Breaking News

Econet plans to acquire the entire shareholding in TN Bank

by Business Reporter
08 January 2013 | 2947 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

Are housemaids an evil lot?

Yes
26.07%
No
64.85%
Not sure
9.08%
771

Comments

News Updates

Email:

Latest News

Gumbura appeal hearing expected today - The High Court is on Monday ex...

by Tendai Rupapa | 26 January 2015 | 6 Views

Mugabe's aide loses land dispute - Deputy Chief Secretary to the Presi...

by Fidelis Munyoro | 26 January 2015 | 65 Views

SA based fugitive's reign of terror ends - A Notorious robber who terr...

by Auxilia Katongomara | 26 January 2015 | 82 Views

French business delegation expected in Zimbabwe - A French business de...

by Staff reporter | 26 January 2015 | 51 Views

Innscor boss yet to secure Zimbabwe work permit - Innscor's Antonio Fo...

by Staff reporter | 26 January 2015 | 89 Views

Parties and churches snub Tsvangirai indaba - Political parties and ch...

by Lovemore Mataire | 26 January 2015 | 272 Views

Callistus Ndlovu refuses to surrender Zanu-PF vehicles - Deposed forme...

by Patrick Chitumba | 26 January 2015 | 312 Views

Mugabe receives a hero's reception at the inauguration stadium - Presi...

by Morris Mkwate | 26 January 2015 | 354 Views

'Jonathan Moyo a security threat' - FORMER Zanu-PF secretary for admin...

by Staff reporter | 26 January 2015 | 520 Views

Zanu-PF plots Khaya Moyo ouster - ZANU-PF spokesman Simon Khaya Moyo f...

by Staff reporter | 26 January 2015 | 545 Views

Kembo Mohadi, villagers in fresh land row - HOME Affairs minister Kemb...

by Staff reporter | 26 January 2015 | 170 Views

Zanu-PF targets SA sugar producer - JOHANNESBURG Stock Exchange-listed...

by Staff reporter | 26 January 2015 | 196 Views

All is not well in the MDC-Renewal - ALL is not well in the MDC-Renewa...

by Staff reporter | 26 January 2015 | 321 Views

Teenagers in trouble over sex - TWO Nkulumane teenagers landed themsel...

by Staff reporter | 26 January 2015 | 535 Views

Mugabe lampooned over Zambia gaffe - OPPOSITION political parties and ...

by Staff reporter | 26 January 2015 | 444 Views

'Mugabe must Go' demo dents Zimbabwe's image - POLITICAL analysts yest...

by Staff reporter | 26 January 2015 | 389 Views

Drama as MP 'assaults' fellow legislator

by George Maponga | 25 January 2015 | 2889 Views

Barber summons ex-wife to court over $90 maintenance

by Prosper Dembedza | 25 January 2015 | 1582 Views

Mugabe gets 'Mugabe must go' chants in Zambia - Video - https://www.yo...

by Staff Reporter | 25 January 2015 | 2488 Views

'I never joined the CIO' says VP Mphoko - VICE President Phelekezel...

by Staff Reporter | 25 January 2015 | 1699 Views

Is Robert Mugabe now a persona-non-grata in SADC?

by Clifford Chitupa Mashiri | 25 January 2015 | 3327 Views

'Its like a school magical show' - I guess you all remember the magica...

by T. Musiyamwa | 25 January 2015 | 1619 Views

Tout falls off moving kombi - WhatsApp Video - https://www.youtube.co...

by Concerned Citizen | 25 January 2015 | 3563 Views

Chaos at SA embassy in Zimbabwe attracts tricksters - Confusion over t...

by Tavada Mafa | 25 January 2015 | 2901 Views

Mphoko leads supporters mobilisation in Bulawayo - Vice President Phe...

by Staff reporter | 25 January 2015 | 2147 Views

40 die in DRC riots against Chinese unfair deals - Zim knows these onl...

by Wilbert Mukori | 25 January 2015 | 2420 Views

Zim Achievers Awards nominations now open

by Arts Correspondent | 25 January 2015 | 987 Views

ZAPU and Dabengwa wanted to kill me Mnangagwa Ploy Exposed - The First...

by Thulani Nkala | 25 January 2015 | 5628 Views

Kasukuwere rescues Sithembiso Nyoni - Zanu PF politburo member Sithem...

by Staff Reporter | 25 January 2015 | 3991 Views

Mujuru, Mutasa no-longer Cdes according to ZBC - THE ZBC may have cle...

by Staff Reporter | 25 January 2015 | 4250 Views

Entertainment

The return of Alick Macheso

by Entertainment Correspondent | 24 January 2015 | 2514 Views

Chigubhu vows to continue cracking people's ribs

by Staff Reporter | 23 January 2015 | 1947 Views

Awesome debut single from Verite - Audio - 05:18, 21 Jan +263 78 ***...

by WhatsApps journalist | 22 January 2015 | 3102 Views

Zim DJ saved by friend

by Staff reporter | 22 January 2015 | 4214 Views

ZBC open to Chinese investors

by Staff reporter | 22 January 2015 | 3745 Views

Fake Facebook page costs US govt $134,000

by Staff Reporter | 21 January 2015 | 3371 Views

Star FM replaces 'old' DJs - After only a month of working as a part-t...

by Staff reporter | 21 January 2015 | 3903 Views

African-Americans 'have it good,' compared to Africans -­ Akon tells Al Jazeera

by Kevin Kriedemann & Joy Sapieka | 21 January 2015 | 3538 Views
iBlog

Four In 10 Americans Face Regular Online Fraud Attacks

Microsoft offers four primary tips to help protect users from identity theft:• be selfish and defensive with personal information by not sharing sensitive details in emails, and instant and text messages• create, use and keep secret so-called “... Read More
SecNews 24 October 2014 ago

Obviously, Windows Xp Has Nothing More To Offer

With no support from the manufacturer, windows xp no longer receives antivirus updates, which provoked an increase in the number of attacks on xp users. according to avast company, windows xp systems are attacked 6 times more often than the devices r... Read More
Sergey 12 June 2014 ago