Axia, incorporates Distribution Group Africa, Transerve and TV sales & Hire.
INNSCOR Africa subsidiary, Axia Corporation Limited listed on the Zimbabwe Stock Exchange (ZSE) on Tuesday with 51 134 shares being traded at US$0,075 at a value of US$3 830.
Speaking on the side-lines after the listing ceremony, company chairman, Luke Ngwerume, said he was confident the listing would create value for its shareholders and the country despite coming at a time when the economy was under a plethora of challenges which “required home grown solutions”.
“I am confident that the listing of Axia today will work towards supporting a number of various government initiatives. The economy is tough but with the right mindset, I believe we can create and open new opportunities for our economy. We need to adapt a positive attitude,” he said.
Axia, incorporates Distribution Group Africa, Transerve and TV sales & Hire.
John Koumides is its chief executive officer.
Last year in November, Innscor unbundled and listed another subsidiary Simbisa Brands through a dividend in specie.
Reserve Bank of Zimbabwe deputy governor, Charity Dhliwayo, told delegates at the listing that the decision by Innscor to list on ZSE was commendable, as it came against a background of an unstable economic environment with some companies are de-listing citing absence of value addition on their companies and investments on the local bourse.
“It is a strategic decision by Innscor, particularly coming against the background of a challenging environment that has seen some companies de-listing,” she said.
According to EFE securities, Axia took its bow on ZSE at US$0,0749 exchanging 51,134 shares in a trade worth US$3,830.
At its listing price, the market has pegged Axia’s value at US$40,8 million. With the added value from Axia to the market, the benchmark Industrial Index firmed 1,39 percent to close at 108,42 points.
“Axia’s additional value helped outweigh losses from two stocks, Fidelity and Econet, which traded softer. Fidelity led the decliners with a 0.94 percent drop to US$0.1030 while Econet followed after succumbing 0.37 percent,” said EFE.
Meanwhile the Mining Index was flat at 23,10pts as Hwange was the only active counter in the cluster having traded at a stable price of US$0,0300.
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