GetBucks shares exchange hands

GetBucks shares exchange hands
Published: 23 July 2018
THE Zimbabwe Stock Exchange (ZSE) recorded a block trade in microfinance institution GetBucks shares during Monday's trading session, with about $266,4 million shares exchanging hands.

Traded at $0,0330 and claiming 99,13 percent of volumes traded on the day, movement of the shares came after a negotiated deal in the firm's stock accounting for 84,66 percent of the day's total value outturn.

"Market activity aggregates improved, buoyed by GetBucks with volumes ballooning 10 307,04 percent to 268,77 million while turnover surged 589,76 percent to $10,48 million as the All Share Index added 0,67 percent to 107,08 points. The Industrial Index gained an almost similar 0,68 percent to 359,64 points," equities analyst EFE Securities said.

GetBucks - which recorded a net profit of $2,58 million for the six months ended December 2017 - listed on the Johannesburg Stock Exchange last year and closed 2017 with an increase in interest income to $4,96 million from $4,38 million in the prior year.

Earlier this year, Mauritius-headquartered diversified investment firm Brainworks Limited (Brainworks) - which owns 16 percent of GetBucks - announced plans to dispose its financial services arm to concentrate on Zimbabwe's sprawling tourism and hospitality industry.

The company's chief executive, Brett Childs, said Zimbabwe's new political environment had presented Brainworks with a chance to reconfigure its portfolio.

"Considering the recent positive developments in Zimbabwe's economic environment, the board has resolved to focus efforts on hospitality, leisure and real estate," he said then.

The Johannesburg Stock Exchange-listed firm indicated that it was expected that these market segments will continue to benefit from the recent political changes in the southern African country.

Zimbabwe's economy has stabilised in the last few months following the ascendancy to power of President Emmerson Mnangagwa after his predecessor, Robert Mugabe, was forced to resign in November 2017 following pressure from the military.

In October 2017, Brainworks Limited raised $8,1 million following the placement of 9 078 677 Treasury shares to investors. The Mauritius-registered company announced that it was offering locals an opportunity to buy 10 680 555 shares. The company held the shares after buying them from businessman Shingi Munyeza when he exited the group in 2015.

Brainworks said the placement of 9 078 677 shares was done at a price of $0,90 per share.

The firm has indicated that it expects tourism to continue growing this year and to benefit from key activities - including elections tourism - infrastructure development and other government projects.

It said that the group's hotel reservations, particularly in Victoria Falls, were looking positive, adding that the Zimbabwean government was planning to introduce a number of measures to rejuvenate the tourism industry.
- fingaz
Tags: GetBucks,


Latest News

Latest Published Reports

Latest jobs