Big Picture – A Deep Dive Examination of Brainworks Limited
Brainworks Limited Snapshot
VISION AND VALUES
Getbucks Financial Services Limited
GetBucks Financial Services Limited is a financial technology (“fintech”) company that embraces technology as a means to provide financial products and services to its customers. GetBucks operates from 13 branches located throughout Zimbabwe. The Company is owned 51% by MyBucks S.A (a Frankfurt Stock Exchange listed company) and 31% by Brainworks. The remaining balance is owned by various other shareholders including local pension funds. GetBucks Zimbabwe’s vision is to become a leading provider of financial services by leveraging the latest technology to provide innovative and cost effective solutions to a wide customer base in Zimbabwe. GetBucks Zimbabwe believes in financial inclusion and aims to empower its customer base with sustainable financial solutions that improve lives.
GetBucks was granted a Deposit-taking Microfinance Institution License on 16 July 2015 and successful listed on the Zimbabwe Stock Exchange (“ZSE”) on 15 January 2016
Getsure Insurance (Private) Limited
GetSure Life Assurance Company (Private) Limited is a licensed life assurance company regulated by the Insurance and Pension Commission of Zimbabwe. The company was established in 2014 and was granted its operating licence in December 2014.
GetSure offers funeral, life, accident, credit life and savings insurance products
Getcash (Private) Limited
GetCash Private Limited is a Zimbabwean mobile money transfer operation offering mobile money solutions to individual and corporate clients. GetCash’s business model is anchored on a combination of convenient mobile payment solutions as well as comprehensive mobile banking solutions to deliver a truly unique experience to the customer. GetCash is a wholly owned subsidiary of Brainworks Capital Management.
Brainworks advisory is a fully fledged corporate advisory business which is wholly owned and operated as a division of Brainworks Zimbabwe. Brainworks advisory was established in 2011, with a focus on providing independent corporate finance services. Powered by a team that brings a diverse range of experience to the table, the business offers corporate finance advice on the full range of strategic transactions comprising valuations, mergers and acquisitions, disposals, spin-offs and divestitures, joint ventures and strategic alliances. The business also offers a full suite of listed company advisory work including and not limited to fairness and expert opinions and anti-takeover and takeover defences.
Brainworks advisory’s competitive edge is drawn from the intellectual capital of the drivers of the business. The business unit is resourced with a team with a total in excess of 60 years’ experience.
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AFRICAN SUN LIMITED
African Sun is the leading hospitality group operating in Zimbabwe. The company operates seven resorts and five city hotels, timeshare units and five casinos. The resort hotels are located in Zimbabwe’s primary tourist destinations, including three resort hotels in the town of Victoria Falls. African Sun shares are listed on the Zimbabwe Stock Exchange under the ticker code ASUN.
DAWN PROPERTIES LIMITED
Dawn Properties Limited is an investment property holding, consulting and development company, listed on the Zimbabwe Stock Exchange (“ZSE”). Through its wholly owned subsidiaries, Dawn owns properties in the tourism sector. Dawn leases the investment properties to African Sun Limited, a hotel management company. In addition to its hotel investments, Dawn Properties owns 100% of a property consulting company, Dawn Property Consultancy, formerly CB Richard Ellis Zimbabwe. The company provides property valuation, management and consultancy services. The company also owns over 300 hectares of residential land earmarked for development.
FML OIL COMPANY OF ZIMBABWE (PRIVATE) LIMITED
FML Oil is engaged in logistics of petroleum products in the SADC region. The Company’s fleet of 18 trucks and tankers has been cleared to load at major storage depots in Beira, Mozambique and has the necessary permits and licenses to deliver products to Zambia, Malawi, DRC and Botswana. FML Oil anticipates doubling its fleet size in 2016.
BRAINWORKS EQUATORIAL GUINEA
Brainworks set up operations in Equatorial Guinea and is in the process of setting up a micro-lending business in the country. Brainworks has also identified opportunities to provide advisory services to government departments and the corporate sector in Equatorial Guinea.
