AFRICAN CENTURY A Passion for Empowering Business CORPORATE PROFILE AFRICAN CENTURY LEASING A PASSION FOR EMPOWERING BUSINESS CORPORATE INFORMATION Registered Office Legal Advisors African Century Limited Gill, Godlonton and Gerrans African Century Gardens 6th & 7th Floors 153 Josiah Chinamano Avenue Beverley Court Harare Zimbabwe 100 Nelson Mandela Avenue Tel: +263 (0)4 705 503 / 792 586 / 794 940 Harare Email: [email protected] Zimbabwe Website: www.africancentury.co.zw Tel: +263 (0)4 707 023 / 708 094 Company Secretary Auditors Margret Chipunza PricewaterhouseCoopers Chartered Accountants African Century Gardens (Zimbabwe) 153 Josiah Chinamano Avenue Building No. 4 Arundel Office Park Harare Norfolk Road Zimbabwe Mount Pleasant Tel: +263 (0)4 705 503 / 792 586 / 794 940 Harare Email: [email protected] Zimbabwe Website: www.africancentury.co.zw Tel: +263 (0)4 338 362/8 Bankers NMB Bank Limited 3rd Floor Unity Court Corner Kwame Nkrumah Avenue/First Street Harare Zimbabwe Tel : +263 (0)4 759 651-9 / 759 601-6 African Century Corporate Profile | 1 A PASSION FOR EMPOWERING BUSINESS CONTENTS 1. INTRODUCTION 3 1.1 Company Background 3 1.2 Vision, Mission and Values 4 1.3 Shareholding Structure 4 1.4 Corporate Governance 5 1.5 Board and Management Profile 6-10 2. NATURE OF BUSINESS 11 2.1 What is a Finance Lease? 11 2.2 Leasing Benefits to ACL Clients 12 2.3 Financing Prospects in Zimbabwe 13-15 3. KEY ATTRIBUTES 15 3.1 Competitive Strength 16 3.2 Achievements/Milestones 16 2 | African Century Corporate Profile A PASSION FOR EMPOWERING BUSINESS 1. INTRODUCTION 1.1 COMPANY BACKGROUND African Century Limited (ACL) was established as the first focused leasing Company in the Zimbabwean market after the introduction of a multi-currency environment. ACL is a forerunner in equipment leasing supporting all the main sectors of the economy. We have established leadership in the leasing industry with unparalleled passion, capacity and quality service. ACL offers real opportunity to establish or develop businesses faster and more cost effectively with reduced capital outlay. African Century Limited is a registered leasing Company in terms of the Companies Act [Chapter 24:03] registration number 4317/2010. ACL is regulated by the Reserve Bank of Zimbabwe and governed by the Microfinance Act [Chapter 24:29] and the Hire-Purchase Act [Chapter 14:09]. It is a focused leasing outfit providing asset finance to the productive sectors of the economy. ACL opened its doors to the public on 9 th February 2011 following licensing by the Registrar of Companies, the Reserve Bank of Zimbabwe and the Zimbabwe Investment Authority. The Company was formed from the realisation of the need to recapitalise industry after a decade of de-industrialisation. African Century Corporate Profile | 3 A PASSION FOR EMPOWERING BUSINESS 1.2 VISION, MISSION AND VALUES VISION VALUES To become the leading provider of • Integrity lease finance in Zimbabwe. • Promotion of sustainable economic development • Involvement with the communities in which we operate MISSION • Respect for all our stakeholders • Recognition as an employer of choice To assist in the revival of the • Creating shared value Zimbabwean economy through provision of world class leasing finance. 1.3 SHAREHOLDING STRUCTURE AFRICAN CENTURY LEASING LIMITED MANAGEMENT (Registered in Mauritius) AFRICAN CENTURY LIMITED (Registered in Zimbabwe) African Century Limited (ACL) is owned by African Century Leasing Limited (ACLL), a Mauritian-based Investment Company and Executive Management. African4 | African Century Century Prole Corporate Profile Page 1 Page 2 African Century Prole A PASSION FOR EMPOWERING BUSINESS 1.4 CORPORATE GOVERNANCE BOARD OF DIRECTORS The Board is responsible for the direction and control The Board comprises individuals of integrity with of the Company, including setting strategic direction, diverse business experience including legal experts, providing leadership, supervising Management and accountants, bankers, entrepreneurs and industrialists reporting to shareholders. To this end the Board has in various sectors of the economy. This enhances the established various committees to assist in quality of input in Board oversight on the operations discharging its duties. The Board meets regularly to of ACL. deliberate on matters pertaining to the running of the The current Board comprises seven non-executive Company. members and two executive members. BOARD MEMBERS NAME OF DIRECTOR AREA OF EXPERTISE Jonathan Chenevix-Trench International Banker Margret Chipunza Chartered Accountant/Microfinance Expert James de la Fargue Agriculturalist Victor Robinson Gapare Industrialist Alexander Crispen Jongwe Chartered Accountant/Banker Stanley Matiza Banker/Leasing Specialist Thembiwe