Business / Companies
ABC in $38M bargain
24 Aug 2014 at 05:20hrs | Views
ZIMBABWE Stock Exchange (ZSE) listed financial concern, ABC, stole the limelight from index movement towards turnover after striking a special bargain deal worth US$38,05million derived from 46,407,480 shares that exchanged hands at 82c on Friday.
Top stock broking firm EFE Securities described the deal as the best so far this year.
After the trade, ABC withdrew a cautionary statement indicating that Atlas Mara has acquired a controlling stake of 95,84 percent in ABC inclusive of Friday's stake.
Against the ABC deal which represented 65 percent of the company's issued share capital, a stake only held by then ABC majority shareholder ADC, daily value traded climbed to US$40,13m which is its best level since the exchange rerated in 2009.
Overally, the stock market swung into the black in a week closing session amid seesawing as the index aims to relive record breaking levels ambitions.
The ZSE benchmark index surged 0,19 percent to 198,04 points against heavy cap gains in SeedCo and Old Mutual among other five risers.
SeedCo went up 1,08 percent to 94c after recently announcing that Indian company Mayco has agreed to snap up a 60 percent stake in its cotton seed unit, Quton, for a US$10m realisation.
The seed producer cited viability threats as a major driver for disposal as the local cotton industry continues to struggle.
The mining index closed unchanged at 101,78 points with Bindura emerging as the most active stock within the cluster based on the volume and consistency in trading.
Innscor Africa Limited contributed a paltry 1,9 percent to turnover which was however commendable in absolute terms.
Foreign inflows were equally propped up by the ABC buy in to reach $38,9m while foreign outflows went up 20.9 percent to US$0.7m.
Pioneer was the top riser on Friday at 33,3 percent to 4c followed by Dairibord which went up 8,3 percent to 13c. Nicoz surged 7,14 percent to 1,5c before reporting a +13 percent growth in net premium income to US$1,34m.
Old Mutual capped the top risers on a gain of 0,9 to 279.5c. Heavies Econet and Delta also rose 0,13 percent and 0,82 percent to 75,1c and 136,11c.
On the downside was Dawn which eased -20 percent to 0,8c while Medtech softened -16,67 percent to 0,05c. TSL capped the set after falling -3,57 percent to 27c.
Top stock broking firm EFE Securities described the deal as the best so far this year.
After the trade, ABC withdrew a cautionary statement indicating that Atlas Mara has acquired a controlling stake of 95,84 percent in ABC inclusive of Friday's stake.
Against the ABC deal which represented 65 percent of the company's issued share capital, a stake only held by then ABC majority shareholder ADC, daily value traded climbed to US$40,13m which is its best level since the exchange rerated in 2009.
Overally, the stock market swung into the black in a week closing session amid seesawing as the index aims to relive record breaking levels ambitions.
The ZSE benchmark index surged 0,19 percent to 198,04 points against heavy cap gains in SeedCo and Old Mutual among other five risers.
SeedCo went up 1,08 percent to 94c after recently announcing that Indian company Mayco has agreed to snap up a 60 percent stake in its cotton seed unit, Quton, for a US$10m realisation.
The seed producer cited viability threats as a major driver for disposal as the local cotton industry continues to struggle.
The mining index closed unchanged at 101,78 points with Bindura emerging as the most active stock within the cluster based on the volume and consistency in trading.
Innscor Africa Limited contributed a paltry 1,9 percent to turnover which was however commendable in absolute terms.
Foreign inflows were equally propped up by the ABC buy in to reach $38,9m while foreign outflows went up 20.9 percent to US$0.7m.
Pioneer was the top riser on Friday at 33,3 percent to 4c followed by Dairibord which went up 8,3 percent to 13c. Nicoz surged 7,14 percent to 1,5c before reporting a +13 percent growth in net premium income to US$1,34m.
Old Mutual capped the top risers on a gain of 0,9 to 279.5c. Heavies Econet and Delta also rose 0,13 percent and 0,82 percent to 75,1c and 136,11c.
On the downside was Dawn which eased -20 percent to 0,8c while Medtech softened -16,67 percent to 0,05c. TSL capped the set after falling -3,57 percent to 27c.
Source - Sunday Mail