BRETT CHILDS - Chief Executive Officer
Brett has over 20 years’ experience in change management, capital raising, IPOs, corporate exists and investment strategy. He has spent 15 years in London, where he helped to build a successful venture business, listed assets on the London Stock Exchange and HEX (Finland). He was instrumental in the development of Equitas, the vehicle set up by Lloyds of London to acquire distressed reinsurance contracts.In 2008 Brett invested in Inter-Ocean Management Limited, a corporate services and trust company based in Mauritius, and built the company’s private equity administration offering. Inter-Ocean was acquired by Maitland in 2012.Brett is a non-executive director of a number of privately and publicly owned companies and funds including entities regulated by the Bank of Mauritius and Financial Services Commission. Brett chairs or sits on the investment, audit or corporate governance committees of these entities.
WALTER KAMBWANJI - Chief Finance Officer
Mr. Walter Kambwanji co-founded Brainworks and is the Company’s Chief Financial Officer. He is a Chartered Accountant with significant experience in finance and operations in Zimbabwe and internationally. Prior to co-founding Brainworks Zimbabwe in 2009, he was a professional in the finance department of HSBC in London.Mr. Kambwanji has previously been Finance Director of various institutions in Zimbabwe including BancABC Zimbabwe Limited, Renaissance Merchant Bank Limited and Murray & Roberts Zimbabwe Limited. Mr. Kambwanji was seconded to Premier Bank in April 2009 to undertake the restructuring and strengthening of the banking group’s operations. Notable achievements at Premier Bank include the successful rationalisation of operations and staff, restructuring of the balance sheet and containment of costs.Mr. Kambwanji holds a Bachelor of Accounting Science from the University of South Africa and a Postgraduate Diploma in Applied Accounting from the University of Zimbabwe. He is a member of the Institute of Chartered Accountants of Zimbabwe. He has completed various international courses in finance, strategy and banking.
PETER SAUNGWEME - Chief Finance Officer
Peter is an articles trained Chartered Accountant with seven years of senior financial managerial experience within the real estate, banking and insurance sectors. Peter also sits on the boards of a number of Brainworks’ investee companies.
SUSAN ZINDOGA - Group Head of Treasury
Susan has research experience from working at Ecobank Transnational Incorporation Group where her research focused on the banking sectors in Kenya, Zimbabwe and Mozambique. She is highly trained in data modelling and financial analysis.
MARKUS DE KLERK - Group Head Legal & Compliance
Markus is an Attorney and Investment Banking Executive with over 20 years experience in commercial legal matters. His experience includes investment banking and corporate advisory services in African Frontier Markets with expertise in legal counsel relating to debt and equity financing, structured trade and commodity finance, corporate restructuring, collateral (security) structuring and credit process management. He was previously Managing Director at Imara Fiduciary (Pvt) Ltd where he oversaw large debt syndications and related security structures. Mr. De Klerk holds a BA. LLB degree from University of KwaZulu-Natal and is a registered legal practitioner in the High Court of Zimbabwe. He is currently serving as an independent director on the Zimbabwe Stock Exchange.
REWA UMUNNA - Group Head: Corporate Development & Investor Relations
Rewa is an Insurance Executive with experience in Financial Services across western and African markets. She played various significant roles within the Old Mutual Group including a Leadership Rotation into Mutual & Federal in South Africa within their Corporate & Niche business. Prior to this, she lead the Strategy unit for Old Mutual Nigeria and eventually expanded the portfolio to Old Mutual West Africa. Most recently, she was appointed as the Specialty Insurance Executive at Old Mutual West Africa, responsible for setting up the specialty business across Nigeria and Ghana.
She was previously a Management Consultant at Accenture in London where she worked for a range of clients including HSBC, Santander, National Australia Bank and Royal Sun Alliance (RSA) on a number of business process improvement, target operating model, regulatory compliance and system implementation projects. Ms Umunna holds a BSc. from University College London (UCL) and has attended executive courses on “Leading Change” and “The Business of Africa” at Duke University and Gordon Institute of Business (GIBS).
