Posted By Bongiwe Ngwenya Tuesday, 12 January 2010 10:23

The new year started on a good note at the Zimbabwe Stock Exchange with the TN Holdings listing its debut trade of the new year 2010.

A report produced by a financial institution in Zimbabwe noted that TN holdings Limited which is the birth child of a reverse take over of Tedco Limited by TN Financial Holdings (TNFH) had its listing in the debut trades of the new year.

Trading at the end of the day (Tuesday 05 January 2010) was at a closing price of 6c, with 4, 8 million shares exchanging hands in the day’s single call over.

The last trading price for Tedco on the ZSE had been at 2,3c on the 31st of Dec 2009. The joint venture has seen the merging of properties with TNFHL currently comprising of TN Asset Management, TN Financial Services, TN Medical Benefit Fund and TN Bank whilst Tedco Retail has one of the largest distribution networks comprising of Zimbabwe Furnishers shops, Sleep Eezy and Radio Limited.

TN Financial Holdings takes over from Tedco after having concluded a deal with the shareholders of Tedco Limited in December 2009 acquiring a controlling stake of 67,9% of the entity.

Mr. Nyambirai, TNFH founder will be the Group CEO of TN Holdings Limited whilst Mr. Simba Mangwende, Tedcos controlling shareholder will be non executive director of the Group.

Mr. Nyambirai at the Listing had reiterated that their strategic intent is to convert Tedco’s 23 branch networks into a financial services center. The report noted that that there is anticipation that TN Holding’s shares will be fairly liquid in the short- term.

“TN Holding shares will be fairly liquid in the short term due to increased shares in issue, though 6c is a noble price for the counter to make a debut. We believe that in the coming trading weeks the counter will succumb to the markets bearishness and illiquid condition, to ease off to about 3-3.5c,” read the report.