HomeNewsReserve Bank appoints financial advisors

Reserve Bank appoints financial advisors

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The Reserve Bank of Zimbabwe has selected financial advisors to handle the disposal of its shareholding in companies that are not in line within its operations.

The central bank recently called for offers from parties interested in purchasing shareholdings in eight companies, a move that will see the bank raising funds to clear some of its debt.

On Tuesday the central bank issued a statement part of which read: “Pursuant to the public notice on the disposal of certain Reserve Bank of Zimbabwe subsidiaries of 30 May 2011, the Reserve Bank of Zimbabwe wishes to advise the public and all interested stakeholders that the following institutions have been appointed as advisors for the disposal of the bank subsidiaries.”

TN Bank (Pvt) Limited was appointed financial advisor for Tractive Power in which the bank holds 58,75%, Ernst & Young Associates (Pvt) Limited were appointed advisors for Tuli Coal in which the central bank has a 70% interest.

Deloitte & Touche Advisory Services, CBZ Bank Limited, Corporate Excellence Financial Advisory Services, New Africa Securities, Stanbic Bank Zimbabwe (Pvt) Limited and Finesse Advisory Services will handle transactions involving 50% in Transload, 64, 9% in Astra Holdings, 65% in Scientific Research and Industrial Development and 100% shareholding in Homelink and Carslone Enterprise respectively.

RBZ had invited independent financial advisors to undertake the disposal as a way of making the process transparent.

The central bank in February retrenched 1 500 workers and expects to retrench some of the 530 remaining workers.

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