Cassava SmarTech Zimbabwe Limited (“Cassava Zimbabwe”) is set to list on the Zimbabwe Stock Exchange (“ZSE”) on Tuesday the 18th of December 2018.
This follows the finalisation of all the conditions precedent to the demerger of Cassava Zimbabwe from Zimbabwe’s leading telecommunications group, Econet Wireless Zimbabwe Limited (“EWZL”).
Eddie Chibi, CEO of Cassava Zimbabwe, says the separate listing will not only unlock significant value for shareholders, but operating independently will allow the Cassava Zimbabwe management team greater focus on the implementation of its strategy. “The demerger still affords EWZL and Cassava Zimbabwe scope to continue collaborating and expand independently of each other, whilst recognising and exploiting the inherent synergies between them,” adds Chibi.
Cassava has evolved from a mobile money transfer service to a diversified “smartech” business, including EcoSure, the largest insurance company in the country, EduTech, remittances, ride-hailing, and mobile e-Commerce.
Over the last three years Cassava Zimbabwe has seen its revenue grow by double digit figures, more than doubling in the financial year ended on 28 February 2018, to US$258 million. Over the same period its profit also increased with almost 300% to US$71 million.
*As at end of trading 31 October 2018