Zimre shares spike on ZPI take-over

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ZIMRE Holdings (Zimre)’s shares gained 17 percent on the Zimbabwe Stock Exchange (ZSE) in October – against a market-wide loss of 9,74 percent – as the group completed its take-over of Zimre Property Investments (ZPI).
Zimre now holds a 97,62 percent stake in the property company, after acquiring an additional 33,34 percent, through an offer to minorities that was open from September 11 to October 16.

Since August 03, when the ZSE resumed trade following a five-week suspension, Zimre had gained only 5,26 percent, while the ZSE benchmark All Share Index (ASI) had lost 4,12 percent.