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[2008-01-03] Zeco IPO opens with over 800m shares
ZECO Holdings’ initial public offer opened on schedule yesterday with 808 571 428 shares on offer.
The issue price would be $24 927 per share while the nominal value per share would be $0,05.
The value of the offer at the issued price was expected to be in excess of $20 trillion against a market capitalisation of $100,7 trillion.
An official with TN Financial Services, the financial advisers of the IPO, said the public was now free to come and purchase shares at their offices at 101 Kwame Nkrumah Avenue.
The official said shares could be purchased using Real Time Gross Settlement (RTGS) or cheques.
The offer was expected to close on January 25 followed by the submission of the offer results to the listing committee on February 1 and the publication of the results on February 8.
Offer share certificates and refunds were expected to be posted on February 15 after which listing would take place on February 22.
The IPO is being underwritten by CBZ Holdings and in the event that it is undersubscribed, CBZ will consequently take a stake in the mechanical engineering giant.
Camelsa Chartered Accountants are involved in the IPO as auditors and reporting accountants and IBS Securities Private Limited are the sponsoring broker.
Zeco is made up of Bulawayo-based Zimbabwe Engineering Company, and Crittal Hope, a steel and fabrication company based in Harare.
Mr Chiyangwa owns the two companies through his investment vehicle, Native Investments Africa Group.
Zeco, established in 1964 under the ownership of Thomas Meikles, went into provisional liquidation in 1995 due to operational difficulties.
It operated as Resco before it was rebranded in 1980. Crittal Hope specialises in the manufacture of roller shutters, lift-up garage doors, steel windows and doorframes, burglar bars and filing cabinets.
United Kingdom-based Lonrho Africa formerly owned it before it divested from Zimbabwe a few years ago. Mr Chiyangwa bought it in 1998.
Source: Copyright(c)2007 The Herald ltd.
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