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Tuesday, Jul 23rd

Cassava SmarTech to list on 18 December

Cassava SmarTech to list on 18 December

Cassava SmarTech Zimbabwe Limited (Cassava Zimbabwe) is set to list on the Zimbabwe Stock Exchange (ZSE) on Tuesday 18 December 2018.

According to a statement released by the company, this follows the finalisation of all the conditions precedent to the demerger of Cassava Zimbabwe from 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.

The statement continues that 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.

On 28 November 2018 Econet approved the demerger and Chibi was quoted as saying that the company's vision was always to emerge as a "fully-fledged smartech business", but a deliberate decision was taken to begin with the mobile money platform EcoCash, before expanding to other areas.

After the demerger Cassava will own 100% of EcoCash (Pty) Ltd and Steward Bank Limited, 85% of Econet Life (Pty) Ltd, and 90% of Econet Insurance (Pty) Ltd.

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