Mauritius-based holding company, Brainworks Limited, will list on the Johannesburg Stock Exchange (JSE) main board to access capital and grow its business.
BY BUSINESS REPORTER
Brainworks has a diversified Zimbabwean investment portfolio with interests in hospitality, real estate and financial services sectors.
The company was co-founded in 2011 by investment bankers 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.
Manyere said the company was listing its portfolio of premium Zimbabwe-based assets for improved access to capital; both debt and equity.
“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,” he said.
Brainworks has a 57,7% interest in African Sun, a hotel investment and management company listed on the Zimbabwe Stock Exchange (ZSE), with seven resorts and two casinos under its management. It also has a 66,8% stake in Dawn Properties, a real estate investment holding, development and property consulting services group. Dawn has a portfolio of properties valued in excess of $82 million (gross), consisting primarily of hotel assets.
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The Mauritian holding company has a 31,1% interest in GetBucks, a ZSE-listed deposit-taking microfinance institution, a 49% interest in GetCash, the mobile money transfer platform, and wholly owns GetSure, a licensed life assurance company offering funeral cover, accident plan and savings insurance products.
Brainworks chief executive officer, 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”.
