Proplastics listing price tops parent stock

Proplastics listing price tops parent stock

HARARE, June 8 (The Source) – The manufacturing unit of civil engineering firm Masimba Holdings debuted on the Zimbabwe Stock Exchange Holdings on Monday, with 60,000 shares trading at an offer price of three cents after listing separately.

Proplastics’ share price was 50 percent higher than the two cents per share for its parent company, which unbundled the unit to improving operating efficiencies.

Masimba, formerly Murray and Roberts, is currently suffering from low activity in the construction sector.

Last year Proplastics increased its installed capacity by 30 percent and expects revenue to grow by $3 million annually after commissioning a pipe-making plant later this month.

Chairman Gregory Sebborn last November said the $1 million High Density Polyethylene HPDE (HDPE) new plant equipment would strongly position the company in agriculture and mining sectors in Zimbabwe and the region.