Johannesburg - Mauritian-based investment firm, Brainworks Limited, on Tuesday made its submission to the JSE for listing its diversified Zimbabwean portfolio on the Main Board.
Brainworks' investment interests currently comprise, among others, a 57.7 percent interest in African Sun, a hotel investment and management company listed on the Zimbabwe Stock Exchange (ZSE), with seven resorts and two casinos under management.
As at 31 December 2016, Brainworks' gross assets totalled U.S.$151 million and revenue generated from its operations amounted to US $48 million. The company was established in 2011 by George Manyere and Walter Kambwanji, with the aim of becoming Zimbabwe's leading investment group, as well as a co-investor of choice to foreign businesses seeking pro-active and value adding equity partners.
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Since inception, the group has accumulated investments in, inter alia, the hospitality, real estate and financial services sectors. Manyere said the listing would provide Brainworks with greater financial flexibility. "We are listing our portfolio of premium Zimbabwe-based assets for improved access to capital; both debt and equity," Manyere said. "We believe a listing on the JSE will provide the platform for us to access deeper and more liquid capital markets in South Africa, thereby affording us greater financial flexibility to grow our business."
Brainworks chief executive, Brett Childs, said: "The proceeds from this private placement will be used to strengthen the group's balance sheet through reduction of debt, grow and expand the underlying businesses in accordance with our investment strategy and for working capital."
AFRICAN NEWS AGENCY