Consortium snaps up Imara Edwards Securities

BUSINESS REPORTER

Imara Capital Zimbabwe has disposed off its stockbroking unit, Imara Edwards Securities, following a 100% buyout by a consortium of current and former management.

In a statement, Imara Capital Zimbabwe said recent years have brought structural changes and considerable competition to the stockbroking landscape and the board and shareholders felt that the environment “requires a young and highly incentivised management approach”.

“Our view is that the acquiring consortium has the necessary blend of traditional discipline and a modern skills set to provide unrivalled service to our existing and new stockbroking clients. The new shareholders have secured name use rights, which will ensure that the Imara Edwards brand continues its presence in Zimbabwe building on its illustrious history,” Imara said.

The current Imara Edwards Securities management is led by Thedias Kasaira.

Imara Edwards Securities is the oldest stock broking firm. It was established in 1954 by Eddie Edwards and the Dryden brothers.

Under the late Mark Tunmer, the company acted as sponsoring broker for most of the ZSE-listed companies and was the preferred broker for foreign investors, Imara Capital said.

Imara Asset Management Zimbabwe, Imara Corporate Finance Zimbabwe and Imara Fiduciary will continue to operate as wholly owned subsidiaries of Imara Capital Zimbabwe, and will interact with Imara Edwards Securities on an arm’s length basis, it said.