Chronicle Editor
The National Social Security Authority has increased its shareholding in NicozDiamond to above 40 percent in a move that many analysts say pushes towards the end of the once-mighty Zimre Holdings group.NSSA took its shareholding to around 43 percent from 28,15 percent after purchasing stakes held by LAG Malta belonging to foreign investor Noel Hayes (4,3 percent) and Bruce Campbell who held just over 10 percent and was therefore on the NicozDiamond board of directors.
The transactions were done in subsequent block deals spread over days on the Zimbabwe Stock Exchange. Under ZSE rules, NSSA has now breached the 35 percent mark which requires them to make an offer to minorities.
NicozDiamond experienced an almost 72 percent growth in its share price from 1,6c at the start of October to 2,75c at the close of trades on Wednesday as bids were pushed higher due to interest from both NSSA and ZHL.
ZHL was the controlling shareholder in the company but with this transaction it becomes the second with just under 30 percent. — Wires.
Online Reporter