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p
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span.EmailStyle106
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span.EmailStyle108
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span.social-share-icon
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span.d-ib
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span.pdf
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span.EmailStyle112
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span.EmailStyle121
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span.EmailStyle122
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span.EmailStyle123
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span.EmailStyle124
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span.EmailStyle130
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        color:windowtext;}
span.EmailStyle131
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span.EmailStyle134
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span.EmailStyle135
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span.EmailStyle136
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span.EmailStyle137
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span.EmailStyle138
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span.EmailStyle139
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span.EmailStyle140
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span.EmailStyle141
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span.EmailStyle142
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span.EmailStyle143
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span.EmailStyle144
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span.EmailStyle145
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span.EmailStyle146
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span.cfemail
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span.EmailStyle148
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        color:#1F497D;}
span.EmailStyle149
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span.entry-meta-date
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span.entry-meta-author
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span.entry-meta-categories
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span.entry-meta-comments
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span.EmailStyle154
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span.EmailStyle155
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        color:#1F497D;}
span.EmailStyle156
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span.post-page-numbers
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span.EmailStyle158
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        color:#1F497D;}
span.EmailStyle159
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span.EmailStyle160
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span.EmailStyle161
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        color:#1F497D;}
span.apple-converted-space
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span.EmailStyle163
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        color:#1F497D;}
span.EmailStyle164
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        font-family:"Calibri",sans-serif;
        color:#1F497D;}
span.EmailStyle165
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span.EmailStyle166
        {mso-style-type:personal;
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span.EmailStyle167
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span.EmailStyle168
        {mso-style-type:personal;
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        color:#1F497D;}
span.s1
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span.EmailStyle170
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        color:#1F497D;}
span.EmailStyle171
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span.EmailStyle172
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span.EmailStyle173
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span.EmailStyle174
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span.EmailStyle175
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span.EmailStyle176
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span.EmailStyle177
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span.EmailStyle178
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span.s-meta-published-date
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span.s-meta-views
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span.s-meta-comments
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span.EmailStyle182
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span.EmailStyle183
        {mso-style-type:personal;
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span.EmailStyle184
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span.EmailStyle185
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span.EmailStyle186
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span.EmailStyle187
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span.EmailStyle188
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span.EmailStyle189
        {mso-style-type:personal;
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span.EmailStyle190
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span.EmailStyle191
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span.EmailStyle192
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span.EmailStyle193
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        color:windowtext;}
span.EmailStyle194
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span.EmailStyle195
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span.EmailStyle196
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span.EmailStyle197
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span.EmailStyle198
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span.EmailStyle199
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span.a2alabel
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span.EmailStyle201
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span.EmailStyle202
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span.EmailStyle203
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span.EmailStyle204
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span.EmailStyle205
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span.EmailStyle206
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span.EmailStyle207
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span.EmailStyle208
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span.s2
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span.EmailStyle210
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span.EmailStyle211
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span.EmailStyle212
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span.EmailStyle213
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span.EmailStyle214
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span.EmailStyle215
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span.EmailStyle216
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span.EmailStyle217
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span.EmailStyle218
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span.EmailStyle219
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span.EmailStyle220
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span.EmailStyle221
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span.EmailStyle222
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span.EmailStyle223
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span.EmailStyle224
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span.EmailStyle225
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span.EmailStyle226
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span.EmailStyle227
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span.EmailStyle228
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span.posted-on
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span.byline
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span.author
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span.EmailStyle232
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span.EmailStyle233
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span.EmailStyle234
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span.EmailStyle235
