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Econet Going Ahead With Cassava Smartech Demerger After Getting Unanimous Approval From Shareholders

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Mobile Money In Africa, Mobile Services, Telecoms

Econet is going ahead with the demerger of Cassava Smartech after getting (Econet) a unanimous shareholders approval at the Extraordinary General Meeting. Cassava Smartech which is meant to provide relevant and innovative digital solutions in Zimbabwe, is a diversified “SmarTech” group that shelters companies like EcoCash, Steward bank, Econet Life and whole lot of tech-focused companies.

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The demerger will consequently see Cassava Smartech listing separately in what is expected to be the largest initial listing on Zimbabwe Stock Exchange. Something which is expected to happen on the 11th of  December 2018, the day of its listing.

At best, the demerger will see Cassava Smartech wholly give its undivided attention and resources on its “smartech” business, a strategic decision in the eyes of Econet. Whilst the two companies are divorcing, there will be serious collaborations in the future such that (probably) we won’t even notice that they are totally different companies. Surely you can’t expect Econet to stop zero-rating the EcoCash app just because the “smartech” company is no longer under its immediate sphere of influence. As Emilia Chisango, Cassava Zimbabwe’s Finance Director, puts it;

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The demerger still affords EWZL and Cassava Zimbabwe scope to continue collaborating and expand independently of each other, whilst recognising and exploiting the inherent synergies between them

EconetZimbabwe Stock ExchangeSteward Bank

Econet Wireless Zimbabwe, a subsidiary of Econet Wireless International, is the first and largest mobile network services provider in Zimbabwe. The telecoms giant became popular with its products and services such as Buddie. It has established branches in different corners of the country and enjoys... Read More About Econet

The Zimbabwe Stock Exchange is the country's local bourse which has over sixty trading companies listed. The stock company is based in the capital city Harare and has evolved through various stages in its evolution. Read More About Zimbabwe Stock Exchange

Steward Bank, is a commercial bank registered and trading in Zimbabwe. The bank is a subsidiary of the Econet Wireless Zimbabwe. It was founded in 2001 by Tawanda Nyambirai as TN Bank. Read More About Steward Bank

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