Breaking News

Econet plans to acquire the entire shareholding in TN Bank

by Business Reporter
08 January 2013 | 2870 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

Could there be war if Grace Mugabe becomes President?

Yes
74.3%
No
8.84%
Who cares?
16.86%
611

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

Tsvangirai's wife refuses to be called Dr Macheka - Morgan Tsvangirai'...

by Staff reporter | 31 October 2014 | 2595 Views

Image battered Tsvangirai faces the daunting task of reuniting the par...

by Prince Tongogara | 31 October 2014 | 847 Views

MDC-T Congress - Live updates - Below are live updates of the Morgan ...

by Staff reporter | 31 October 2014 | 1687 Views

Senzo Meyiwa suspect arrested at Beitbridge border post - A suspect in...

by City Press | 31 October 2014 | 3114 Views

'Mugabe strong armed by the Chinese to support Mnangagwa': Report - T...

by Staff Reporter | 31 October 2014 | 5082 Views

Mugabe urges party to follow regulations - President Mugabe has implor...

by Staff reporter | 31 October 2014 | 1630 Views

Mujuru's lawyers speak out - Musunga and Associates law firm said it c...

by Staff reporter | 31 October 2014 | 4341 Views

Woman drags young sister to court for sleeping with her hubby

by Staff reporter | 31 October 2014 | 3207 Views

Man commits suicide after girlfriends clash at his place

by Court Reporter | 31 October 2014 | 2681 Views

Mujuru on the ropes as Mugabe says Grace has right to be in politics -...

by Staff reporter | 31 October 2014 | 2068 Views

Woman gets protection order against love rival

by Court Reporter | 31 October 2014 | 1211 Views

Mujuru, Mnangagwa to be probed - President Robert Mugabe will soon set...

by Staff reporter | 31 October 2014 | 3047 Views

Thousands demand Mujuru's resignation - Scores of Zanu-PF supporters y...

by Staff reporter | 31 October 2014 | 1680 Views

Our hands are clean, says DJ Munya

by Court reporter | 31 October 2014 | 1614 Views

Zanu PF divisions reach boiling point, Gwanetsa fired

by Staff Reporter | 31 October 2014 | 2050 Views

Man kills wife with the help of granddaughter

by Staff reporter | 31 October 2014 | 1413 Views

Mugabe takes a swipe at Kaukonde for bankrolling Mujuru's underground ...

by Staff reporter | 31 October 2014 | 2170 Views

Mugabe defends 'Cde Gamatox'

by Staff reporter | 31 October 2014 | 2098 Views

'Vote Mujuru out at congress,' says Mugabe - PRESIDENT Robert Mugabe o...

by Staff Reporter | 31 October 2014 | 2488 Views

Grace Mugabe's mini 'unity accord' collapses - THE mini 'unity accord'...

by Staff reporter | 31 October 2014 | 2333 Views

Chaos in Zanu-PF structures

by Staff reporter | 31 October 2014 | 1648 Views

The British are coming to kneel before us, Cdes - Dear Cabinet andPoli...

by cznotebook | 31 October 2014 | 1316 Views

'Jabulani Sibanda sent by Satan,' says Mugabe

by Staff reporter | 31 October 2014 | 3058 Views

Bus accident, 2 drivers killed - TWO people, both of them drivers, die...

by Staff reporter | 31 October 2014 | 1462 Views

Tsvangirai speaks on MDC-T coup and Grace Mugabe - Zimbabwe's main opp...

by Staff reporter | 31 October 2014 | 2509 Views

Kembo Mohadi suffers a major blow - HOME AFFAIRS minister Kembo Mohadi...

by Staff reporter | 31 October 2014 | 1766 Views

Entertainment

Oliver Mtukudzi to get 'real' PhD - ICONIC musician Oliver Mtukudzi is...

by Staff reporte | 30 October 2014 | 2796 Views

Zimbabwe's JJ survives Big Brother Africa eviction... again - Zimbabw...

by Staff reporter | 27 October 2014 | 2091 Views

Carl Joshua Ncube to star in game show - Comedian Carl Joshua Ncube wi...

by Staff reporter | 23 October 2014 | 1574 Views

LadyBee Anondida - Official video

by Staff Reporter | 23 October 2014 | 4144 Views

Zim representative in the Big Brother Africa survives eviction - Zimba...

by Staff reporter | 20 October 2014 | 3487 Views

Grace Mugabe's political comedy takes ZTV hostage - For the past two w...

by Staff reporter | 20 October 2014 | 6555 Views

Oliver Mtukudzi to deliver lecture at Musica 2014 - Zimbabwe's interna...

by Staff reporter | 19 October 2014 | 2150 Views
iBlog

Spell Caster Who Brought Back My Happiness Back To Me

I am giving thanks to all those who are responsible in putting dr.tamazaki contact details on the internet, my love life has not been easy for me since 3rd of july which was my birthday and my lover never showed up to wish me happy birthday. before ... Read More
chandeller 16 hours ago ago

Those Behind Tb Joshua Watch Photo Proof!

when this couple (dave and angie) were indicted of being the masterminds behind tb joshua watch, the blog admins refuted it and denied any sort of connections with the couple, but that’s not what the facts portray as precisely every single one ... Read More
pointblank 13 July 2014 ago