Triumph for Chiyangwa

ZECO Holdings listed on the Zimbabwe Stock Exchange (ZSE) on last Friday on a share price that was about four times the price of its initial public offer price of Z$24 927. 

The opening bid was $90 000 while offers hovered around $100 000 and $110 000 before settling at a closing price of $100 000.

At least 15,6 million shares were traded on listing while 11 million shares were sold at a special bargain of $50 000.

Its market capitalisation for the day at $404 trillion made it the top ZSE counter.

Company owner Phillip Chiyangwa, who entirely owned the entity through his investment vehicle, Native Investment Africa, was naturally elated at the turn of events.

“This is very encouraging, it’s a success story that should encourage others to do likewise,” he said.

Post published in: Economy

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