Econet aims to boost local share ownership

The shares of Econet Wireless of Zimbabwe will undergo a 10-for-1 share split as the company looks to boost ownership among small, local investors. Following the split, the shares will be priced at USD0.6 per share rather than USD6. The company’s board says the decision comes in the wake of about a third of its shares being held by foreigners, and has indicated that it hopes the lower price per share will boost trading volume, especially among local shareholders. In a statement the company said: ‘Econet still has thousands of small investors, but the founder of the company, Mr Strive Masiyiwa, was apparently not happy that the small investors no longer dominate share activity, and he has personally pushed for the change.’