New Zimbabwe.com

Cambria shares down 27% due to financial results publishing delays

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By Alois  Vinga


MULTINATIONAL investment firm Cambria Africa Plc shares went down by 27% last Friday on the back of delays in publishing an annual financial performance report.

The reputable holding company operates firms in Zimbabwe which include the Millchem industrial solvent supplier and the Payserv financial services.

The share slump comes on the back of the failure to release its annual results for the year ended August 31 on the scheduled date of February 29. The developments also led to the suspension of the company’s shares from AIM trading with effect from March 1 until they are published.

On Cambria’s side, the delay in publishing results was prompted by the slow pace of governmental approval regarding the sale of its 78% stake in AF Phillips Ltt.

In October, the company concluded a conditional agreement for the sale of AFP for US$ 1,74 million in cash, contingent on a reorganisation of the company’s subsidiaries being approved by the Zimbabwean revenue authority.

While the process took longer than originally expected, the company said it has now addressed the anomaly.

“We have begun marketing for commercial properties in the country’s capital. The combined properties were last valued at US$2,3 million in January 2022. Outside of Zimbabwe, Cambria holds around US$1,45 million in cash reserves, with around US$150 000 worth of US-denominated accounts, gold coins, local currency and shares,” said the company.

Cambria generally seeks to exercise management control as it prefers to become actively involved in the companies it acquires.

For example, assisting in setting focused strategic objectives, building “first class” management teams, creating globally focused companies and efficiently deploying the necessary funds to build on, or achieve leading market positions and thereby the associated higher margins.