Breaking News

Econet plans to acquire the entire shareholding in TN Bank

by Business Reporter
08 January 2013 | 2638 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

Should Zimbabweans be deported from the UK?

Yes
27.69%
No
69.71%
Not sure
2.61%
307

Comments

News Updates

Email:

Latest News

'Mugabe is fit,' says Jonathan Moyo' - In a video below Information mi...

by Staff reporter | 24 April 2014 | 225 Views

Women more likely to cheat on partners with longer penises - Study

by Staff Reporter | 24 April 2014 | 876 Views

CIO swarm Bulawayo ahead of Mugabe arrival

by Staff Reporter | 24 April 2014 | 777 Views

CIO pushing Grace Mugabe to become Zanu PF Women's League boss

by Staff Reporter | 24 April 2014 | 827 Views

Top Air Zim boss fired

by Staff Reporter | 24 April 2014 | 585 Views

Zanu-PF minister chased away by villagers - Provincial affairs ministe...

by Staff reporter | 24 April 2014 | 677 Views

Mugabe hints at exit - President Robert Mugabe has hinted that he will...

by Staff reporter | 24 April 2014 | 580 Views

Man arrested over bogus court orders

by Staff reporter | 24 April 2014 | 279 Views

My friend Robert Mugabe - Video

by BBC | 24 April 2014 | 612 Views

Voice of Zimbabwe shutdown galls ZBC board - The ZBC board has expre...

by Staff Reporter | 24 April 2014 | 487 Views

SA man escapes death after being lured to Zim by Satanic cult

by Staff Reporter | 24 April 2014 | 3561 Views

Zimbabwean female rapists inspire Hollywood - STORIES of gangs of wome...

by Staff reporter | 24 April 2014 | 2644 Views

Woman drags abusive cop husband to court

by Staff Reporter | 24 April 2014 | 2118 Views

200 court records disappear - A Plumtree senior magistrate facing char...

by Staff reporter | 24 April 2014 | 2279 Views

Zanu-PF, MDC-T ready for dialogue - Political archrivals Zanu-PF and ...

by Staff reporter | 24 April 2014 | 5307 Views

Mugabe needs help - President Mugabe's government urgently needs to en...

by Staff reporter | 24 April 2014 | 3664 Views

MDC-T forces members to fund party - THE cash-strapped Morgan Tsvangi...

by Staff reporter | 24 April 2014 | 1434 Views

Mugabe, ministers differ on indigenisation - THE government continues...

by Staff reporter | 24 April 2014 | 1755 Views

'Chihuri you are responsible for death' - A SOMBRE atmosphere engulfe...

by Staff reporter | 24 April 2014 | 3388 Views

Man threatens to take hunger strike to Parliament - A HARARE man, Phi...

by Staff reporter | 24 April 2014 | 1221 Views

Gays and lesbians hit back at Mugabe over hate speech - Zimbabwe's gay...

by Staff reporter | 24 April 2014 | 1940 Views

Zimbabwe military junta subverting democratic processes - The continua...

by Tichaona Sibanda | 24 April 2014 | 1232 Views

US court to decide on Zim elephant ban

by Staff reporter | 24 April 2014 | 673 Views

Prophet TB Joshua: Healer or controversial leader?

by AP | 24 April 2014 | 2553 Views

Why should Mugabe's name be sounded more than ours

by Vince Musewe | 24 April 2014 | 1755 Views

Zifa challenged to protect small clubs - A Bulawayo soccer club owner ...

by Lovemore Dube | 24 April 2014 | 816 Views

Kaindu set to dump Bosso for Chipolopolo role

by Sikhumbuzo Moyo | 24 April 2014 | 2750 Views

Entertainment

Top SA maskandi musician itching for a Zim stage - South Africa's top ...

by Staff reporter | 24 April 2014 | 350 Views

Nightclubs scramble for Bev, she is already fully booked

by Auxilia Katongomara | 24 April 2014 | 1994 Views

Bev off to South Africa to buy new costumes

by Brenda Phiri | 24 April 2014 | 1693 Views

Alick Macheso in costly divorce?

by Jonathan Mbiriyamveka | 24 April 2014 | 3130 Views

Majaivana's son to release debut album with Bosso tune - Lovemore Maja...

by Staff reporter | 23 April 2014 | 1489 Views

Rising reggae star Matty Julius comes to Zim Achievers Awards

by Arts Correspondent | 23 April 2014 | 744 Views

Bev confirms return to the dance floor

by Staff reporter | 24 April 2014 | 3039 Views

Tuku Recalls Picky for Greatest Hits Concert

by Staff Reporter | 22 April 2014 | 2135 Views

Oskido, Big Nuz in no show - SCORES of revellers were baying for South...

by Thupeyo Muleya | 22 April 2014 | 1371 Views

Bev, Prophet Magaya severs ties - Raunchy dancer Beverly (Bevy) Siban...

by Takawira Dapi | 24 April 2014 | 2680 Views

Hosiah Chipanga likens self to biblical Noah - VETERAN musician-cum-pr...

by Liberty Dube | 20 April 2014 | 3282 Views
iBlog

Enemy Within Zimbabwe

zimbabwe is a country measuring approximately 390,757 sq. km with an estimated population of nearly 13.5 million people. the country is made up of 16 different tribes and authorised spoken languages as enshrined in the constitution. the truth is ... Read More
NativeAfrica 30 December 2013 ago

Chancellor Breaks Grade 7 National Record, Only One Pupil Fails

chancellor primary school in mutare has broken the national record of excellence after 42 of its grade seven pupils scored four units during this year's examinations. acting manicaland provincial education director mr andrew chigumira said chancello... Read More
iNdabaNdaba 22 December 2013 ago