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span.EmailStyle236
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span.EmailStyle237
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span.EmailStyle238
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span.EmailStyle239
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span.EmailStyle240
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span.EmailStyle241
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span.EmailStyle242
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span.EmailStyle243
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span.EmailStyle244
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span.EmailStyle245
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span.EmailStyle246
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span.EmailStyle247
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span.EmailStyle248
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span.EmailStyle249
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span.EmailStyle250
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span.EmailStyle251
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span.EmailStyle252
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span.EmailStyle253
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span.EmailStyle254
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span.EmailStyle255
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span.EmailStyle256
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span.EmailStyle257
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span.EmailStyle258
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span.EmailStyle259
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span.EmailStyle260
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span.EmailStyle261
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span.EmailStyle262
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span.EmailStyle263
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span.EmailStyle264
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span.EmailStyle265
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span.EmailStyle266
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span.EmailStyle267
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span.EmailStyle268
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span.EmailStyle269
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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=1010 style='width:757.8pt;border-collapse:collapse'><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><a href="https://bullszimbabwe.com/"><span style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=246 height=120 id="Picture_x0020_8" src="cid:image001.png@01D6FBBE.85AC06D0" alt="cid:image001.png@01D6FBBE.85AC06D0"></span></a><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><a href="http://www.bullszimbabwe.com/"><span style='text-decoration:none'>Bullszimbabwe.com </span></a>      <a href="mailto:info@bulls.co.zw?subject=View%20and%20Comments"><span style='text-decoration:none'>Views & Comments</span></a>       <a href="http://www.bulls.co.zw/blog"><span style='text-decoration:none'>Bullish Thoughts</span></a>       <a href="http://www.twitter.com/BullsBears2010"><span style='text-decoration:none'>Twitter</span></a>        <a href="https://www.facebook.com/BullsBearsZimbabwe"><span style='text-decoration:none'>Facebook</span></a>          <a href="http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72"><span style='text-decoration:none'>LinkedIn</span></a>         <a href="https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO"><span style='text-decoration:none'>WhatsApp</span></a>        <a href="mailto:info@bulls.co.zw?subject=Unsubscribe"><span style='text-decoration:none'>Unsubscribe</span></a></span><o:p></o:p></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-bottom:12.0pt;line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#1F497D'>Entrepreneurship Zone: 26 January 2022 ::  Tech leaders are pushing to transform Zambia into Africa’s low-tax startup hub</span></b></span><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><a href="http://www.zitf.co.zw/"><span style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=804 height=272 id="Picture_x0020_4" src="cid:image002.jpg@01D7B37E.A17A7F90"></span></a><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=1005 rowspan=3 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:3.75pt;margin-bottom:3.75pt;margin-left:36.0pt;background:white'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Flutterwave and Chipper Cash, two of Africa’s most valuable tech companies, are part of a new group leading efforts to turn Zambia into a business haven for the continent’s startups, according to startup founders involved in the plans.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The Zambia Technology Sector Working Group is already in early talks with the country’s Ministry of Technology & Science to develop business-friendly legislation to support African tech companies looking to incorporate or operate from the country. <o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The group is the brainchild of Perseus Mlambo, co-founder of Zambian fintech company Union54, and Mwiya Musokotwane, CEO of Thebe Investment Management, which is building a $1.5 billion-plus town in Lusaka, Zambia’s capital.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The idea originated after the 2020 virtual African Renaissance Conference, which featured just under 1,500 African and global tech industry participants, Mlambo told <em><span style='font-family:"Verdana",sans-serif'>Rest of World</span></em>. Over the last few months, the plan has gained traction, with more than 40 African startup founders and organizations, including Kuda Bank, RiseVest, Ethereum Foundation, BongoHive, and Lagos-based Co-Creation Hub, as working group members.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>With the support of various government departments, the group is working to tackle many common issues around business licenses, immigration policy, support for local talent, internet infrastructure, taxes, and stock listing opportunities, according to a document reviewed by <em><span style='font-family:"Verdana",sans-serif'>Rest of World</span></em>. The document also discloses plans for cryptocurrency-friendly regulations, including a framework for adopting crypto services.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The new Zambian government of president Hakainde Hichilema, which came to power last August, has been clear it wants to try and create a technologically-driven economy. “It seemed like it was an opportunity here, where the state is willing to listen to the ecosystem,” Mwiya Musokotwane told <em><span style='font-family:"Verdana",sans-serif'>Rest of World</span></em>. Mwiya is the son of the country’s current finance minister, Situmbeko Musokotwane.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>This push to make Zambia a business hub on the continent follows a flurry of regulatory activities across the continent over the last two years to rein in tech enterprises. African governments are introducing new taxes on digital businesses and mobile money while some financial services regulators have clamped down on cryptocurrency companies and fintechs dabbling in international payments without a licence. <o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The group working on the Zambia efforts hopes to make the country a test bed for new technologies. Other companies are looking to the southern African country as an administrative base on the continent with favorable visa policies to attract pan-African talent. <o:p></o:p></span></p><p style='margin:0cm;margin-bottom:.0001pt;background:#FFF3FA;box-sizing: inherit;font-size:4rem;color:var(--bright)'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>“Optimizing for the geographical source of investor money has driven decisions on where companies domicile.”<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Over the past decade<strong><span style='font-family:"Verdana",sans-serif'>, </span></strong>many African major startups including Flutterwave and Paystack, have incorporated in the U.S. state of Delaware. The state is well-known for its robust corporate laws and tax environment<strong><span style='font-family:"Verdana",sans-serif'>, </span></strong>a major draw for<strong><span style='font-family:"Verdana",sans-serif'> </span></strong>U.S.