Vodacom’s share prices flat even as new MD confirmed
What you need to know:
- There were no any changes on investor’s approaches on Vodacom Tanzania shares despite an appointment of new Managing director this week.
Dar es Salaam. Vodacom share price remained unchanged on Wednesday, a day after the company board chairman announced the appointment of Hisham Hendi as managing director.
Mr Hendi had served as the acting managing director of Vodacom Tanzania since September last year, following the departure of Ian Ferrao.
The DSE market report shows that the company had 1.4 million shares on offer since the start of the week, and until Wednesday, the number remained unchanged.
The report shows that the company share value has remained at Sh800, lower than the Initial Public Offer price of Sh850. Currently, the trading price stands at Sh700 per share, an indication that most investors sell them at loss. On Wednesday’s trading session, Vodacom recorded a transaction of nine shares traded at a weighted average price of Sh700 in three deals.
The company floated 560 million ordinary shares from March to July, 2017 aimed at raising Sh476 billion. The company also attracted 40,000 new investors in the equity market, nearly 10 per cent of existing investors at DSE.
Meanwhile, slow trading at DSE has seen only 36.7 per cent of shares offered on Wednesday exchanged and Sh163.34 million turnover reached. Market reports show among other things 2,791,323 shares offered only 1,024,036 shares were sold. The shares were offered by 19 companies among all 28 listed counters and only eight counters were active.
Reports have also indicated that there was a total of 281,572 shares on bids which are only 10 per cent of the offered amount.
