Proactiveinvestors RSS feed en Sat, 21 Apr 2018 23:46:03 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Brainworks raises US$8mln through treasury share issue ]]> Zimbabwe –based hospitality and property group Brainworks Limited (JSE:BWZ) has raised US$8.2mln following the placement of just over nine million treasury shares at R11.50 per share (US$90c).

The relevant shares will be transferred to investors on receipt of the necessary approval from the Reserve Bank of Zimbabwe, while the funds will be used to strengthen the balance sheet. 

Brainworks listed on the Johannesburg Stock Exchange through an introduction earlier in October.

Fri, 27 Oct 2017 09:11:00 +0100
<![CDATA[News - Brainworks expects foreign visitor boost in second half ]]> Brainworks Limited (JSE:BWZ) reported an uptick in occupancy at its hotels in Zimbabwe, boosted by lower room rates and a pick up in international visitor numbers after an upgrade to the airport at Victoria Falls.

The hospitality-to-finance conglomerate has all of its businesses in Zimbabwe and overall reported a 23% rise in revenues to US$24.3mln in the six months to June.

READ: Brainworks Ltd lists in Johannesburg

Hotel occupancy increased to 45% from 37% with revenue per available room or RevPAR, the industry benchmark, rising by 14% to US$40.

Losses, though, rose to US$4.87mln from US$2.2mln due to US$3.3mln of one-off and other expenses as the company spent heavily ahead of its listing on the Johannesburg Stock Exchange (JSE) earlier this month.

Brainworks added will seek a secondary listing on the Zimbabwe Stock Exchange by the end of next year to follow associate Getbucks, which listed on that exchange in January last year.

READ: Brainworks rethinks finance plans after float shortfall

Traditionally, the group makes as loss in the period as the tourist season occurs in the second half and said the outlook was promising especially at the Victoria Falls-based hotels where foreign arrivals are rising following the improvements to the International Airport.

A maiden residential project of 58 units will also start to be sold.


Wed, 25 Oct 2017 10:25:00 +0100
<![CDATA[News - Brainworks Ltd lists in Johannesburg ]]> Brainworks Ltd (JSE:BWZ) has gone ahead with its listing on the Johannesburg Stock Exchange even though it has had to redraw its financing plans.

The hospitality and finance conglomerate is the first Zimbabwe-focused company listed under the JSE’s Equity Investment Instruments (EII) sector.

Brett Childs, chief executive of Brainworks, said that the company would now look to market a convertible loan note.

The intention was to raise US$25mln in the listing but a combination of the political uncertainty in Zimbabwe (with elections next year) and a ‘wait and see’ attitude among investors scuppered the plan, said Childs.

Mauritius-domiciled and structured as a holding company, Brainworks’ stakes currently include 57.7% in hotel and casino group African Sun, which is listed on the Zimbabwe Stock Exchange (ZSE).

The group also owns 66.8% of property group Dawn Properties; a 31.1% stake Zimbabwe microfinance provider GetBucks; 49% of GetCash, a mobile money transfer platform and all of life insurance group GetSure.

Revenues in 2016 were US$48mln and underlying earnings US$ 7mln.

“We aim to be the major player in Zimbabwe in the markets we have selected and hospitality in particular,” said Childs.

Mon, 16 Oct 2017 09:23:00 +0100
<![CDATA[Media files - Brainworks rethinks finance plans after float shortfall ]]> Thu, 12 Oct 2017 15:40:00 +0100 <![CDATA[Media files - Brainworks looking to raise US$25mln in Johannesburg IPO ]]> Thu, 28 Sep 2017 16:02:00 +0100 <![CDATA[Media files - Brainworks Ltd looking to corner the hospitality & real estate sectors in Zimbabwe ]]> Tue, 01 Aug 2017 14:18:00 +0100