Wilde said the directors of Tractive Power Holdings Limited had concluded negotiations with Zimplow. Wilde is a also a Board member of CBZ Financial Holdings Limited (CBZ) another firm listed on the Zimbabwe Stock Exchange (ZSE).
He also sits on the Board of the Reserve Bank of Zimbabwe (RBZ). "Reference is made to the Cautionary Statements published on May 8, 2012 and June 14, 2012," he said.
"The Directors of Tractive Power Holdings Limited would like to advise shareholders that the negotiations referred therein had been concluded. Zimplow Limited successfully acquired the entire 57,21 percent stake held by the Finance Trust of Zimbabwe (Private) Limited in the company."
TPH has a market capitalisation of $15,470,000 on the ZSE while Zimplow stands at $25,350,000. The TPH share price is at 9,00 cents while that of Zimplow currently stands at 7,75 cents on the bourse.
The move comes at a time when the market is experiencing a very dry spell, according to stockbrokers. On Friday the market ended the week on a disappointing note, with trades worth a mere $294,459.38.
Post published in: Business