Axia Corporation Limited debuted on the Zimbabwe Stock Exchange (ZSE) yesterday with 51 134 shares exchanging hands at a price of 7,5 cents.
BY BUSINESS REPORTER
Axia’s turnover as a percentage of total market turnover was $1,76%.
Axia is a former Innscor subsidiary which was unbundled to unlock shareholder value.
Speaking at a function to welcome Axia’s entry onto the ZSE official list, Reserve Bank of Zimbabwe deputy governor, Charity Dhliwayo commended the listing, which comes on the back of a challenging economic environment.
“The strategic decision to list on the stock exchange, particularly, coming against the background of a challenging environment that has seen some companies delisting, is indeed commendable. It is a clear demonstration of the confidence the Innscor Group has shown in the Zimbabwean market,” she said.
Axia becomes the third former Innscor subsidiary to be unbundled and listed on ZSE after Padenga and fast foods firm, Simbisa Brands.
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It also becomes the second company to be listed on ZSE this year after microfinance firm GetBucks joined the elite club in January.
Axia said the unbundling would enable the company to pursue strategies that maximise shareholder value, enabling a clear operational focus that is attractive to investors. Axia said the unbundling was meant to enable the speciality retail and distribution business to gain direct access to capital markets and ability to undertake mergers with and acquisitions of entities in complementary spheres of operation, without competing internally with other Innscor divisions for allocation of capital.
