🎧 Capital Markets Africa Weekly News Roundup, 17th November 2023

Welcome to the Capital Markets Africa weekly news roundup. Your source for the latest happenings across the listed African equities space.

We kick things off in Ethiopia where the Ethiopian Securities Exchange has started raising operational capital from both foreign and domestic investors ahead of its launch sometime next year. So far, it has secured 25% of the required funding from Ethiopian Investment Holdings, the country's sovereign wealth fund. The present fundraising window is due to close in mid-January 2024. The ESX is hoping to raise 900 million birr, about US$16 million.

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To Zimbabwe where FBC Holdings, a financial services holding company, has taken over the assets of Standard Chartered Bank Zimbabwe. Last year, Standard Chartered announced that it would be leaving a number of African and Middle Eastern markets. FBC has interests in banking, insurance, microfinance, and more. In its most recent annual report, it reported a return on equity of 20%. Meanwhile, its share price has risen 1,200% for the year to date. 

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To South Africa where the Johannesburg Stock Exchange has just announced that companies with primary listings on the Hong Kong Exchanges and Clearing market will now be able to pursue secondary listings on the JSE, as well as qualifying for a fast-track listing process. The fast-track listing process allows companies listed on the Hong Kong exchange to seek a listing on the JSE's Main Board or Alternative Exchange without the need for a pre-listing statement but rather with a pre-listing announcement.

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And finally, to Zambia where shareholders in Real Estate Investments Zambia Plc, the country's only listed property company, have given their consent for management to press ahead with a new business strategy. The new strategy involves selling some underperforming assets and replacing them with better performing ones. It also involves changing the company's legal structure, from a Plc to a real estate investment trust, or REIT. I spoke with CEO Kambeu Banda and asked him to explain the change in strategy.

Join us again next Friday on the Capital Markets Africa Weekly News Roundup!

© Capital Markets Africa, 2023

Founded by journalist Chipo Muwowo, Capital Markets Africa aims to raise the profile of African listed companies. Whether you're a retail or institutional investor, based in Africa or outside, we want you to be better educated about the investment opportunity set and the broader African equities market ecosystem. Subscribe today!