Breaking News

Econet to pays US$27 million to buy TN Bank

by Business Reporter
22 January 2013 | 5106 Views
ECONET Wireless Zimbabwe will pay out about US$26,5 million worth or the cash equivalent to acquire the remaining 55 percent ordinary shareholding in TN Bank Limited.

Econet and TN did not reveal the transaction value when they announced the deal late last year, but a circular to shareholders puts the offer price at US15,91c per TN Bank share.

The remaining single biggest shareholder and TN Bank founder Mr Tawanda Nyambirai will take a combination of cash and shares in Econet after agreeing to sell his stake in the bank.

Econet Wireless is offering of US15,91c per TN Bank share or one Econet Wireless share for 28,79 TN Bank share for shareholders that will opt for scrip.

The mobile phone operator will acquire 55 percent of the 30 301 253 348 issued and fully paid ordinary shares, worth US$26,5 million at the price of US15,91c per share.

Econet already owned 45 percent of the shares following its acquisition of 62 311 140 TN Bank ordinary shares after investing US$20 million in the bank.

Econet quickly sought the separate listing of TN Bank on the Zimbabwe Stock Exchange, after acquiring a swaying 45 percent interest. TN Bank was part of TN Holdings Limited.

After assuming strategic control of the bank, Econet has now decided to acquire the remaining 55 percent to align the bank's operations with the telecoms firm's interest. The acquisition of the full control of the bank will also enable the bank to meet the Reserve Bank of Zimbabwe's new minimum capital threshold of US$100 million without difficulty, considering Econet Wireless' financial muscle.

More importantly, assuming total control of TN Bank will give Econet the financial platform of a registered financial institution it requires to leverage the growth of its fast growing mobile money transfer/banking service, EcoCash.

EcoCash now handles in excess of US$70 million worth of transactions on a daily basis, making the availability of a dedicated fully incorporated bank a priority.

EcoCash has set TN Bank apart from other commercial banks. It is the administrator of the trust account where EcoCash, with more than 1,7 million subscribers, holds its funds.

The rapidly growing mobile money service is now used to pay for goods and services in addition to money transfer. Shareholders with a combined 30 percent of TN Bank, made up of trusts belonging to founder Mr Nyambirai, have already consented to taking up new shares in Econet Wireless.

Econet Wireless Zimbabwe (Pvt) Limited is the holding company of businesses involved in cellular operations, provision of internet access and transaction processing in Zimbabwe. It controls Econet Wireless Limited, a cellular network operator with over 7 million subscribers, according to latest data.

Econet owns the entire stake in Pentamed Investments (Pvt) Limited, which holds 69 percent of Mutare Bottling Company.




It controls financial solutions provider Transaction Payment Solutions, provider of switching, point of sale and value added services, which exploits convergence of banking, information technology and telecommunications and owns EW Capital Holdings Limited, as its investment arm for carefully selected investments.

Econet Wireless also has Data Control Systems as an associate.
The firm, which trades as Liquid Telecom, is a leading internet access provider in Zimbabwe specialising in data services, voice and Interprotocol services.

Econet TN Bank

Source: TH

Does Prophet Magaya's anointing oil work?

Yes
16.87%
No
71.64%
Spiritual matters
11.49%
409

Comments

News Updates

Email:

Latest News

Former Miss Zimbabwe splash love on facebook - FORMER Miss Zimbabwe Lo...

by Mbongeni Msimanga | 01 March 2015 | 36 Views

Mugabe exposes Mujuru's sangomas and rituals - President Mugabe yester...

by Tendai Mugabe | 01 March 2015 | 134 Views

Woman discovers hubby’s other marriage in court - A DECISION by a Ma...

by Walter Mswazie | 01 March 2015 | 190 Views

'Include Mugabe's legacy in school syllabi' - Respected educationist P...

by Staff reporter | 01 March 2015 | 113 Views

2 killed, 37 injured on their way to Mugabe's 91st birthday jamboree -...

by Tinomuda Chakanyuka | 01 March 2015 | 211 Views

Bulawayo City Council to retrench - THE Bulawayo City Council has set ...