TENDAYI CHIWESHE - Group Head: Advisory
SIMON VILLAGE - Chairman/Non-Executive Director
Simon founded Argentum Ltd in 2015 to assist developing corporates in Africa to realise growth opportunities, out of which Argentum Energy was formed to take advantage of the accelerated development of solar power across Africa. Prior to establishing Argentum, Simon led a number of successful global initiatives, with the foremost of these being the development of a series of commodity backed funds, gold ETFs, which together with his partner and team at the time listed in 13 countries and which revolutionised the gold market, attracting some $100 billion of new investment into that sector. Simon also led the financing and development of a number of resource companies, including the financing and development of the first Gold Mine in the DRC since that Countries independence.
Prior to this he was a Managing Director with HSBC in London, having worked his way up through HSBC as a top ranked Financial Analyst, then Head of Research for their emerging markets division before being appointed as Managing Director of the securities business in South Africa.
Prior to his career in finance Simon worked for Schlumberger in Italy, Netherlands and Libya as a field engineer, and prior to that De Beers after graduating with a B.Eng (Hons) degree in Mining Engineering in the UK.
Simon founded Argentum Ltd in 2015 to assist developing corporates in Africa to realise growth opportunities, out of which Argentum Energy was formed to take advantage of the accelerated development of solar power across Africa
MARTIN WOOD - Deputy Chairman/Senior Independent Director
Martin Wood started his financial career with NM Rothschild Bank, Standard Bank London and Benfield Advisory, working in the project finance and advisory departments and being responsible for over $2bn worth of transactions at these institutions. In 2003 he rowed the Atlantic solo and on his return set up Vicarage Capital Limited, an FCA regulated broker and full member of the London Stock Exchange specialising in debt, equity and mezzanine project finance structures.Mr Wood has a BA and MBA from Exeter University and has published several articles and given speeches at international conferences on project finance in Africa
GEORGE MANYERE - Non-Executive Director
Mr. George Manyere co-founded Brainworks and is a Non-Executive Director and has been involved in all phases of Brainworks development since its founding in 2009. Within the first five years of its formation, Mr. Manyere has led Brainworks in developing and executing its strategy which has seen it become one of Zimbabwe’s leading investment holding companies and a market leader in the provision of corporate advisory services. Under his leadership, Brainworks has successfully concluded approximately US$120 million in proprietary investments (80% equity transactions and 20% debt), and approximately US$500 million in third party corporate advisory transactions comprising both debt and equity transactions. Through Brainworks, Mr. Manyere has successfully lead investments in various sectors in Zimbabwe namely financial services (banking, insurance and asset management), energy logistics, hospitality and real estate.Prior to founding Brainworks, Mr. Manyere was an investment professional with the International Finance Corporation (IFC), headquartered in Washington DC. While at IFC, he was responsible for investing in excess of USD 600 million in sub-Saharan Africa, and managing a portfolio of investments in excess of USD 400 million and represented IFC on several investee company boards.
RICHARD MUIRIMI - Non-Executive Director
Mr. Richard Muirimi has significant experience in Pension and Employee Benefits Services. In 1995 he founded Comarton Consultants (Private) Limited and is currently the Managing Director. Comarton is a leading pension fund administrator in Zimbabwe, administering at least 40 pension funds. Mr. Muirimi was the Non-Executive Chairman of Kingdom Financial Holdings Limited (“KFHL”) on its formation in 1995 until he resigned from the board in 2005. During that period as Chairman of KFHL, he guided KFHL through the initial capitalization through private placement, the IPO of KFHL on the ZSE, the establishment of subsidiaries in asset management, merchant banking, commercial banking and stock broking and regional expansion.Mr. Muirimi was previously the Chairman of the Zimbabwe Association of Pension Funds from April 2002 to February 2004. He was the Deputy Chairman of the Insurance and Pensions Commission from November 2005 to December 2012. He has also previously held senior positions in Zimnat Life Assurance Company (1995 – 1998) and AON/Minet Insurance Brokers (1982 – 1995).Mr. Muirimi sits on a number of Boards across the country including Zimbabwe Asset Management Corporation (Pvt) Ltd (ZAMCO) a subsidiary of the Reserve Bank of Zimbabwe (RBZ).
