Zimre Holdings Ltd has sold its 100% shareholding in Genesis Global Finance Proprietary Ltd (GGF) through a management buyout, led by Simukai Enterprises Pvt Ltd.
GGF is a regional financial services company with operations in Botswana, Zambia and Zimbabwe and interests in corporate finance, micro-banking, business advisory consultancy and international money transfer services.
GGF founding managing director Felix Kumirai led the team that negotiated and sealed the management buyout in August this year. A management buyout is when managers and executives of a company acquire a controlling stake in a company.
“Having helped in the creation of the business operations in our regional markets, we are delighted that this significant milestone sets us well on our way, in pursuit of our mission to create a regional group of tightly managed, high productivity businesses, in partnership with local entrepreneurs,” Kumirai said.
“We are delighted that our customers, who have supported us since the establishment of our regional operations, are coming along with us for the long haul,” Kumirai said.
GGF, a financial services company established by Genesis Investment Bank’s advisory services division, was a member of Zimre Holdings through Zimre’s banking subsidiary.
GGF has plans to expand in new and existing markets, deepening its penetration in Sadc.
Genesis Financial Holdings Limited is a financial services group with operations and interests in investment banking, stockbroking, venture capital, private banking and bancassurance.
Its subsidiaries include Genesis Investment Bank, Genesis Securities and Genesis Ventures, which deals with private equity finance, order finance, preference shares and debt.
Genesis Investment Bank is involved in money market dealing and currency trading.