Proactive Investors - Run By Investors For Investors

Brainworks Ltd lists in Johannesburg

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

View full BRA profile View Profile

Brainworks Limited Timeline

Related Articles

November 01 2018
The company's objective is to grow “both organically and dynamically” through acquisitions in the UK and US
April 02 2019
Directors have 'a reasonable degree of certainty' that positive basic earnings per share will be achieved in 2018
The specialty finance company offers revenue-based financing, allowing SaaS (Software as a service) and knowledge-based start-ups to 'pay as they grow'

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use