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Econet dispose Afre stake


Econet Wireless Zimbabwe yesterday disposed of its 19,7% stake in the Afre Corporation Limited stake in a special bargain transaction on the Zimbabwe Stock Exchange.

The special bargain saw 42 798 497 shares sold at 18,42 cents in a deal worth $7,8 million.

Tawanda Nyambirai, who is chairperson of both Econet and Afre, confirmed the transaction.
In yesterdays, trades Afre pushed 30 cents to 3 cents in normal trades.

The disposal follows the recent conclusion of the takeover of Renaissance Merchant Bank by the National Social Security Authority(NSSA).

NSSA recently took over 84% stake in ReNaissance Merchant Bank in a $24 million deal.

NewsDay sister paper The Standard reported that Econet had agreed to sell its shareholding in Afre Corporation.

Under the deal shares by RFHL, ReNaissance Investment Banking Corporation, ReNaissance Securities nominees in Afre, were to be transferred to RMB to pay the $13,3 million owed by RFHL.

Meanwhile the industrial index gained for the eleventh consecutive day after putting on 0,29 points to close at 143,46 points.

Cafca led the movers gaining 10 cents, DZHL inched up a cent to 20 cents and CFI was 0,98 cents to 7 cents.

Border lost a cent to 14 cents and Mash dropped 0,01 cents to 2,70 cents. The mining index opened the week firmer at 88,02 points after gaining 4,83 points.

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