Chemco delists as equities close in the red

HARARE – Chemco Holdings Limited (Chemco) has delisted from the Zimbabwe Stock Exchange as equities ended a nine day bullish trend, with the key industrial index shedding 0.43 percent to close at 176.93 points Thursday.

This comes as Chemco shareholders recently approved the group’s plans to convert a debt owed to TSL Limited (TSL) into equity.

Approximately 93,23 percent of its minority shareholders accepted the share-swap deal.

Consequently, TSL owed around $2 million, increased its shareholding to 81, 64 percent in the agro-focused group.

Meanwhile, brewer Delta Corporation eased a cent to 119 cents, Econet 0.51 cents to 66.49 cents and TA Holdings 0.50 cents to six cents.

Financial group FBC Holdings and OK Zimbabwe dropped 0.40 cents each to 12.40 cents and 19.50 cents respectively while horticulture concern Ariston went down 0.10 cents to 0.90 cents.

On the upside, cement maker PPC added three cents to 205 cents, milk processor Dairibord up 0.91 cents to 9.01 cents as First Mutual gained 0.50 cents to seven cents.

Meikles advanced 0.40 cents to 18.50 cents.

The mining index was flat at 29.03 points.

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