Akribos Capital Inc. is set to acquire Ecobank Asset Management as the African-focused investment banking firm expands its tentacles on the local market.
BY BUSINESS REPORTER
In a notice yesterday, the Securities and Exchange Commission of Zimbabwe (SECZ) said it had received an application for approval of transfer of business of Ecobank Zimbabwe Asset Management to Akribos Inc. (Private) Limited.
“The application for transfer of business is in terms of section 15(2) of the Asset Management Act where Akribos Capital Incorporated (Private) Limited intends to acquire Ecobank Asset Management (Private) Limited,” Tafadzwa Chinamo, SECZ chief executive officer said.
“The nature of the transaction is sale of 100% of the share capital of Ecobank Asset Management (Private) Limited to Akribos Capital Incorporated (Private) Limited.”
There are 16 asset managers. Akribos also has a securities investment advisory licence.
The Zimbabwe Stock Exchange is the backbone of the country’s capital markets. The market’s intermediary base is supported by 13 dealing firms, 16 asset managers, 29 securities advisors, three transfer secretaries, five securities custodians, two securities’ trustees and a central security depository.
Government is working on a raft of measures to broaden the capital markets. So far, alternative trading platform rules have been gazetted culminating in the licensing of Financial Securities Exchange (Pvt) Limited to operate the first alternative trading platform. An alternative trading platform will bring together primary market issuers of securities and investors, who wish to purchase those securities and secondary market of sellers and buyers of securities among others.
