as Imara issues statement of displeasure towards SeedCo delisting

Staff Writer

HARARE – Zimbabwe is set to end its national lockdown phase 4 on Monday, and authorities have kept quiet on the issue, leaving the country to guess on the way forward. Some sections of the media have been reporting that the president told POLAD earlier today that he will announce a way forward next week after consultations with doctors.

SeedCo Limited which is set to be delisted has seen criticism flying to them, with the latest coming from asset management company Imara. The company expressed its disapproval of the proposed delisting of the seed company on ZSE as a way of prejudicing shareholders considering the company has all the intellectual property and valued more than its subsidiary. Imara lamented that this will disadvantage Zimbabweans and pension schemes that cannot hold shares in the company as they cannot access foreign currency. The company warned ZSE that it will be setting a bad precedence if the move goes as planned.

The mid cap stock gained 3.55% in the session to 2,899.69c.

ETimes

Performance of the wider market further improved with the All Share Index recording a 0.50% gain to 4,198.26 points and left its weekly gain at 1.4%. The Top 10 Index was 0.35% higher to 2,625.70pts and closed with a weekly gain of 1.5%. CBZ gained 9.37% to 9,857.14c.

Among the heavyweights, OK Zimbabwe and Padenga lost 10.72% and 6.26% to 1,900.00c and 1,900.00c respectively.

The Small Cap Index added 5.69% to 18,714.4pts and left its weekly gain at 21%. Unifreight and Edgars rose 19.91% and 16.68% to 266.50c and 245.93 in that order. In the red was General Beltings which fell 14.40% to 20.53c.

Gains in NatFoods, StarAfrica and Willdale lifts the Medium Cap Index as it advances 0.68% to 8,998.66pts, leaving its weekly gain at 0.80%. NatFoods led today’s gainers with 19.99% to 12.995.00c. StarAfrica and Willdale recovered 18.46% and 16.68% to 50.00c and 58.08c respectively.

Other losses were recorded in Proplastics and Art which eased 15% and 14.90% to 1,700.00c and 595.71c respectively.

Turnover for the day declined to ZWL$78 million from ZWL$81 million yesterday. The major contributors were OK Zimbabwe at ZWL$19.2, Delta at ZWL$19 million and Econet at ZWL$12.77 million.

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here