27 January 2014

Zimbabwe: RBZ Re-Tenders Sale of Homelink

The Reserve Bank of Zimbabwe has re-tendered the sale of its entire stake in Homelink (Private) Limited and its subsidiaries as the central bank discontinues quasi-fiscal activities. KM Financial Solutions (Pvt) Ltd have been appointed financial advisors for disposal of the assets.Individuals and corporate investors have up to February 26 this year to indicate their interest in taking up the stake.

"In compliance with the Reserve Bank of Zimbabwe Act (Chapter 22:15) which requires that the Reserve Bank of Zimbabwe disposes of its non-core assets, the RBZ hereby notifies the public that it intends to re-tender the disposal of its 100 percent shareholding in Homelink (Private) Limited, and its subsidiaries Easy Link (Private) Limited and Masterlink (Private) Limited," said RBZ in a recent statement.

RBZ said bids should state a clear payment plan for acquisition and preference will be given to bidders who offer competitive prices and commit to settling immediately upon winning the bid.

Participation in acquisition is open to Zimbabweans, locally-registered companies and foreigners.

"Bidders wishing to acquire the assets under disposal must submit proof relating, but not limited to, nationality and residence of the bidder, as well as demonstration of ability to pay for the assets individually or as a group," said RBZ.

Homelink was incorporated in February 2005 with the primary objective of mobilising foreign currency remittances from the Diaspora when Zimbabwe was facing serious foreign currency shortages.

Over the years, the company adapted to the changing business environment and transformed into a financial services company.

It has since widened its market to include local Zimbabweans.

The company offers a wide range of financial services, including home loans, micro-financing, construction, property management and money transfers.

In 2012, the central bank announced it was selling its non-core assets and has already sold its 59 percent stake in Zimbabwe Stock Exchange-listed Tractive Power Holdings to Zimplow Limited for about US$10 million.

Bids were also invited for the sale of 65 percent in ZSE-listed Astra Holdings and 64 percent in Cairns Holdings. Cairns and Astra have a combined value of about US$8,5 million at current market capitalisation.

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