Unifreight extends lead over ZSE peers

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UNIFREIGHT Africa (Unifreight) extended its lead over other Zimbabwe Stock Exchange (ZSE) counters during the second quarter of 2021, as it more than doubled its year-to-date gains to 15 000 percent, 8 500 percentage points ahead of second-best performer GetBucks MicroFinance Bank.
Analysts say the logistics company’s exaggerated gains have been driven by an ongoing equity deal with Zimplow Holdings (Zimplow).
The deal, which will see the company disposing of its shareholding in Tredcor Zimbabwe (Tredcor) and Birmingham Investments (Birmingham) in exchange for a 12,5 percent stake in Zimplow, was approved by shareholders late last year.

“The recent movement of the Unfreight share price can be attributed to a number of factors, chief among them the obtaining economic conditions and the proposed share swap with Zimplow,” Enock Rukarwa, an analyst at FBC Securities told The Financial Gazette recently.