GOODBOOK Investments trading as Kumusha Power, envisages to list on the Financial Securities Exchange ((Finsec) platform next month to raise capital, in what would be the first energy initial public offer (IPO).<\/p>\n
Speaking at the Institute of Chartered Accountants of Zimbabwe Winter School in Sun City, South Africa last week, the company\u2019s director Milan Vidovic said by listing the firm they intend to tap into both individual and private investments to grow the company.<\/p>\n
\u201cFirst of all, it\u2019s going to be a first energy firm to list .What we are trying to achieve is to attract individual investments. There are people who are ready to invest their $200 to make thousands of dollars. We want to engage those individual investors to create the buzz around the business. Number one we engage the diaspora, number two we want to engage those with lots of funds with approval from the Reserve Bank of Zimbabwe and then get the ball rolling,\u201d Vidovic said.<\/p>\n
\u201cWe will be listing everything being equal in October this year. We are 70% done with preparatory works to that.\u201d<\/p>\n
The firm, according to Vidovic, has since 2010, worked with globally recognised brands such as Toshiba, Kramer and TOA, supplying, selling and supporting domestic appliances through large retail chains and sophisticated credit and payroll lending organisations.<\/p>\n
The Kumusha Power boss added that the company distributes its products to key retail outlets dotted across the country.<\/p>\n
\u201cWe have a team in Manama but we only do distribution. We rely on TV Sales and Home, Zimpost and other retail partners. Let them do what they do best, we will handle the technology, the call centre and things like that.<\/p>\n
\u201cThe situation on the ground is that about 1,9 million households are not connected on the national grid, meaning about nine million people are in the dark. We believe we have the capacity to reach 15% of the total market in six years.\u201d<\/p>\n
Other companies that have listed on the alternative securities exchange platform are Old Mutual, Untu Capital and the Infrastructure Development Bank of Zimbabwe. Kumusha\u2019s transcation advisor is Old Mutual Securities (OMS).<\/p>\n
Simbarashe Mangwendeza, a research analyst at OMS, said the firm targets to raise US$3 million through the listing.<\/p>\n
\u201cThe total capital to be raised is US$3 million. The IPO listing application will be submitted between September and October 2019. There are, however, four risks to be managed, namely policy uncertainty, currency risk, high cost of credit and inflation.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
GOODBOOK Investments trading as Kumusha Power, envisages to list on the Financial Securities Exchange ((Finsec) platform next month to raise capital, in what would be the first energy initial public offer (IPO). Speaking at the Institute of Chartered Accountants of Zimbabwe Winter School in Sun City, South Africa last week, the company\u2019s director Milan Vidovic […]<\/p>\n","protected":false},"author":84,"featured_media":5653,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[402,582,703],"class_list":{"0":"post-13177","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-electricity","10":"tag-energy-and-power","11":"tag-solar-system"},"yoast_head":"\n