08 March, 2006
Imara Shares take OTC Route to Market

SHARES in Imara Holdings Ltd (IHL), the regional financial services Group incorporated in Botswana, were this week (last week in February) introduced to Gaborone’s over-the-counter (OTC) share market. Some 4.73 million shares are in issue. The OTC introduction is sponsored by Stockbrokers Botswana Ltd.

Until the present, IHL shares have been tightly held by management, staff and selected partners. In addition, Botswana-based empowerment entities Pinnacle Africa Group and Isago Holdings hold a strategic stake in group subsidiary, Imara Asset Management.

Philip Gray, chairman of Imara Holdings, commented: “The OTC introduction is part of a phased strategy which will enable us to move forward to a formal Imara listing on the Botswana Stock Exchange. Currently, a listing is precluded in view of our tightly held equity and relatively short track record.

“The OTC channel facilitates the creation of a market in IHL shares which will allow existing and potential shareholders to trade at a market-determined price.”

Isago board chairman, Colza Kopi added: “As a broad-based citizen investment consortium, Isago is delighted by Imara’s OTC introduction and the strategic intention to seek a listing. It is important that our people enjoy increasing opportunities to share in private sector growth opportunities.

“In the past, Imara consultants played a central role in the establishment of the Botswana stock exchange. As a leading Gaborone-based group, it is only fitting that Imara intends to be quoted on ‘the Exchange’ it helped to put in place.”

In addition to Gaborone, Imara has offices in Johannesburg, Harare and London and representation in Zambia and Malawi.

• Botswana-registered Imara is an independent financial services group with more than US$190 million under management. It is one of southern Africa’s leading issuers of equity capital with offices in Gaborone, Johannesburg, Harare and London and representation in Zambia, Malawi and Namibia. Services include asset management, securities trading, investment banking and advisory support. Imara has intense research focus on African markets and has established two actively managed equity funds, the Imara Global Fund and the Imara African Opportunities Fund.