Chikosi Mazingi Legal Practitioner Fungayi Mungoni Chartered Accountant Bekithemba Ndebele Industrialist/Chartered Accountant African Century Corporate Profile | 5 A PASSION FOR EMPOWERING BUSINESS 1.5 BOARD AND MANAGEMENT PROFILE ACL’s Board And Senior Management Jonathan Chenevix-Trench Chairman Jonathan is the former Chairman and CEO of Morgan Stanley International, where he spent over 23 years in a wide range of roles covering most of the investment banking business. In addition, he was Chairman of Morgan Stanley's regulated banks in both the UK and Russia. He is also the founding partner and Chairman of a UK-based real estate company, investing in commercial, retail and residential property in the UK and Germany. 6 | African Century Corporate Profile A PASSION FOR EMPOWERING BUSINESS Alexander Crispen Jongwe Non-Executive Director Alex is currently the Managing Director of Accolade Holdings (Pvt) Ltd t/a Dalston Estates and Matenga Farm and is also the Chairman of Willdale Limited. He has extensive experience in the banking sector having been the Chairman of Zimbabwe Allied Banking Group Limited (ZABG), Managing Director of Barclays Bank of Zimbabwe, Finance Director of Barclays Bank of Zimbabwe, Finance Director of Standard Chartered Bank of Zimbabwe, Director of Standard Chartered Holdings (International) B.V and MB Holdings B.V (all domiciled in Holland). Apart from his banking experience, Alex also held various senior positions in other non-banking organizations including: Managing Director of Dotcom Trading 229 (Pty) Ltd, General Manager and Finance Director with Tube and Pipe Industries (Private) Limited (formerly a subsidiary of the T & N plc (UK) Group of Companies), Africa Advisory Board member of Heineken BV, Chairman of Chisipite Senior School Trust, Non-executive Director of Schweppes Zimbabwe and Non-executive Director of Pro Africa Development Fund. Alex holds an MBA from the University of Zimbabwe. He qualified as a Chartered Accountant in 1987. Bekithemba Ndebele Non-Executive Director Bekithemba is the Chief Executive Officer of Truworths Limited. Bekithemba has a vast appreciation of the Zimbabwean industry, having been the Chief Operating Officer of TA Holdings, a diversified investment conglomerate with interests in hospitality, insurance, fertilizer and financial services. He was also the Chief Operating Officer of Tregers Harare (Pvt) Ltd. Bekithemba sits on the Boards of Imara Capital, TSL and Cattle Company Holdings. He is the Chairman of the St Johns Education Trust, a Board member of the Royal Harare Golf Club, a Trustee of the Mashonaland Turf Club, and Past President of the Institute of Chartered Accountants. African Century Corporate Profile | 7 A PASSION FOR EMPOWERING BUSINESS James de la Fargue Non-Executive Director African Century Financial Services (ACFS) is headed by James de la Fargue. James is a Zimbabwean citizen with a BA (Honours) Business Administration and ACCA, who worked in Europe for 10 years with Unilever PLC, Deloitte and the French group Chargeurs (SA) before returning to Zimbabwe in 1995. At this stage of his career, he was Head of Corporate Finance at MBCA. James has extensive experience in both agriculture and financial services, having served on the boards of Tetrad Holdings and NMBZ. Fungayi Mungoni Non-Executive Director Fungayi is the Investment Executive of Takura Ventures, a Zimbabwean-focused private equity fund. Before joining Takura he was Chief Finance Officer of Cell Holdings, a group of assurance services companies housing Cell Insurance, one of the top three short-term insurance companies in Zimbabwe with management contracts in Swaziland and Botswana. He was responsible for Finance, Treasury and Investment Management. Fungayi gained his direct private equity experience as an Investment Executive at Commonwealth Africa Investments Limited (COMAFIN), a US$63.5m private equity fund operating in Sub-Saharan Africa. As part of his investment monitoring duties at COMAFIN, he was Non-Executive Director of Manda Hill and Sable Zinc Kabwe in Zambia and Lyons Zimbabwe, Lake Harvest Aquaculture and Dairibord Holdings Limited. Fungayi is a Board member of ZSE-listed Dairibord Holdings Limited. He holds a Bachelor of Accountancy (Honours) degree from the University of Zimbabwe and an MBA from Warwick Business School in the United Kingdom. He qualified as a Chartered Accountant with Deloitte and Touche in Zimbabwe in 1998. 8 | African Century Corporate Profile A PASSION FOR EMPOWERING BUSINESS Victor Robinson Gapare Non-Executive Director Victor is currently the Chief Executive of GAT Investments (Pvt) Ltd. GAT Investments (Pvt) Ltd owns and operates Iron Duke Mine through Iron Duke Pyrites (Pvt) Ltd and Bilboes Gold Mines through Bilboes Holdings