Published: 18 September 2013

ECONET Wireless Zimbabwe shareholders on Tuesday approved directors' proposal to buy back a maximum 10 percent of the firm's shares.

Shareholders endorsed the proposal and two other main resolutions at the 15th annual general meeting of the company held in Harare.

Other resolutions passed at the AGM include $1,14 million reappointed auditors (Ernst and Young) fees, $388 000 directors' fees and the firm's accounts for the year to February 2013.

Econet posted $695 million turnover in the year to February 2013, which was 14 percent from $611 million comparable period last year.

Zimbabwe's biggest telecommunications group by value and subscriber numbers saw after tax profit take 16 percent fall to $139 million.

Econet had wanted approval that it be "duly authorized by article 10 of its articles of association, (that it) may undertake the purchase of its own ordinary shares in such terms as the directors may from time to time determine".

The buyback of its own share would be allowed provided that the repurchase was not made at a price greater than five percent above the weighted average of the market value for the securities for the five business days preceding the date of the repurchase.
- bh24

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