First Mutual Holdings Limited today issued a cautionary statement advising its shareholders that the Company is contemplating the acquisition of a controlling interest in a company in the insurance sector, this transaction whose further details will be made available in a circular to be published by the FMHL in due course is subject to shareholder and regulatory approval. – The Herald, 19 June 2017
Nicoz Diamond Insurance Limited today issued a cautionary statement advising its shareholders that it has been informed by its major shareholders of the intention to dispose of its interest in NDIL to another insurance group subject to conditions precedent including regulatory approvals as well as shareholder approval. – The Herald, 19 June 2017
GetBucks Financial Services Limited today issued a cautionary statement advising its shareholders that it has extended the offer period of the second series of the $30 million Medium Term Note Programme to allow investors an opportunity to participate in this issue. – The Herald, 19 June 2017
Meanwhile GetBucks Financial Services’ second tranche of the $30 million Medium Term Notes will be on-boarded on the Central Securities Depository (CSD) at end of this month. Chengetedzai Depository Company (CDC) chief executive officer Campbell Musiiwa in a CSD operating update for May 2017 said the medium term notes programme memorandum will come on board on 28 June 2017.
He said efforts to on-board more issuers remain on-going at both the CSD and ZSE level. – Financial Express (Online)
Brick making concern, Willdale Limited recorded a loss after tax for the half-year ended March 31, 2017 of $380 564 from $146 574 recorded in the same period last year due to stock write-offs. The group’s revenue base however grew 14 percent to $4.05 mln buoyed by 20 percent increase in volumes. Company chairman Alex Jongwe said incessant rains the country experienced impacted the group’s performance despite demand for bricks remaining firm. Average selling prices declined by 5% due to a sales mix inclined towards a low margin product. Margins were further affected by stock write-offs caused by early and incessant rains which damaged some of the kilns that were still firing. An operating profit of $3 771 was realized. The company said although demand for bricks remained firm in the period under review, saleable stock availability was affected by incessant rains which destroyed some kilns resulting in stock writeoffs which impacted negatively on profitability. Strategies have been put in place to minimize rain damage in the future. The prolonged rains delayed the resumption of extrusion. The market was dominated by individual home developments in the period under review. However, significant growth is being registered from institutional developments such as university facilities, schools and shopping centres. These and housing delivery initiatives, which are being driven by government and other stakeholders, will spur growth in the second half of the year. The commencement of various institutional projects that are planned for this year will provide the required critical mass to realize profitability. We are encouraged by the efforts of financial institutions to increase mortgage financing and the various housing schemes in the public and private sectors which should increase demand for bricks. The specialized brick delivery service introduced in the prior year has provided convenience to customers and a competitive edge in the market. At an extraordinary general meeting held on 26 May 2017, shareholders approved an initiative to sell certain assets to retire debt. – LES