Former Abil to resume trading as African Phoenix
New CEO Enos Banda bows to high demand for the resumption of trade in the company’s shares and promises to reveal new plans in the first quarter
Shares in African Phoenix Investments Limited (formerly African Bank Investments Limited) will resume trading on February 1, after a nearly two-and-a-half year suspension was lifted by the JSE on Tuesday."Since I became a part of Phoenix in September 2016, shareholders have been clear that resumption of trade in the company’s shares was a very high and immediate priority," said Enos Banda, African Phoenix’s recently appointed CEO.Banda said African Phoenix would announce a new strategy in the first quarter of 2017.For the year to September 30 2016, African Phoenix reported profit after tax of R491m – a 62% decline on the previous year. This was mainly due to insurer Stangen, the group’s only operating subsidiary, exiting its relationship with African Bank Limited.African Phoenix had assets of R2.2bn at September 30 2016 and a cash position of R1.8bn.Its predecessor, African Bank Investments Limited (Abil) buckled under the weight of bad debt owed to African Bank in August 2014. The ...
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