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[February 11, 2013]
Zimbabwe : STILL no proposal from ECONET WIRELESS to ZSE [TendersInfo (India)]
(TendersInfo (India) Via Acquire Media NewsEdge) Still, the Zimbabwe Stock Exchange (ZSE) has not received the proposal by Econet Wireless for a loan to automate the stock exchange, that presently uses a manual trading system.
The telecommunications firm during last week stated that it plans to extend a no strings attached loan to the ZSE for acquiring an electronic trading platform which would enable immediate and transparent settlement, as in other nations like South Africa and Kenya.
According to Econet Wireless, urgent reform of the share trading system on the local bourse is required as the existing system is subject to abuse and perpetuates an elitist old boys club which would not form a part of modern Zimbabwe. The company added, It is time for the Zimbabwe Stock Exchange to become more accessible to ordinary people, and a proper vehicle for mobilising capital for companies.
Econet is the second largest entity on the bourse and there could be conflict of interest, said, ZSE acting chief executive officer Martin Matanda. He added, The ZSE board has not received an offer from Econet. We have only heard about the offer through the Press. Until such a time when the offer has been made then we will be able to comment.
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