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BizDay Zimbabwe

Aico spurs ZSE industrial index

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THE Zimbabwe Stock Exchange main index slightly rose 0,44 percent yesterday, lifted led by Aico Africa Ltd while the mining index slid on losses in Bindura Nickel Corporation. After the trades, the industrial index declined 0,44 percent to 213,39 points and the mining index was down 5,27 percent to 48,54 points. Daily turn-over was strong, closing at US$1,77 million from 4,8 million shares on 62 trades. Foreign buys came in at US$1,22 million while foreign sales amounted to about US$676 000.

Aico gained 19,05 percent to US5c ahead of its extraordinary general meeting end of this months.
Shareholders will meet on November 29 to consider a series of proposals including a US$30 million rights offer and the sale of Seed Co’s 25 percent shareholding to a French-based company, Vilmorin & Cie, by the end of next year. Shareholders will also consider the unbundling of the group by collapsing the holding structure once the subsidiaries are recapitalised. Aico announced the intention to unbundle last year, with subsidiaries Cotton Company of Zimbabwe and Olivine Industries expected to list separately on the Zimbabwe Stock Exchange.
At the close of trades, Aico with a market cap of just under US$27 million. Rainbow Tourism Group rose 0,1c to US1,3c. The hospitality group is set to open a hotel in Beitbridge which it jointly constructed with the National Social Security Authority.

NMBZ Holdings gained US0,5c to 7,5c. Powerspeed was US0,1c up to US1,9c and First Mutual Life put on US0,5c to US12c with a year to date gain of 130,77 percent.  Innscor Africa Limited stood out for the heavyweights gaining US2,5c to US86c.

Bindura lost US0,1c to US1,85c after the group announced changes to its management.
Mr David Murangari has stepped down as the managing director but will continue to serve on the board in a non-executive capacity as deputy chairman. Mr Batirai Manhando has taken over as the managing director. The position of chief operating officer, which he occupied previously is dissolved. Mr Herman Jacobs joins the board on promotion to the position of finance director. The position of chief financial officer, which he occupied previously, falls away.

Mr. Donald McAlister resigned from the Board following his resignation from Mwana Africa plc.  Mr. Yim Chiu Kwan joined the board as non-executive Director in place of Mr. McAlister.

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