Channel Islands law firm Carey Olsen has advised Masawara on its listing on the Alternative Investment Market of the London Stock Exchange.
Masawara is a Jersey incorporated company focused on acquiring interests in companies and projects based in Zimbabwe and the southern African region.
The company seeks to obtain long-term capital growth through the acquisition of interests across a range of sectors, including agriculture, mining, telecommunications and real estate.
Carey Olsen assisted SJ Berwin as the lead legal advisers to the listing that took place on 19 August and is proposed to raise approximately USD25m. Masawara’s approximate market capitalisation on admission is expected to reach USD80m.
Upon admission, the company will hold two investments, one in a commercial property in Harare and the other an investment in TA Holdings, a company listed on the Zimbabwe stock exchange.
Carey Olsen partner Mike Jeffrey, who led the team advising Masawara in Jersey, says: "Carey Olsen has seen a lot of activity in the AIM market in recent months and Masawara’s placing on AIM is an example of how confidence is returning in growth markets such as mining and telecommunications."
Masawara’s placing builds on a trend of a growing number African companies listing on the AIM market. Carey Olsen recently advised Bellzone Mining, a Jersey registered holding company with large scale iron ore deposits and exploration assets in Guinea, on its listing on AIM.