Brainworks to restructure, dispose of financial arm

12 Jun, 2018 - 00:06 0 Views
Brainworks to restructure, dispose of financial arm

The Chronicle

brainworks

Business Reporter
BRAINWORKS Limited is set to embark on a restructuring exercise that will see the company disposing of its financial services section to focus on hospitality, leisure and real estate. The company anticipates benefiting from the prevailing dynamism in the Zimbabwean political and economic landscape.

“Brainworks plans to restructure the company, by reducing its financial services component, focusing on leisure and real estate sectors through seeking investment opportunities in the supply chain to these sectors,” said the company.

“It is expected that these market segments will continue to benefit from the recent political changes in Zimbabwe.”

Brainworks Limited chief executive officer Mr Brett Childs was recently quoted as saying taking into account the recent positive developments in Zimbabwe’s economic environment, the board has resolved to focus efforts on hospitality, leisure and real estate.

“We aim to continue building a portfolio that will deliver capital growth and offer exposure to prominent Zimbabwe-based assets,” he said.

The Zimbabwean company, which last year listed on the Johannesburg Stock Exchange, has subsidiaries in real estate (Dawn Properties), hospitality (African Sun), logistics (FML) and financial services (GetSure, GetBucks and GetCash).

Last year, the group announced plans to acquire a new hotel business and move into horticulture. Recently, Brainworks announced that it was working on a facility with the Reserve Bank of Zimbabwe that would allow Zimbabwean investors to buy shares of the company without the need to source foreign currency.

When it was established over 10 years ago, Brainworks was owned 100 percent by Mr George Manyere and Mr Walter Kambwanji, but the shareholding shifted in 2012 and now foreigners own over 65 percent of the company.

Share This: