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Zimbabwe's Econet to list banking, mobile money unit separately

Reuters  |  HARARE 

(Reuters) - will split off and separately list its financial and on the Stock Exchange if shareholders approve the plan later this month, the company said on Thursday.

Econet is Zimbabwe's largest with a market capitalisation of $5.1 billion.

The company said in a circular to shareholders that it would demerge its life and insurance businesses, arm and popular mobile financial service Ecocash and list them separately under Cassava Ltd.

Ecocash is the dominant mobile money service, accounting for more than 98 percent of all transactions in Zimbabwe.

Econet will also sell its 51 percent stake in the local unit of pan-African telecoms firm Liquid Telecom, worth $135 million, back to the parent company for the equivalent value of its shares.

That will give it a 10 percent holding in

Liquid, which owns a across southern and east Africa, plans to list on a stock exchange outside in future.

(Reporting by MacDonald Dzirutwe; Editing by Jan Harvey)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 08 2018. 16:32 IST