-based investors. “Optimizing for the geographical source of investor money has driven decisions on where companies domicile,” Eghosa Omoigui, founder of the pan-African fund EchoVC told <em><span style='font-family:"Verdana",sans-serif'>Rest of World</span></em>.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>For pan-African entrepreneurs unwilling to register outside the continent, the Indian Ocean island of Mauritius, off the African coast, has long been a popular option as well. For years, entrepreneurs on the continent have considered the island a desirable offshore incorporation destination. And the island nation has signed tax treaties with dozens of African countries, setting standards on how to levy companies.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>But in recent years, tech founders have had mixed experiences with incorporating in Mauritius. Some, including Tayo Oviosu, CEO of Paga, Nigeria’s longest-running mobile money company, believe incorporation and continuous existence in the country is challenging and expensive. In May 2019, he vowed to shut down the Mauritian entity in favor of a U.K. holding. The process took nearly two years. “It’s very easy to get in [to Mauritius], but very hard to get out,” said Wiza Jalakasi, vice president of developer relations at Chipper Cash, a fintech startup valued at $2 billion.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Now entrepreneurs are seeking a new business sanctuary, and are determined to create one for themselves with willing partners. Hence the choice of Zambia, where the new government was elected on promises to rebuild the struggling debt-laden economy by leveraging business-friendly reforms.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Landlocked with a population of 17 million people, Zambia is one of Africa’s most stable countries with consistently peaceful transitions of power. With a GDP of $19 billion, the Zambian economy is predominantly led by the mining industry, and the country is Africa’s second-largest producer of copper. But over the last few years, as commodities prices declined globally, its economic growth has slowed, exacerbating poverty and a high national debt profile. In June 2021, the country owed nearly $27 billion to local and foriegn creditors, including $6 billion to China, Zambia’s finance ministry said. <o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>In September, Olugbenga Agboola, CEO of Nigeria’s Flutterwave, met with President Hichilema in Lusaka. In a tweet after the meeting, Agboola shared that “we discussed the power of technology in enabling economic growth” and his company’s payments plans in the southern African country. But no official talking point from the meeting was publicly disclosed. In a brief text message exchange with <em><span style='font-family:"Verdana",sans-serif'>Rest of World</span></em>, Agboola confirmed he discussed the working group’s plans with the president, but didn’t respond to requests for additional details.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>While the working group members said they expect many of its recommendations to take a few years to achieve, several members have already started touting the benefits for their businesses. In Union54’s recent $3 million seed round, the startup convinced investors, including Tiger Global, it could scale across the continent faster with the success of the working group’s proposals, according to one person who was privy to investment discussions.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Some tech industry stakeholders remain indifferent to the Zambia plan, claiming that Mauritius or Delaware is still more valuable. “Mauritius and the Cayman Islands have history, and they still aren’t attractive to this class of investors, even with the tax incentives,” Omoigui shared.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Grieve Chelwa, a Zambian economist and director of research at New York’s The New School expressed caution at the idea of Zambia competing with Mauritius or being an alternative to Delaware. “We’d have to give up tax revenues which makes it a very expensive bet against the boring things we need to be doing for our development,” he told <em><span style='font-family:"Verdana",sans-serif'>Rest of World</span></em> from Lusaka. “But plans like this are in keeping with the business-friendly world view of the president.”<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>As more than $4.3 billion poured into African startups in 2021 — 2.5 times the figure in 2020 — Zambia will face stiff competition to become Africa’s leading tech-friendly hub. Nigeria, Tunisia, and Senegal have either proposed or passed startup acts designed to support tech innovation and encourage startups and capital to stay within their country. In Nigeria, a coalition of local investors and tech leaders is pushing for the introduction of the Nigeria Startup Bill. The bill’s proponents say it will ensure a more conducive regulatory environment for startups and provide incentives for companies to incorporate locally.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA;box-sizing: inherit;font-size:2.1rem;max-width: 600px'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Mlambo said he isn’t concerned about the Nigerian effort. “The vision of our tech working group is not just to compete on one service [financial services], but to compete across all <span class=endmark>services.”<o:p></o:p></span></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:15.0pt;margin-left:0cm;background:#FFF3FA'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif'><img border=0 width=768 height=432 id="Picture_x0020_7" src="cid:image003.jpg@01D8128D.67EB1D20" alt="https://149346090.v2.pressablecdn.com/wp-content/uploads/2022/01/GettyImages-1083971594-768x432.jpg"></span><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Invest Wisely!<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Bulls n Bears <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Cellphone:     </span><span style='font-family:"Verdana",sans-serif'><a href="tel:%2B263%2077%20344%201674" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>+263 77 344 1674</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Alt. Email:      </span><span style='font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span lang=EN-US style='color:windowtext;text-decoration:none'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>  <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Website:        </span><span style='font-family:"Verdana",sans-serif'><a href="http://www.bullszimbabwe.com"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.bullszimbabwe.com</span></a></span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> </span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Blog:           </span><span style='font-family:"Verdana",sans-serif'><a href="https://bullszimbabwe.com/category/blogs/bullish-thoughts/" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.bullszimbabwe.com/blog</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Twitter:         @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>LinkedIn:       Bulls n Bears Zimbabwe<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Facebook:     </span><span style='font-family:"Verdana",sans-serif'><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Skype:         Bulls.Bears <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><img border=0 width=278 height=110 id="Picture_x0020_5" src="cid:image005.png@01D6FBBE.85AC06D0" alt="cid:image005.png@01D6FBBE.85AC06D0"></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif;color:white'>DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.</span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span lang=EN-GB style='font-size:8.0pt;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'>(c) <span style='color:#1F497D'>2022</span> Web:</span><span style='font-size:8.0pt;font-family:"Verdana",sans-serif'><a href="http://www.bullszimbabwe.com"><span lang=EN-US style='color:windowtext;text-decoration:none'> www.bullszimbabwe.com </span></a></span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'>Email: </span><span style='font-size:8.0pt;font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span lang=EN-US style='color:windowtext;text-decoration:none'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'> Tel: +263 4 2927658 Cell: +263 77 344 1674<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=bottom style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></div></body></html>