Imara Capital disposes of its corporate finance unit

HARARE – Imara Capital Zimbabwe has disposed of a majority interest in its corporate finance unit to a consortium made up of Imara Edwards Securities (IES) owners and current senior management.

Imara Corporate Finance (ICF) has significant experience in the local and regional capital markets, having advised a number of major corporations and governments on stock market listings, capital raisings, disposals, restructurings, mergers and acquisitions and privatisation transactions.

The new owners, fronted by Sebastian Gumbo, acquired the stockbroking unit – the oldest in the country having been established in 1954 – in 2022.

The acquisition of ICF was for a nominal cash consideration for a controlling stake while Imara Capital will retain 24%. The unit will retain former managing director Sean Gammon, who is now retired, as a consultant. The new shareholders have secured name use rights, which will ensure that the Imara Corporate Finance brand continues its presence in Zimbabwe building on its illustrious history.

IES stated that the acquisition is in line with its strategy to diversify the range of professional services it offers clients and to support future organic growth. IES is currently the top performing stockbroker on the Zimbabwe Stock Exchange.

The divestment leaves Imara Capital with its flagship Asset Management and a fiduciary unit.-finx