13 March, 2006
Imara Deals Creates Direct Presence in Zimbabwe

Imara Holdings, the Botswana-registered financial services group, announced today 16 February that it has taken an effective 32% equity stake in its Zimbabwe franchise operation, Imara Capital Zimbabwe (Private) Limited.

The other principal shareholders are a Guernsey investor and staff members of the Harare based company, which is one of Zimbabwe’s oldest financial services businesses with a 50 year grounding in securities trading. Asset management and corporate advisory services are also undertaken.

Imara Chairman, Philip Gray commented: “The transaction signals the Group’s faith in the long-term prospects of the Zimbabwean economy and the strategic necessity for a strong, direct presence in an important business centre such as Harare.”

Appropriate regulatory approvals for the transaction were received earlier this week.

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