Econet in Special Bargain

Mergers, Acquisitions and Financial Results

Foreign investors exchanged a block of 625, 000 Econet shares valued at US$3,1 million on the Zimbabwe Stock Exchange on Tuesday, in a special bargain deal, one of the biggest concluded this year. The transaction, executed by Interfin Securities at US480c, raised the day's total value of trades by 111,45 percent to US$3,9 million.

Foreign inflows and outflows soared 165,37 percent and 334,02 percent to US$3,5 million and US$3,1 million respectively. The Econet share is the most liquid on the local bourse and has continued to attract foreign investors. The mobile company has 167 million shares in issue and an additional 79 million Class A shares, which belong to founding shareholders. With a value of just above US$800 million, it is one of the biggest companies on the ZSE in terms of capitalisation as well as revenue.

Econet's business profile remains the most intriguing on the local market as the company continues to grow.

The industrial index subsequently closed in the positive on Tuesday after putting on 0,13 percent to 158,46 points.