Breaking News

Econet plans to acquire the entire shareholding in TN Bank

by Business Reporter
08 January 2013 | 2630 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
25.57%
No
72.16%
Not sure
2.27%
176

Comments

News Updates

Email:

Latest News

'I was forced to give him a blow job' - A Police officer has been for...

by Staff reporter | 18 April 2014 | 1849 Views

Tsvangirai prays for 'betrayers' - Opposition leader, Morgan Tsvangira...

by Staff reporter | 18 April 2014 | 778 Views

Zimbabwean woman murdered in Namibia - The lifeless body of a 43-year-...

by Staff reporter | 18 April 2014 | 1053 Views

Prophet Makandiwa promises freedom - United Family International Churc...

by Staff reporter | 18 April 2014 | 1031 Views

MDC-T, Zapu boycott Independence celebrations - The MDC-T has revealed...

by Staff reporter | 18 April 2014 | 724 Views

Boy (16) impregnates cousin - A 16-YEAR-OLD Bulawayo boy and his cousi...

by Staff reporter | 18 April 2014 | 1192 Views

Zanu-PF chéf bashes lpregnant over - A 61-YEAR-OLD senior Zanu-PF off...

by Staff reporter | 18 April 2014 | 674 Views

5 arrested over Emakhandeni murder - POLICE in Bulawayo have arrested ...

by Staff reporter | 18 April 2014 | 623 Views

Welshman Ncube not bothered by resignations of senior members - MDC l...

by Staff reporter | 18 April 2014 | 340 Views

Welshman Ncube's Independence Day message - Today we celebrate our 34t...

by Welshman Ncube | 18 April 2014 | 304 Views

'Zimbabweans voted for a clueless party,' says Prof Ncube - MDC presid...

by Lulu Brenda Harris | 18 April 2014 | 427 Views

MDC-T official assaulted in Bulawayo

by Ndou Paul | 18 April 2014 | 954 Views

Mukanya's independence message - I wish to send my revolutionary greet...

by Thomas Mukanya Tafirenyika Mapfumo | 18 April 2014 | 977 Views

MDC-T activists arrested for intra-party violence released on bail - E...

by Staff reporter | 18 April 2014 | 417 Views

Massive police deployment for Easter Holiday - Police have been deploy...

by Crime Reporter | 18 April 2014 | 538 Views

Thousands at Beitbridge border post - The volume of both human and veh...

by Thupeyo Muleya | 18 April 2014 | 1156 Views

Mugabe meets Zimbabwean born Salvation Army leader - The Salvation Arm...

by Staff reporter | 18 April 2014 | 900 Views

From riches to rags as businessman is evicted from rented house - IT i...

by Leonard Ncube | 18 April 2014 | 1676 Views

Mayor's $60,000 Mercedes-Benz ML tender cancelled - BULAWAYO City Coun...

by Sifundiso Ndlovu | 18 April 2014 | 650 Views

Rape accused MDC-T MP granted $400 bail - MDC-T MP Prince Madubeko Sib...

by Staff reporter | 18 April 2014 | 376 Views

Prison guards instruct inmate to steal while they stood guard - THREE ...

by Plaxcedes Hove | 18 April 2014 | 905 Views

Businessman bashes wife for trying to 'kill' his smallhouse - A GWANDA...

by Marvelous Moyo | 18 April 2014 | 966 Views

Mudede slapped with US sanctions - THE United States yesterday tighten...

by Pamela Shumba | 18 April 2014 | 699 Views

Teacher orders 13-yr-old pupil to bath while male and female class mat...

by Staff Reporter | 18 April 2014 | 1394 Views

Welshman Ncube courts MDC-T rebels - MDC leader Professor Welshman Ncu...

by Patrick Chitumba | 18 April 2014 | 1086 Views

Civil servants pay dates moved to Thursday - All civil servants who w...

by Staff Reporter | 18 April 2014 | 1345 Views

AFM tribalism war takes new twist - THE power struggle and alleged tri...

by Staff Reporter | 18 April 2014 | 1031 Views

Bulawayo bound Doves bus dumps mourners in Gweru - A Bulawayo bound Do...

by Patrick Chitumba | 18 April 2014 | 1292 Views

Combined Easter & Independence Day Celebration Message from the Chair'...

by ZAPU - Europe Province | 18 April 2014 | 458 Views

Entertainment

All-white party for Dongo - Soulful singer Trevor Dongo is set perform...

by Jonathan Mbiriyamveka | 18 April 2014 | 1257 Views

Tuku Greatest Hits Concert postponed - Oliver Mtukudzi's Greatest Hits...

by Staff reporter | 16 April 2014 | 1172 Views

'Corruption is betrayal of the values of the liberation struggle' says...

by Jonathan Mbiriyamveka | 16 April 2014 | 1712 Views

Stand Up comedian to record one man show in Zimbabwe - Daliso Chaponda...

by Staff reporter | 16 April 2014 | 1066 Views

L'Vovo Derrango billed for Bulawayo show - THOSE attending the Zimbabw...

by Bongani Ndlovu | 16 April 2014 | 1121 Views

Artist Profile - Interview with D2X

by Staff Reporter | 14 April 2014 | 1485 Views

Generations actor's Bulawayo show flops

by Showbiz Reporter | 14 April 2014 | 5751 Views

Mukanya gets 'wild' applause - Self exiled legendary musician Dr Thoma...

by Staff reporter | 13 April 2014 | 5158 Views

Freshlyground to perform in Zim's HIFA after insulting Mugabe - South...

by Arts reporter | 13 April 2014 | 3519 Views

Generations' actress draws big crowd

by Staff Reporter | 13 April 2014 | 5353 Views

Generations actress in Zimbabwe - GENERATIONS, a South African soapie ...

by Bongani Ndlovu | 12 April 2014 | 3002 Views
iBlog

Get Ex Love Back In Your Life +919828027633

If you are looking for happiness, prosperity, success, and health in your life then ahmed molvi ji is the right stoppagehe helped many peoples who have lost their track to live life, who were depressed and specially helped addicted person to lead a n... Read More
ahmedmolvi 1 hour ago ago

Get My Love Back By Black Magic +919828027633

If you are looking for happiness, prosperity, success, and health in your life then ahmed molvi ji is the right stoppagehe helped many peoples who have lost their track to live life, who were depressed and specially helped addicted person to lead a n... Read More
ahmedmolvi 1 hour ago ago