Cassava shares in bulk sale

A total of 29,4 million shares representing 1,31 percent shareholding in Zimbabwe Stock Exchange listed fintech group Cassava Smartech changed hands on Tuesday in a bulk deal.

Formed when Econet Zimbabwe split into two, the telecoms business and financial technology unit, Cassava’s flagship is mobile money platform Ecocash.

A ZSE market report of January 14 shows the opening price was 1.5099c per Share while the closing price was 1.51c.

Market observers say the deal could be part of a restructuring by the major shareholders.

The transaction comes after three directors stepped down from the board late October, 29 at the company’s inaugural AGM amid growing concerns by minorities corporate governance standards were being violated.
Board chair Tracy Mpofu, Strive Masiyiwa and Douglas Mboweni stepped down.

The three are attached to Econet Wireless, Masiyiwa being founder and executive director. He owns 35 percent of Cassava Smartech.
Mboweni is current CEO of Econet Wireless Zimbabwe while Mpofu is group CFO.

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