Kanu to list on Stock Exchange

28 Feb, 2017 - 00:02 0 Views
Kanu to list on Stock Exchange Stephen Smythman

The Herald

Stephen Smythman

Stephen Smythman

Kudakwashe Mhundwa 
Business Reporter
EARTH moving equipment supplier Kanu Equipment (Zimbabwe) intends to list on the Zimbabwe Stock exchange within the next five years, an official has said.

Speaking at the company’s re-branding ceremony last week Mark Scott, representing Kanu Equipment South Africa chief executive Stephen Smythman, said Kanu is planning more investments in the country.

“Kanu equipment has 18 outlets throughout Southern Africa, and we aim to invest more in Zimbabwe,” said Mr Scott last week .

ZSE last witnessed a listing last year, when financial services group Getbucks came on board, after nearly a decade of initial public offering drought going as far back as 2007.

There has been little interest among investors to have their shares listed to be publicly traded on the ZSE given the generally difficult macro-economic situation, which is characterised by a liquidity crisis.

Finance and Economic Development Minister Patrick Chinamasa expects the economy to grow by 1,7 percent this year, with depressed growth in the last 3 to 5 years doing little to excite investor sentiment on Zimbabwe.

Kanu Equipment re-branded from its previous trading name Tour Zimbabwe after changes at shareholder levels.

The company is 100 percent owned by Phatisa, a unit of African Agricultural Bank, and is listed on the London Stock Exchange. The earthmoving equipment supplier has close to $210 million investments across Africa.

Speaking on the sidelines of the ceremony Kanu Equipment director Bryan Tavener said the company has a staff compliment of 90 people and has three branches in Harare, Bulawayo and Hwange

“Since our establishment in Zimbabwe we have supplied about 115 customers namely Zimbabwe Consolidated Diamond Cooperation, National Foods, Marondera and Mazowe rural district council among others,” he said.

Kanu Equipment specialises in the supply of quality earthmoving, forestry and road construction equipment.

It is the largest dealer for Liebherr and Bell Equipment in Africa and have distribution centres throughout the continent.

Kanu, which considers Catapillar its biggest competitor, said its competitive advantage is its clients support through after sales services and spares provision.

“When you support your clients by ensuring that your machines are always operating, then you lower their costs and this is very important for them,” said Kanu Equipment.

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