This will help ease a liquidity crunch that forced its banking unit AfrAsia Bank Zimbabwe to cap intermittent cash withdrawal at
The banking unit, which had
The rights issue launched as part of a phased capital raising plan to bolster the group's balance sheet and capital position received shareholders' approval at an Extraordinary General Meeting held in November last year.
The first phase of this plan was to raise
The rights issue closed on the
AfrAsia said the private placement is still underway and it is expected to close soon, after which the group will provide a further updater on the final shareholding structure.
"The successful subscription of the rights issue is a testimony of the bright prospects of where we are going as a group.
"We are progressing well in our capital raising efforts and grateful for the continued support in the business by our shareholders," said group chief executive Mrs
The group said it was glad that the liquidity situation is normalising and it is monitoring its branches daily to ensure that they are adequately funded to meet clients' needs.
The group said its major shareholder; AfrAsia Holdings Mauritius has increased liquidity support to the bank recently, which the group said amounted to about
"The Group is in the book building phase to broaden the prospects of strengthening its financial position by offering potential investors preference shares.
"Investor response has been extremely positive. The exercise will be soon completed and we will announce the results accordingly,"
The financial services group recently rebranded from
The group's banking and asset management subsidiaries have been re-branded to
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