Monday
August 7
2017

GetBucks $30m issue under subscribed

Financial services provider, GetBucks MicroFinance Limited (GetBucks) said yesterday its pace setting $30 million debt security has been under subscribed forcing the company to adopt another route to mobilize the funding.

GetBucks had, through the issue of a medium term note, become the first listed firm to attempt to raise funding on the bourse through the listing of a debt security.

This came only a year after the Securities and Exchanage Commision of Zimbabwe approved listing of debt securities as one of the means through which companies could mobilize funding on the bourse.

“Uptake has been slow and is yet to meet the regulatory threshold to bring the securities to listing,” GetBucks said in an update.

Source: The Herald Zimbabwe (link opens in a new window)

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Africa, debt, financial technology, fintech, investors, Zimbabwe