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Econet Wireless Approves Share Split to Increase Local Shareholders
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Zimbabwe's Econet Wireless has approved plans for a 10 for 1 share split in order to make its shares more affordable for smaller investors.
The shares currently trade at US$6 per share, but once split, based on the current price, would see in higher volumes for US$0.60 per share.
Econet's board said that the decision followed a study where it found the high price of the shares meant they were primarily affordable by foreign investors. The company now has about a third of its shares held by foreigners, which is also politically problematic in the country.
"Econet still has thousands of small investors, but the founder of the company, Mr Strive Masiyiwa, was apparently not happy that the small investors no longer dominate share activity, and he has personally pushed for the change," said Econet.
The company is also calling for reform of the Stock Exchange to make it easier for shares to be traded and the introduction of electronic trading.
Tags: [econet wireless] []
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