adminwas in the form of a special bargain involving 27,2 million shares sold at 8 percent discount on the last trading price of US12c.
Sources familiar with the transaction said last Friday that the 16 percent stake bought by the Bulawayo-based firm was part of the Reserve Bank of Zimbabwe’s 59 percent equity in Tractive Power.
Zimplow and Tractive are both listed on the Zimbabwe Stock Exchange.
In May last year, the central bank said it was disposing of its shares on non-core businesses to concentrate on its core functions. The proceeds from the share sale would be used to finance debt payments.
Two weeks ago, both companies issued separate cautionary statements advising respective shareholders that there were negotiations that could have an impact on the shareholding structures of the companies.
Apart from Tractive, the RBZ, through its investment vehicle Finance Trust of Zimbabwe, holds a 64,9 percent in Astra Holdings and 63 percent in Cairns Foods both listed on the ZSE. It is also the major shareholder in Tuli Coal Mine in near Beitbridge.
In Friday’s trading, a block of about 20 million Delta Corp shares worth US$14 million also changed hands at a special bargain price of US70c. In normal trades, the beverages maker declined US1c to US68c.
There was also another special deal involving about 73 million Dawn Properties shares.
The special deals in Delta, Dawn and Tractive saw the stock exchange recording its second best session this year with turnover coming in at US$19,6 million just below the January 16 revenue of US$21,41 million.
At close of the trading on Friday, the industrial index declined 0,13 percent to close at 131,86 points, its fourth consecutive trading session in the negative.
Cairns led the risers after gaining 50 percent to US0,75c followed by Powerspeed, which advanced 17,86 percent to US1,65c.
Fidelity Life recovered from a three day losing streak after gaining 10 percent to US11c. Padenga, the worst performer, lost US0,4c to US4,5c.
Bindura Nickel Corporation declined 6,24 percent to US3c as the company mulls a rights offer.
Online Reporter