In 1987 Mr. Muirimi graduated as a fellow of the Executive Development Program with the University of Zimbabwe.
GEORGE BENNET - Non-Executive Director
George has over 30 years’ experience in finance and management, and has been a partner and Director with a number of leading financial institutions including Fergusson Bros, Simpson Mckie, and HSBC Securities (Pty) Ltd.
In 2003 George became CEO of Shanta Gold Ltd, an exploration company based in Tanzania which he successfully listed on the London Stock Exchange in 2005. Shanta is still a gold producer today. In 2006 he acquired and restructured MdM Engineering, an engineering company building mineral process plants and mining infrastructure all over Africa. in 2008 George listed MdM onto the London stock Exchange, and over the next 8 years generated over US$57 million of pre-tax profits for its shareholders.
In March 2014 George Bennett successfully negotiated and managed the sale of MdM Engineering to Amec Foster Wheeler and has now teamed up with Simon Village in Argentum Energy.
AUDREY MOTHUPI - Non-Executive Director
Audrey Mothupi is the chief executive officer of SystemicLogic Group, a global financial innovation and technology disruptor. Audrey’s experience spans across various business domains including group strategy, talent design, marketing and communications strategy, integrated with strong corporate relationship management. Prior to SystemicLogic Group, Audrey served as the head of inclusive banking at Standard Bank Group and prior, Chief Executive Strategic Services at the Liberty Group. Whilst at Standard Bank, her division was awarded the 2013 BAI-Finacle Global Banking Innovation Award for innovation in societal and community impact. She was also responsible for migrating 3.5 million Standard Bank customers onto a consolidated SAP platform during her former position as director of banking and lending products at Standard Bank.Audrey is an independent, non-executive director on the Pick ‘n Pay board; serves as the chairperson of Orange Babies of South Africa, a non-profit organisation focused on the prevention of mother to child transmission of HIV/Aids and the care of Aids orphans and vulnerable children across South Africa, Namibia and Zambia; a Member of the Nordic Female Business Angel Network (NFBAN) Board, an organisation that advocates Impact Investing as a way to demonstrate measurable impact and profitable business models. A member of the Numeric Board of South Africa, an organisation focused on helping young South African’s excel in Maths, and train world-class Maths teachers. And more recently became an independent non-executive director at EOH Holdings, an organisation providing the technology, knowledge, skills and organisational ability critical to Africa’s development and growth; and appointed to the Brainworks Limited board – a Mauritian-based investment holding, consulting and advisory company, focused on Zimbabwe and select markets in Sub-Saharan-Africa.
RICHARD CHARRINGTON - Non-Executive Director
Mr Richard Charrington is a UK Security & Futures (SFA) accredited corporate finance specialist with a particular focus on structured products in trade, project and shipping finance.Richard is resident in Mauritius but grew up in Malaysia on Palm oil & rubber plantations and was educated in the UK. He started his career as a commodity trader with C. Czarnikow in 1980 subsequently bought out by the Kuok Organisation of Malaysia and went on to specialise in trade finance with Credit-Anstalt. In 1992 he joined Ceres Capital International specialising in South African debt/equity conversion and corporate restructuring & concluding some US$1.5billion in debt conversion. In 2000 Richard took over The Ceres Group, with offices in London, Namibia and Mauritius and developed the business into a bespoke corporate finance house with focus on financial engineering, project finance, asset trading and debt brokerage with particular attention to Africa. To date, the Group has closed over 20 Billion Rands worth of business in Sub-Saharan Africa.