Microfinancier Untu to list $5mln notes on Finsec

Microfinancier Untu to list $5mln notes on Finsec

HARARE, December 1 (The Source) – Micro-financier, Untu plans to issue medium term notes of up to $5 million on the alternative trading platform (ATP), Financial Securities Exchange (Finsec), the company said in a pre-listing statement on Friday.

“Under this programme, the issuer may from time to time issue notes denominated in US$ or whatever legal currency is in use in Zimbabwe having such period of maturities as may be determined by the issuer and the approved Finsec,” company secretary, Marko Mahuni said.

The enterprise recorded $2,6 million in operating income in 2016 compared to $2,4 in 2015.

It recorded a 92,1 percent profit increase in 2016 to $436,697 from $227,313 in 2015.

For 2016 the company has $4,5 million in total assets compared to $4,2 in 2015.

On Wednesday, IDBZ listed two bonds on the Finsec platform, a year after Old Mutual listed its class B shares on the same platform.

Untu is chaired by Bart Mswaka, the managing director of Renaissance Securities and includes on its board Anne Marie Chidzero, Matthew Hosak and Clive Msipha, the chief executive.