by Vusumuzi Dube | 01 March 2015 | 194 Views

Mugabe confronts Mutasa over abused funds - Officials involved in corr...

by Levi Mukarati | 01 March 2015 | 234 Views

'Man of God' caught pants down - A SALVATION Army officer stationed at...

by Lungile Tshuma | 01 March 2015 | 341 Views

Man kills brother in dispute over beer - A MAGWE man allegedly killed...

by Thulani Ndlovu | 01 March 2015 | 160 Views

Mugabe says, 'National Youth Service to be mandatory' - PRESIDENT Muga...

by Robin Muchetu | 01 March 2015 | 206 Views

Putin vowes to punish killers of Kremlin critic - Moscow - Russian Pre...

by Staff Reporter | 01 March 2015 | 283 Views

Zim model's explicit photos, video leaked - AN up-and-coming 22-year-...

by Staff Reporter | 01 March 2015 | 969 Views

High School teachers teachers fleece pupils

by Lungile Tshuma and Thulani Ndlovu | 01 March 2015 | 665 Views

Zimbabweans Did You Know That ? - Part 2 - Mugabe and his Zanu PF Part...

by Prof Richard M Simango | 01 March 2015 | 1132 Views

Zimdollar account-holders to gain - RBZ

by Staff Reporter | 01 March 2015 | 1364 Views

Robert Mugabe Jnr could play for Zimbabwe in All-Africa Games

by Staff Reporter | 28 February 2015 | 3881 Views

Chinotimba in priceless piece of comedy at Mugabe's birthday - Video -...

by Arts reporter | 28 February 2015 | 4939 Views

Mugabe to continue Mujuru purge - it is the purge of the tyrant that m...

by Wilbert Mukori | 28 February 2015 | 3469 Views

Brilliant - Umkhathi act - Isitshikitsha - Performed by Umkhathi Thea...

by Arts reporter | 28 February 2015 | 2021 Views

'I never believed in spirit mediums or sangomas,' says Mugabe - Presid...

by Staff reporter | 28 February 2015 | 4431 Views

Mugabe birthday interview continued - https://www.youtube.com/watch?v=...

by Staff reporter | 28 February 2015 | 3368 Views

Government fails to put together lecturers' 2014 bonus - Lecturers fro...

by Ndou Paul | 28 February 2015 | 1666 Views

Bare breasted Mujuru wanted to kill me says Mugabe

by Staff Reporter | 28 February 2015 | 12820 Views

Zimra to conduct a blitz on smuggled cars - The Zimbabwe Revenue Autho...

by Staff reporter | 28 February 2015 | 2928 Views

'I will never forget Mugabe's killing machine,' says 95-yr-old Gukurah...

by Staff Reporter | 28 February 2015 | 4376 Views

Mugabe birthday cakes - Photos

by Staff Reporter | 28 February 2015 | 5867 Views

Mnangagwa, Mphoko may not be Mugabe's successors - PRESIDENT Robert Mu...

by Staff reporter | 28 February 2015 | 3190 Views

Entertainment

Popular Zim dancehall chanter arrested for fraud

by Liberty Dube | 27 February 2015 | 2445 Views

Group pens song for Mugabe - A 7-member group from Acturus has release...

by Staff reporter | 21 February 2015 | 1730 Views

Mathias Mhere saga takes new twist - Gift Mahlupeka, who allegedly che...

by Staff reporter | 20 February 2015 | 9853 Views

Mlambos Express Band flies Matabeleland Flag - Mlambos Express Band po...

by Entertainment Reporter | 20 February 2015 | 3146 Views

Will Smith's marriage is pretty much dead - For the past 18 years, Wil...

by BlackAmericaWeb | 19 February 2015 | 6724 Views

Bulawayo musician urges artists to work together

by Staff Reporter | 19 February 2015 | 2543 Views
iBlog

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

Time To Kiss Zimbabwe Goodbye Forever.

By israel dubethings fall apart at zanupf. brother turns against brother, sister betrays sister. the center cannot hold anymore. as the walls of oppression and discrimination collapse, matebeles must make sure that they do not find themselves lost i... Read More
myAfroTube 03 November 2014 ago