Cassava Smartech Zimbabwe Limited will be listed on the Zimbabwean Stock Exchange on Tuesday— the 18th of December 2018, following its dissolution from Zimbabwe’s foremost telecommunications group, Econet Wireless Zimbabwe Limited.
This will unlock significant value for shareholders. Operating independently will also allow the Cassava Smartech management team focus more on the implementation of its strategy, says company’s CEO, Eddie Chibi.
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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.”
The company has advanced from a mobile money transfer platform to an expanded “smartech” business which include – EcoSure, the largest insurance company in Zimbabwe, EduTech, remittances, ride-hailing, and mobile e-Commerce.
For the past three years, Cassava Smartech has witnessed a revenue growth by double digit figures, more than doubling in the closing of its last financial year which ended on 28 February 2018 —at US$258 million. In this period, the company’s profit also increased by almost 300% to US$71 million.