Shares in African Phoenix resumed trade at a premium on Wednesday — following a lengthy suspension of the stock, formerly African Bank Investments Limited (Abil) — as investors speculated on the potential of the cash-flush investment holding company, while others covered historical short positions.Trading in Abil shares was suspended in August 2014 at 31c per share, following the curatorship proceedings instituted against its largest subsidiary, African Bank.African Bank has since relaunched under new management with no ties to Abil.African Phoenix’s only operating entity is Stangen, a long-term insurer that formerly wrote credit life insurance policies on African Bank loans.The company also has a R1.8bn cash pile and a new CEO, Enos Banda, who is expected to unveil its strategy by March.Banda has held senior positions in banking and is chairman of Letshego Holdings, a financial services company headquartered in Botswana. African Phoenix’s finance chief, John Evans, was a business r...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.