Masawara rakes in $6.1m profit

Investment company, Masawara Plc, said first half profits increased by 38.6 percent to $6.1million from $4.4 million due to a stellar performance by its subsidiary TA Holdings Limited.

The increase was largely attributable to the gain on bargain purchase of $5.2 million recognized on obtaining control over Sable Chemicals Industries Limited.

In June this year, TA Holdings obtained control over Sable after the intermediary companies within the fertilizer industry shareholding structure were liquidated, with no consideration to other shareholders, resulting in TA Holdings having a direct shareholding of 50.6 percent.

As a result Sable was consolidated effective June 30, 2015.