adminyesterday appointed several financial advisors.
The new financial advisors, consisting of both local and foreign organisations, have been brought in to assist the board in its resource mobilisation initiatives.
The financial institutions to offer advisory services to the NIEEB include CBZ Bank Ltd, Vunani Capital (Pty) in partnership with Loita Capital Partners (Pty) Ltd and New Africa Securities Consortium, Genesis Global Finance, Capvest Business Consulting and MMC Capital.
NIEEB chairman Mr David Chapfika said the firms will help the board to effectively and efficiently roll out the indigenisation and economic empowerment programme.
“There has been a lot of tension of late over the implementation of the indigenisation programme, hence the need to move with speed with respect to our resource mobilisation efforts.
“The resources to be mobilised will be utilised to fulfil the objectives of the National Indigenisation and Economic Empowerment Fund as stipulated in Section (12) of the Indigenisation and Economic Empowerment Act,” he said.
The appointment of financial advisers is expected to expedite the role of the NIEEF to provide financial assistance to indigenous Zimbabweans in terms of financing share acquisitions, warehousing of shares under employee share ownership schemes/trusts, and management buy-ins and buy-outs.
Among its other roles the NIEEF is expected to provide funding for broad-based empowerment programmes, placing particular attention to special interest groups such as the disabled, the youth and women.
The anticipated funds are also expected to benefit rural communities who typically do not have access to the extensive levels of capital to acquire stakes in foreign-owned firms.
Mr Chapfika said his board had gone through the requisite tender processes to identify the respective financial advisors with the range of required skills.
The financial advisors will play different roles between them.
CBZ Bank Ltd will act as a financial advisor for capital-raising in both local and foreign markets, while Genesis Global Finance and Capvest Business Consulting are the financial advisors for business valuation services.
Vunani Capital (Pty) in partnership with Loita Capital Partners (Pty) Ltd and New Africa Securities Consortium have been appointed as the financial advisors for capital-raising in the international market.
MMC Capital will act as the board’s financial advisor for stockbroking, business valuation and asset unitisation services.
The Ministry of Youth Development, Indigenisation and Economic Empowerment earlier this month concluded the initial review of indigenisation compliance proposals by foreign companies, and has since urged companies with “unacceptable” proposals to make re-submissions.
Online Reporter