Breaking News

Econet plans to acquire the entire shareholding in TN Bank

by Business Reporter
08 January 2013 | 2859 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
75.51%
No
8.98%
Who cares?
15.51%
245

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

Mnangagwa escapes death by a whisker - JUSTICE Minister Emmerson Mnan...

by Staff Reporter | 23 October 2014 | 130 Views

Woman launches new political party - A NEW political party, the Afric...

by Staff Reporter | 22 October 2014 | 709 Views

Tillage starts at a slow pace

by Staff Reporter | 22 October 2014 | 810 Views

Salaries dominate govt expenditure - Public sector salaries continue t...

by Staff Reporter | 22 October 2014 | 1312 Views

Gun shot in Canada parliament building - Video

by Staff Reporter | 22 October 2014 | 1179 Views

Veld fires kill nine people

by Staff Reporter | 22 October 2014 | 1633 Views

Man threatens to kill dad over money from rent - A disobedient son wen...

by Staff Reporter | 22 October 2014 | 1711 Views

Dr Simba Makoni Leave Dr Grace Mugabe Alone

by Suitable Kajau | 22 October 2014 | 4131 Views

Msipa demanding answers from Mugabe - HARARE - Respected Zanu PF elder...

by Staff Reporter | 22 October 2014 | 4425 Views

'Grace Mugabe a liar' - HARARE - Opposition leader Simba Makoni has br...

by Staff Reporter | 22 October 2014 | 2868 Views

State must have nothing to fear - Dzamara - Over 150 people today turn...

by Itai Dzamara | 22 October 2014 | 2510 Views

'I saw a vision of me ruling the heavenly kingdom' says Grace Mugabe

by Staff Reporter | 22 October 2014 | 4321 Views

Woman says she steals for a living, Magistrate left speechless

by Leonard Ncube | 22 October 2014 | 2379 Views

Cyclist kills pedestrian - A cyclist has been fined $400 for hitting a...

by Staff Reporter | 22 October 2014 | 1398 Views

Mother of Pistorius's girlfriend insists she did not want 'revenge'

by Staff Reporter | 22 October 2014 | 1644 Views

Uniting the Ndebele People - The Mzilikazi Cultural Association, MCA i...

by Mzilikazi Cultural Association | 22 October 2014 | 1471 Views

'Insecure' man locks wife in bedroom until he returns from work

by Staff Reporter | 22 October 2014 | 3598 Views

Wrong Ndebele spellings in Coca-Cola Ads - After launching its "Share...

by Staff Reporter | 22 October 2014 | 3637 Views

Duo arrested for sodomising boy (10) - A 10-year-old boy has allegedly...

by Staff Reporter | 22 October 2014 | 1932 Views

Update from Africa Unity Square - Live Update - This live update is fr...

by Africa Unity Square | 22 October 2014 | 5086 Views

BREAKING: Cops in riot gear chase people from Africa Unity Square

by Concerned Citizen | 22 October 2014 | 5720 Views

Dr Grace Mugabe's tours breathes hope

by Tawanda Museve | 22 October 2014 | 3341 Views

Matebeleland pressure group - cum political party takes Zanu PF war to...

by Tongai Zwayisa | 22 October 2014 | 3012 Views

Power cuts disrupt Sadc conference in Vic Falls

by Staff Reporter | 22 October 2014 | 1608 Views

Ebola vaccine trials in West Africa by January says WHO

by Staff Reporter | 22 October 2014 | 860 Views

Zimbabwean woman and her 3 children die in horrific car crash in Austr...

by Staff Reporter | 22 October 2014 | 3007 Views

Hail Dr Grace Mugabe

by Tawanda Museve | 22 October 2014 | 3250 Views

Wednesday chat with Auntie Noe - Love and Jealousy

by Nobuhle Virgie | 22 October 2014 | 1992 Views

Entertainment

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

by Staff reporter | 20 October 2014 | 2294 Views

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

by Staff reporter | 20 October 2014 | 4587 Views

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

by Staff reporter | 19 October 2014 | 1306 Views

Gezha maoko - Ladybee (Official Video)

by Staff Reporter | 19 October 2014 | 2279 Views

Matebeleland Music & Arts Festival - Sivala umnyaka ngengoma lapho sit...

by Staff Reporter | 17 October 2014 | 1636 Views

Obediah Matulana releases Christmas DVD - Bulawayo-based musician Obed...

by Staff reporter | 16 October 2014 | 1871 Views

Grace Mugabe honoured in song - Dancehall outfit Final Warning has rel...

by Tawanda Marwizi | 15 October 2014 | 2343 Views

US firm makes money off Zimbabwe concept - United States transport sh...

by Staff reporter | 14 October 2014 | 2944 Views
iBlog

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

Positions To Make Female Orgasm Easier During Intercourse

some women are fortunate enough to be able to climax easily, and in almost any sexual position. the majority of women though, sometimes find it difficult to orgasm especially when they are with a partner. sometimes this difficulty is just a result ... Read More
adoniadennis 12 May 2014 ago