Zimbabwe-focused Brainworks’ share price surges 361%
Zimbabwe-focused private equity group Brainworks Capital Management surged 361% on Tuesday, representing the second largest positive move judged by points on the local bourse on the day, after trade in shares in Naspers. Analysts said the move was likely just a delayed reaction, with a large block of shares moving in what is usually an illiquid share. At 2pm on Tuesday, Brainworks’ share had jumped 361% to R29.98, giving it a market capitalisation of R2.5bn. The share had last been traded on March 9; the company’s share price had also not initially reacted to the release of results for the year to end-December on Friday. At the time Brainworks — which is based in Mauritius — had reported that revenues rose 22% to $58.6m from the year before. The hospitality division contributed 88% of turnover, which represented growth of 19% in its revenues. Driving growth was the increase in hotel occupancy to 52% from 44%. However, the group recorded a loss before income tax of $6m, compared to p...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
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.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.