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NMB yapata Mkurugenzi mpya
BODI ya wakurugenzi ya Benki ya Makabwela (NMB), imemteua Mark Wiessing kushika wadhifa wa Mkurugenzi Mtendaji mpya wa benki hiyo.
Wiessing ameshika nafasi hiyo kutoka kwa Ben Christiaanse ambaye amememaliza muda wake wa miaka minne.
Katika taarifa yake kwa vyombo vya habari, Mwenyekiti wa Bodi ya NMB Misheck Ngatunga, alisema Wiessing ni mchapakazi na ana uzoefu.
“Anakuja na uzoefu mkubwa wa masuala ya kibenki, uzoefu alioupata sehemu kubwa ya Afrika na sehemu nyingine duniani hasa katika kipindi hiki ambacho kumekuwa na ongezeko kubwa la ushindani katika soko,” alisema Ngatunga.
Wiessing(52)kabla ya kushika wadhifa huo amewahi kuwa mkurugenzi mtendaji wa Benki Taifa ya Biashara Zambia(ZANACO),Standard Charted nchini Afrika Kusini, amewahi pia kuwa ,Mkurugenzi wa Kanda ya nchi za Afrika Magharibi katika shughuli za kibenki.
Amewahi kuwa Mratibu wa City Bank nchini Ivory Coast, amefanyakazi nchi za Ulaya Mashariki,Kusini Mashariki mwa Asia na kampuni ya IGP.
Ana Shahada ya Uzamili ya Utawala wa Biashara aliyopata chuo kikuu cha USA.
Benki ya NMB ilianzishwa mwaka 1997 lakini mwaka 2005 ilibinafsishwa baada ya serikali kuuza asilimia 49 ya hisa zake kwa Rabobank.
Mwaka 2008 serikali ilipunguza tena hisa zake hadi kufikia asilimia 30, kwa kuuza hisa za asilimia 16 kwa wananchi na asilimia 5 kwa wafanyakazi wake, ambapo mwaka huohuo iliorodheswa katika Soko la Hisa la Dar es Salaam (DSE).
Munjals to buy out Honda’s stake for $1 billion
The first phase of the two-tiered deal, likely to be announced before Christmas, will see Munjals acquire the foreign partner’s stake through a special purpose vehicle (SPV) by raising a bridge loan, two persons familiar with the development told ET.
The Indian promoters will subsequently divest 60-70% stake in this SPV to a group of 2-3 private equity firms to pay back the loan, the first person said. Munjals have zeroed down on six PE firms including Carlyle, Kohlberg Kravis & Roberts (KKR), TPG, Bain Capital and Warburg Pincus.
While Munjals are acquiring the entire stake at half its current value, the stake sale to the PE firms will also be at a discount, said the first person. At the last traded price of Rs 1,772 per share, the value of Honda Motors’ 26% stake is Rs 9,200 crore or $2 billion. The PE firms are likely to value the SPV at around $1.5-1.6 billion, he said
All the six PE firms have shown keen interest and have assured Munjals that they would remain committed for long term, a senior official of a PE firm said. “However, the second tier of the deal is not yet frozen as unlike conventional PE transactions, Munjals have asked the PE firms to bid for the stake.
Depending upon the valuation, Munjals will select two firms to raise the $1 billion required to pay the bridge loan,” he said.
Emails sent to Honda Motors and a senior Hero group representative remained unanswered. A Warburg Pincus spokeswoman and a senior Carlyle official declined comment. Other PE firms did not respond to an email query.
The deal has been structured in two phases as the joint venture partners have the first right of refusal in case one of them call it quits. The first phase of the transaction, which will be announced in the next few days, will also not trigger market regulator Sebi’s takeover code for a mandatory open offer for buying 20%. This is because the share sale will be between co-promoters of a listed company.
Once this two-legged transaction concludes, the Munjals will emerge as the largest shareholder in Hero Honda with a combined direct and indirect holding of 34-36% and the PE funds will own an indirect stake of up to 16-18%.
Honda, on its part, will completely exit the joint venture and focus solely on its wholly-owned company Honda Motorcycles & ScootersIndia
It will continue to charge the same royalty for technology support to Hero Honda as per the existing agreement that expires in 2014. “But if Honda decides to extend the technology agreement thereafter for two years, as demanded by the Indian partners, there will be a fresh agreement,” the second person said.
Since the earning of the company is not going to be affected by the deal between the two promoters, any stock price movement of the listed firm will be temporary in nature, said Ramdeo Agarwal, managing director of brokerage firm Motilal Oswal Securities.
Once the deal is consummated, Hero group will start focusing on the export market and will also set up a fourth manufacturing facility as the two-wheeler market is booming, he said.
Depending upon the valuation, Munjals will select two firms to raise the $1 billion required to pay the bridge loan,” he said.
Emails sent to Honda Motors and a senior Hero group representative remained unanswered. A Warburg Pincus spokeswoman and a senior Carlyle official declined comment. Other PE firms did not respond to an email query.
The deal has been structured in two phases as the joint venture partners have the first right of refusal in case one of them call it quits. The first phase of the transaction, which will be announced in the next few days, will also not trigger market regulator Sebi’s takeover code for a mandatory open offer for buying 20%. This is because the share sale will be between co-promoters of a listed company.
Once this two-legged transaction concludes, the Munjals will emerge as the largest shareholder in Hero Honda with a combined direct and indirect holding of 34-36% and the PE funds will own an indirect stake of up to 16-18%.
Honda, on its part, will completely exit the joint venture and focus solely on its wholly-owned company Honda Motorcycles & Scooters
It will continue to charge the same royalty for technology support to Hero Honda as per the existing agreement that expires in 2014. “But if Honda decides to extend the technology agreement thereafter for two years, as demanded by the Indian partners, there will be a fresh agreement,” the second person said.
Since the earning of the company is not going to be affected by the deal between the two promoters, any stock price movement of the listed firm will be temporary in nature, said Ramdeo Agarwal, managing director of brokerage firm Motilal Oswal Securities.
Once the deal is consummated, Hero group will start focusing on the export market and will also set up a fourth manufacturing facility as the two-wheeler market is booming, he said.
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