eBusiness Weekly
Business Writer
Brainworks Limited yesterday announced the launch and pricing of its institutional offering of 27 523 396 ordinary shares at an offer price of R11,50 per share. The firm is a diversified investment holding company with investments focused on Zimbabwe.
In a statement, the group said the offer price is based on the board’s assessment of the value of the Group. The institutional offering opened at 9am yesterday and will close at 12:00 hours (CAT) October 09, 2017.
Results of the offer will be released on or about Wednesday October 11, 2017.
According to the group, applications in respect of the offer must be for a minimum of R1 million.
Brainworks chief executive Brett Childs said the group is confident of its strategy to list on the JSE.
“We are confident that our strategy of listing on the JSE will prove sound and that international investors will view Brainworks as the window through which they may access our excellent asset portfolio and participate in the opportunity that is Zimbabwe.
“With approximately 38 percent of group revenue being generated from exports, through our hospitality division, a large property portfolio and our focus on micro finance, banking and insurance we are well placed to benefit in a changing economic environment,” said Childs
Brainworks’ shares are expected to commence trading on the Main Board of the JSE in the “Equity Investment Instruments” sector on October 13. Brainworks will become the first Zimbabwean company to have a primary listing on the JSE.
Johannesburg based advisory company Questco are acting as book runners for the offering.
The company was established in 2011 by George Manyere and Walter Kambwanji, with the aim of becoming Zimbabwe’s leading investment holding and advisory firm as well as an investor of choice to foreign partners seeking pro-active and value adding equity partners.
The group’s investment portfolio offers exposure to prominent Zimbabwe-based assets in Hospitality, Real Estate and Financial Services. Brainworks started as an advisory business, offering corporate advisory and consulting services through Brainworks Capital Management, a wholly owned and Security Exchange Commission of Zimbabwe licensed company.
Since inception, Brainworks has raised over $70 million through a series of private placements which have supported acquisitions, 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.
