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      Men’s U-19 cricket team preps for world cup qualifiers

      Botswana Cricket Gears Up for Int’l Tournaments

      ‘Amos did not communicate with us on his intention to go solo’- BAA

      Doping Cases Surge in Botswana Athletics 

      BoBA readies Team for African Champs

      Debswana’s Exemplary Sponsorship Elevates Botswana Sports

      The Abilities of Coach Dose Speak for Themselves 

      The Abilities of Coach Dose Speak for Themselves 

      BoBA is Grateful to Debswana for Increased Sponsorship – Sec Gen

      BoBA is Grateful to Debswana for Increased Sponsorship – Sec Gen

      Tebogo’s Move to US on Hold

      De Grasse Labels Tebogo a Threat in the World of Athletics 

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      FirstCred seeks to raise P1bn on capital markets

      - Botswana Stock Exchange approved P1 billion Guaranteed Medium Term Note Programme - Note Programme is fully guaranteed by FirstCred’s parent company, MHMK Group

      mm by Staff Writer
      September 28, 2021
      in News
      Reading Time: 2 mins read
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      FirstCred seeks to raise P1bn on capital markets
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      Micro-finance institution FirstCred Limited says it has received approval from the Botswana Stock Exchange (BSE) to launch a P1 billion Guaranteed Medium Term Note Programme.

      The lender says the note programme is fully guaranteed by FirstCred’s parent company, Mauritius-listed financial services company MHMK Group Limited and Zahra Equity Ventures (Proprietary) Limited as a Security Special Purpose Vehicle (SPV).

      “We are very excited by the launch of this P1 billion Note Programme, the first under the FirstCred brand,” said the CEO of FirstCred, Dudu Garekwe. “Since we took over as new management, we have focused on implementing the right corporate governance processes and procedures, and the rebrand to FirstCred has helped us to install the right corporate culture underpinned by ownership

      “This Note Programme now positions us for major regional expansion and local growth, as it will allow us to aggressively grow our loan book in Botswana and other countries of operation. It will also allow us to introduce new products and deliver on our strategic imperatives to attract and retain customers.”

      Garekwe noted that FirstCred’s strategic imperatives include the introduction of innovative financial solutions, digitisation, hiring and training local talent, as well as maintaining efficient operational processes. Proceeds from the note programme issuance will further be used to refinance or retire existing external debt to enable FirstCred to lower its cost of funding and reduce its cost of capital, said the CEO.

      “Going forward, our customer base will include individuals and small entrepreneurs who do not have access to traditional commercial or retail banking channels, in addition to our current customers who are government employed or who are formally employed in the private sector.”

      The BSE approval means that FirstCred may issue tranches of notes which may be listed on the BSE or remain unlisted, Garekwe explained. The notes may be in the form of various debt instruments attracting different interest rates such as fixed rate notes, floating rate notes, zero coupon notes, partly paid notes, instalment notes, mixed rate notes, index linked notes, dual currency notes and exchangeable notes.

      From time to time, the company may issue notes denominated in any currency. “We expect strong institutional interest in the Note Programme, considering the wide range of debt instruments on offer and the attractive interest rates attached to these,” she said.

      Tags: BSEFirstCred Limited

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