100 million for commercial banks by December 31 next year.

The management felt any engagement with potential investors would likely value the company using its trading price which at this time undervalues the company.

Econet TN Bank

Source: TH

Comments

Latest News

War vets can have Mnangagwa Zanu PF leader but cannot imposing on the ...

by Patrick Guramatunhu | 31 May 2016 | 563 Views

RBZ orders parastals to use plastic money - The Reserve Bank of Zimbab...

by Staff Reporter | 31 May 2016 | 1313 Views

Time to end donor dependency, says Mugabe

by Staff Reporter | 31 May 2016 | 1073 Views

MDC-T hallucinating - My departed grandfather (may his dear soul rest ...

by Chadzimura Mhute | 31 May 2016 | 1836 Views

Matabeleland fueling cash crisis, says RBZ - Reserve Bank of Zimbabwe ...

by Thobekile Zhou | 31 May 2016 | 3759 Views

Coalition formed, MDC-T, Zapu stay away - An alliance of five oppositi...

by Thobekile Zhou | 31 May 2016 | 2762 Views

Action on Public Audit results urgent and mandatory now - The Auditor ...

by Sparkleford Masiyambiri | 31 May 2016 | 1400 Views

Stolen deceased clothes haunt businesswoman - A Murewa businesswoman g...

by Staff reporter | 31 May 2016 | 4843 Views

Zanu-PF and corruption are like inseparable siamese twins - The MDC-T ...

by Obert Chaurura Gutu | 31 May 2016 | 1802 Views

A'Level: Daily Divinity presentation by Witness Dingani - •Today the...

by Witness Dingani | 31 May 2016 | 981 Views

Mnangangwa primed to take over

by Staff reporter | 31 May 2016 | 6448 Views

Mugabe's ally taken ill, been in intensive ICU for the past 3 weeks - ...

by Staff reporter | 31 May 2016 | 8114 Views

Biti's PDP abandons smaller parties coalition - The opposition People'...

by Staff reporter | 31 May 2016 | 1766 Views

Aspiring MP flees home citing intimidation - Renewal Democrats for Zim...

by Staff reporter | 31 May 2016 | 1925 Views

Mugabe dragged into Negomo chieftainship wrangle - President Robert Mu...

by Staff reporter | 31 May 2016 | 1878 Views

Mugabe cuts lone figure at ACP - President Robert Mugabe is the only H...

by Staff reporter | 31 May 2016 | 2200 Views

Political leaders should quit at 70, says Makova - Zimbabwe people fir...

by Staff reporter | 31 May 2016 | 1485 Views

Zanu-PF, MDC-T hold rallies same time, venue - In a rare feat, Zanu-PF...

by Staff reporter | 31 May 2016 | 2282 Views

Kangai appeals to Mugabe - Suspended Net one chief executive  Rew...

by Staff reporter | 31 May 2016 | 2892 Views

Drowned priests buried - DOZENS of mourners gathered to pay their last...

by Staff Reporter | 31 May 2016 | 3639 Views

Golfers condemn state of Masvingo Golf Club

by Staff Reporter | 31 May 2016 | 1056 Views

Zanu PF youth ask Indigenisation Minister to create youth index

by Stephen Jakes | 31 May 2016 | 968 Views

Ghost haunts school! - THE YOUNG pupil said she was leading the prayer...

by Staff Reporter | 31 May 2016 | 2726 Views

Police torment motorists over biscuit spare wheels

by Stephen Jakes | 31 May 2016 | 4402 Views

Harare Residents Trust probed council over suspension of nurses

by Stephen Jakes | 31 May 2016 | 977 Views

Six in court for possession of dagga

by Staff Reporter | 31 May 2016 | 1106 Views

Man lies in court, his love affair with tenant exposed in court

by Staff Reporter | 31 May 2016 | 2888 Views

Man in court for cement fraud worth $12 000

by Staff Reporter | 31 May 2016 | 1035 Views

Entertainment

Xhosa activists' gift to the people of Matebeleland

by Thulani Nkala | 31 May 2016 | 1644 Views

Delta hosts fun run, comedians in Masvingo - Standup comedians Clive C...

by Staff Reporter | 30 May 2016 | 1158 Views

Hosiah Chipanga fights in Tuku's corner - Outspoken and talented sungu...

by Staff reporter | 29 May 2016 | 3106 Views

Mtukudzi loses his lustre - The country's harsh economic situation has...

by Staff reporter | 29 May 2016 | 3458 Views