GetBucks Financial Services becomes the latest firm to go private as it leaves the Zimbabwe Stock Exchange (ZSE) after nearly seven years and eight months as a listed entity.
The microfinance services provider has been in negotiations for a US$5 million recapitalisation to enable the bank to meet the required minimum threshold set by the Reserve Bank of Zimbabwe (RBZ).
Shareholders recently passed a special resolution for GetBucks to delist from the ZSE, as the inability to raise money from institutional investors, it was said, limits the listing’s usefulness as a tool for raising capital.
“The ZSE hereby notifies the investing public of the voluntary termination of listing of GetBucks Microfinance Bank Limited with effect from 18 September 2023. Following the approval by minority shareholders at an Annual General Meeting held on 31 August 2023, through a special resolution, GetBucks applied for voluntary termination of its listing on ZSE Limited pursuant to section 11 of the ZSE Listing Requirements,” Justin Bgoni, ZSE, chief executive officer said.
“As required by Section 64 (1) (a) (i) of the Securities and Exchange Act [Cap24.25], the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe (“SECZ”) to delist GetBucks from the ZSE’s official list.”
In 2022, GetBucks expressed a desire to move its ZSE-listed shares to the Victoria Falls Stock Exchange (VFEX) as part of the company’s recapitalisation plans.
“In terms of Section 15 (d) of the ZSE Listing Requirements, holders of GetBucks Microfinance Bank Limited’s securities are hereby advised that the securities can no longer be traded on the ZSE with effect from 18 September 2023,” Bgoni added.
The company commenced operations in 2012 as a credit-only microfinance institution.
GetBucks closed its last trading day flat at $38.00.
It began the year with a share price of $21.80 and has since gained 74,3 percent on that price valuation, ranking it 41st on the ZSE in terms of year-to-date performance.