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Brainworks Ltd lists in Johannesburg

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

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Brainworks listed in Jo'burg but its business is in Zimbabwe

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.

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Brainworks Limited (JSE:BRA) hotels, property and logistics business in Zimbabwe has seen real estate revenues rise and occupancy at its hotels also improving. Brainworks CEO Brett Childs speaks to Proactive London from Harare in Zimbabwe to bring investors up to date on the recent changes...

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