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Oliver Kazunga Acting Business Editor
AFRASIA Zimbabwe Limited has raised $20 million under the first phase of the $100 million recapitalisation exercise of its banking unit. The first phase of the recapitalisation exercise involved raising the required amount through rights offer ($5 million) and $15 million through private placement.
In a statement following the institution’s Annual General Meeting in Harare on Monday, the group chief executive officer Lynn Mukonoweshuro said: “The prospects of the business are encouragingly good, especially due to the major shareholder’s commitment to the company and the opportunities in the streamlined areas of strategic focus.”
AfrAsia Bank Limited (ABL) has already committed to lead the rights issue and private placement to raise US$20 million in the first phase of capital raising that will see the group raise capital in line with regulatory requirements. “Today, 30 December 2013, marks the rights offer closure and we will update the market after completion of due process,” she said.
“In addition, the recently announced fiscal policy showed the direction of the economy for the next five years. We will ensure that as AfrAsia we play our part in supporting this policy direction, participating in the growth sectors prioritised and directing foreign direct investment into the economy using our links with our major shareholder.”
She said the AGM resulted in Callisto Jokonya, Charles Wawn and Simplisius Chihambakwe being re-appointed as directors after offering themselves for re-election.
“More board changes saw the retirement of the group chairman Sibusisiwe Bango, Anthony Rowland and Sure Kamhunga while Brian Fredrick and Nigel Chanakira, resigned from the board. New non-executive board members were ushered in pending requisite approvals from regulatory authorities and these are Fungai Ruwende, Ritesh Anand, and Henry Nemaire. Deshmukh Rao Dondee was appointed an executive director.”
Mukonoweshuro said the full AfrAsia Zimbabwe Holdings board now comprises herself, James Benoit and Kamben Padayachy from (ABL), Callisto Jokonya, Simplisius Chihambakwe, Fungai Ruwende, Henry Nemaire, Ritesh Anand, Jill Rickard, Charles Wawn, Sevious Mushosho and Deshmukh Rao Dondee.
Recently, AfrAsia Zimbabwe rebranded to reflect ABL, the major shareholder.
This week’s AGM also saw shareholders adopting the financial statements for the 18 months ended June 30, 2013 including the directors’ report as well as the re-appointment of PricewaterhouseCoopers as auditors for the ensuing year.
Online Reporter