Econet scoops Zimind/ BancABC award

ECONET Wireless is this year’s winner of the prestigious Zimbabwe Independent and BancABC’s Quoted Companies Survey.
Econet was announced the winner at a function held in the capital yesterday.

Held under the theme: Changing the face of business, the annual survey, which is sponsored by BancABC, drew businesspeople, executives and investment analysts.
Alpha Media Holdings executive chairman Trevor Ncube and Johannesburg Stock Exchange (JSE) Ltd CEO Russel Loubser, who was the guest of honour at the event, presented the award to Zimbabwe’s largest mobile phone operator.

 

Econet beat tough competition from 13 other companies from across industry.
“Econet Wireless Zimbabwe extended its dominance beyond the mobile industry to come out as the front-runner in the combined consumer retail segment,” said Ranga Makwata, who was one of the judges of the survey. “In this division, Econet was up against 13 others, among them, retailers of fast moving consumer goods, clothes and furniture, tourism and hospitality firms, and vendors of such products as tyres. What is common about the companies in this sector is that they compete daily for the same consumer.”

The mobile phone operator’s “stellar” financial performance and the “rally” in its share price since the introduction of multiple currencies last year put it ahead of the competition.
Tractive Power Holdings was the first runner up, while agro-implements manufacturer, Zimplow, was the second runner up.
Loubser highlighted the need to put in place strict regulations on the ZSE saying there should “never be shortcuts”.
He underscored the importance of creating an environment conducive for investment.
Loubser said: “We have to realise that foreigners have choices and they will always go elsewhere.
There is a world of choices out there.”

He said there was need to put in place sound corporate governance structures on the local market.
Companies that walked away with awards at the ceremony were Hippo Valley Estates (Best Company Agro Processing), CBZ (Best Company in Banking), Econet (Consumer and Retail), TSL (Best Company Diversified), Colcom (Best Company in Food Processing), AFre Corporation (Insurance), Zimplow (Best Company in Manufacturing), Hwange (Best Company in Mining), Pearl Properties (Best Company in Property), MBCA (Best Fund Manager).
The Quoted Companies Survey is an annual survey carried by the Zimbabwe Independent, a subsidiary of Alpha Media Holdings, in partnership with BancABC. — Staff Writer.

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