adminon-lending through Ecobank.
“We are investing in partnership with our strong international partners,” Brainworks managing director Mr George Manyere told shareholders this week.
“We believe that the relations we have created with our international partners should be able to significantly extract value for our shareholders.”
Mr Manyere said the company, through its subsidiary FML Oil Company of Zimbabwe, was in the process of completing a transaction which will result in a reputable foreign operator injecting US$20 million into the economy.
Brainworks owns FML Oil 100 percent, but the transactions will reduce its shareholding to about 30 percent.
In addition, the company will also reduce its shareholding in Senwes Zimbabwe, its agribusiness investment, from 100 percent to 40 percent by partnering foreign investors.
An investment of about US$8 million is earmarked.
Through its subsidiary, BMC Gold Zimbabwe, Brainworks has secured US$20 million for the development of a gold mine in Gweru.
The company has already started prospecting on about 1 900 hectares of valid claims in Gweru mining district
Brainworks will also reduce its shareholding in its consumer finance vesture, Get Bucks Financial Services Zimbabwe, to 45 percent from 100 percent, through partnering a foreign investor.
About US$10 million will be invested in the business.
All the transactions are subject to regulatory approvals.
The firm has also established Brainworks Life Assurance Company of Zimbabwe. An application for a licence has been submitted to the Insurance and Pension Board.
If all approvals are obtained, the company is expected to start operations before
Online Reporter