Botswana - Imara Capital Securities


Imara Capital Securities (formerly Capital Securities) is one of four registered stockbroking companies operating under the auspices of the Botswana Stock Exchange (BSE). It was established in 1999 and started stockbroking operations in March 2000 as part of the Capital Group of companies. At Imara Capital Securities we recognize that teamwork is essential for a successful stock broking company and as a consequence all departments are closely integrated.

Our institutional broking department is one of Botswana’s most successful institutional broking teams advising and helping institutional fund managers. Our comprehensive research is fundamental to the provision of this service.

  • Approach

    Research is the basis of all our recommendations. Our research unit in the Imara Group produces world-class Africa market research, complimented by our Botswana equity market focused research, which is produced in-house.

    In order to better ascertain companies’ future outlooks, our analysts stay in close contact with each company and undertake regular site visits.

    The ability for clients to access a range of research recommendations, as well as our in depth knowledge of the various companies, gives us a significant competitive edge.

  • Services

    We deal with all of Botswana’s major institutions, including banks, fund managers and parastatals, as well as large overseas institutions with considerable investments in Botswana’s economy. The institutional broking team is actively involved in capital raisings for a diverse range of companies and organizations. We assist them with the most appropriate strategy to meet both their short and long term capital requirements.

    Advisers in our Private Clients Department are continuously briefed and updated on the stocks researched by Capital Securities. This means that advisers can make informed recommendations to clients as to the most appropriate stocks to trade in or to build their share portfolios.

  • Research

    Download the document below:

    Imara Capital Securities Botswana 2016 and 2017 Review

    2017 Budget Speech Synopsis

    Barclays H1_16


    Letshego H1 16

    Standard Chartered Bank Botswana FY 15

    Barclays FY 15

    Choppies H1 2016

    BIHL Report FY 2015

    First National Bank Botswana Limited Results Scorecard_Mar 2016

    Letshego Report FY 2015

    Imara Capital Securities Botswana 2015 Review and 2016 Outlook (F)

    Sefalana Holding Company Limited Results Scorecard_2016

    BTCL IPO Research Note

    2016 Budget Speech Synopsis

    Imara Capital Securities Botswana Q1 15 Review

    Sefalana Holding Company Limited  Results Scorecard_Apr 2015

    Letshego Holdings Limited  Results Scorecard_Apr 2015

    First National Bank Botswana Limited  Results Scorecard_Mar 2015

    Imara capital Securities Botswana 2014 Review and 2015 Outlook Bots Final


  • Weekly Notes

    Download the document below:


  • Our People

    Gregory Matsake

    Gregory Matsake Gregory Matsake is a member of the Botswana Stock Exchange. His career in the finance industry spans more than 20 years with 10 having been spent in stockbroking. He served on the board of the BSE from 2005 until 2010 after passing the necessary exams to get a broking licence. He cut his teeth in finance industry while in the employ of Barclays Bank. The last 3 years of his tenure at Barclays were in the Custody Services department of the bank – a stint that ignited a passion for capital markets. He is currently Chief Executive Officer at Capital Securities, a member firm of the Botswana Stock Exchange. Matsake holds an Associate Diploma in Banking (BIOB), ICMQ from the Securities Institute (UK) and a Masters Degree in Strategic Management from the University of Derby (UK). He is also a Registered Person under the South African Institute of Financial Markets (SA)

    Victor Zirebwa, Head of Dealing

    Victor Zirebwa Victor is qualified Stockbroker and a registered member of the Botswana Stock Exchange (BSE). He began his career at Techfin Research (Pty) Ltd in Zimbabwe as an economic research assistant after graduating from Midlands State University in 2006 with a Bachelor of Commerce Honours Degree in Economics. He joined Capital Securities (Pty) Ltd in 2008 as a private clients broker, and later acquired a BSE trading license in October 2009, after completing the Registered Persons Exams (RPEs) for the Equities market with the South African Institute of Financial Markets. He has participated in the preparation of listing documents for various venture capital companies and currently heads the dealing division.

    Lamé B Pheko, Head of Client Services

    Lamé B Pheko Lamé graduated with a BA (Hons) in Business Management from the University of Gloucestershire in the UK and she is currently pursuing her MSc in Strategic Management with the University of Derby. She recently joined Imara Capital Securities from Stanbic Bank where she spent 5 years as a Relationship Manager for SME clients at Business Banking. Her customer services experiences spans over all her career internationally and locally, she has a forté for knowing how to align clients’ needs to the services and products on offer and has award winning customer service experience. As Head of Clients Services she leads a highly knowledgeable team of service providers that is renowned for excellent customer service and strict compliance with regulatory requirements.

  • Contact Us

    Gregory Matsake CEO, Capital Securities Telephone: +267 318 8886 Email:

    Physical Address: Unit 6, 2nd Floor, Morojwa Mews Plot 74770 Western Commercial Road New CBD Gaborone, Botswana