Cambria Africa PLC New Appointments at Payserv Zimbabwe (2065V)

TIDMCMB

RNS Number : 2065V

Cambria Africa PLC

05 April 2019

Cambria Africa Plc

("Cambria" or "the Company")

New Appointments at Payserv Zimbabwe

Christian H. Beddies appointed Payserv Zimbabwe CEO

Cambria is pleased to announce the appointment of Mr Christian Herbert Beddies as the incoming CEO of its wholly owned and largest subsidiary, Payserv Zimbabwe. Payserv Zimbabwe owns and operates several FinTech subsidiaries in Zimbabwe including Paynet, AutoPay, and Tradanet. Mr Beddies will be succeeding Mr Sibert Dube whose resignation was tendered and accepted effective 7 June 2019

Mr Beddies will join Payserv Zimbabwe shortly after early retirement from the International Monetary Fund (IMF) on 1 June 2019. The IMF selected Mr. Beddies to spearhead its re-engagement process with Zimbabwe a decade after the Fund's Harare Office was closed. He reopened the IMF Harare Offices in September 2014 and was the Fund's Resident Representative until September 2018. Previously, he was IMF's Deputy Division Chief in the Middle East and Central Asia Department and Mission Chief to the Kyrgyz Republic. Prior to his assignment to Central Asia, he focused on various policy issues including debt relief, debt sustainability, and debt limits, and represented the IMF at Paris Club meetings. Mr Beddies holds a PhD in Macroeconomics and Monetary Economics from Queen Mary College, University of London and a Masters in Economics from Ludwig Maximilian University of Munich.

The Board of Cambria Africa welcomes Mr Beddies to the Group. The Board is confident that Mr. Beddies will lead Payserv's continued growth in the FinTech space through innovations aimed at greater financial inclusion in Zimbabwe.

Cambria's Board would like to express its gratitude for Mr Dube's many years of dedicated service to Payserv Zimbabwe and his invaluable contribution to Cambria's turnaround. The Board wishes him continued success in all his future endeavors.

Sean Gammon appointed Payserv Zimbabwe Non-Executive Director

Cambria is also pleased to announce the appointment of Mr Sean Gammon as Non-Executive Director of Payserv Zimbabwe. Mr Gammon brings a wealth of Corporate Finance and Institutional Banking experience to the Payserv Zimbabwe Board. Subject to regulatory approvals, he has also been invited to join the board of Payserv Africa (Mauritius) Limited as a non-executive director.

Mr Gammon is the Managing Director of Imara Corporate Finance Zimbabwe and Executive Director of Imara Capital Zimbabwe. Following graduation in 1989, he spent seven years working in the banking and finance sector in the UK and Zimbabwe before joining Imara Edwards Securities as an industrial analyst in 1997. He was appointed Director of Research in 1998 before moving to Imara Corporate Finance. Mr Gammon has considerable experience in mergers, acquisitions, capital raisings and investment banking having been involved in the largest transactions in this field in Zimbabwe. Mr Gammon holds a Bachelor's Degree in Social Sciences from the University of Kwazulu-Natal.

About Cambria

Cambria Africa Plc (AIM: CMB) invests in Zimbabwe. The Company holds controlling interests in companies well-positioned to benefit from the growth and modernisation of Zimbabwe's economy. Its wholly owned operations in Zimbabwe are:

-- Payserv Africa, a FinTech company with $7.57 million in revenues in FY 2018. Payserv's Paynet Zimbabwe subsidiary annually processes nearly 30 million transactions and over $70 billion in value. Zimbabwe's Gross Domestic in 2017 was reported as $18 billion.

-- Millchem Zimbabwe, a value-added distributor (VAD) of chemicals with $1.87 million in revenues for FY 2018 during which it achieved its first profit in over four years.

 
 Contacts 
 
 Cambria Africa Plc:                      www.cambriaafrica.com 
 Samir Shasha                             [phone] 
 
 
 WH Ireland Limited:                      www.wh-ireland.co.uk 
 James Joyce / Chris Viggor               [phone] 
 
 

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April 05, 2019 02:00 ET (06:00 GMT)