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ABC Holdings shares soar on deal

14/04/2014 00:00:00
by The Source
 
Atlas Mara deal boost ... ABC Holdings CEO Douglas Munatsi
 
RELATED STORIES

SHARES of ABC Holdings soared 63 percent in ZSE trading on Monday as investors cheered the impending $265 million takeover deal by global firm Atlas Mara Co-nvest Limited, but the main index dropped to its lowest point since January 28 last year.

The stock rose 27 cents to 70cents, its highest in several months. Nearly 5,000 ABC shares valued at $3,420 exchanged hands by close of trade Monday.

However, ABCH’s current price is still lower than the 82 cents per share takeover price offered by Atlas Mara.

ABC fell with the rest of the market to below 40 cents earlier this year but is now 19 percent up since January 2.

Atlas Mara, co-owned by Ugandan billionaire Ashish Thakkar and former Barclays plc CEO Bob Diamond-announced on April 2 the proposed multi-million dollar purchase of ABCH through a cash and shares deal.

The purchase will result in Atlas Mara owning 88 percent of ABCH.

ABCH reported profit after tax climbed to 29 percent to BWP174,4 million or $19,5 million during the full year to December 31, 2013.

On Monday’s trades, the industrial index shed 1.31 points to 171.28 points, its lowest level since January last year as its listless performance continued. Turnover was at $1.8 million, boosted by $1,3 Delta deal involving over a million shares.

The mining index remained unchanged at 28.82 points with no trades in any of the four mining counters.


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