AfrAsia $5m rights issue fully subscribed

AfrAsia $5m rights issue fully subscribed
Published: 21 February 2014

AfrAsia Zimbabwe Holdings says its $5 million rights issue was fully subscribed as the financial group continues with fundraising efforts to fund growth and meet regulatory requirements.

This will help ease a liquidity crunch that forced its banking unit AfrAsia Bank Zimbabwe to cap intermittent cash withdrawal at $300 in a bid to manage cash shortage.

The banking unit, which had $7.94 million capital as at September 2013 against expected capital of $25 million in by December last month, was among troubled banking institutions that were put under the surveillance of the Reserve Bank of Zimbabwe.
- herald
Tags: AfrAsia,


Latest News

Latest Published Reports

Latest jobs