Bloomberg News

Scangroup Rises Most in Three Months on Block Sale of Shares

January 12, 2012

Jan. 12 (Bloomberg) -- Scangroup Ltd., East Africa’s biggest marketing and advertising company, gained the most in almost three months on speculation that investors will continue to release blocks of shares for sale.

The stock gained as much as 6.7 percent, the most since Oct. 28, to 39.75 shillings and traded at 37.50 shillings at 1:42 p.m. in Nairobi.

“The stock is largely moving due to expectation on the market that more blocks of shares will come to the market as the strategic investors continue to exercise their exit option,” George Bodo, a research analyst at Nairobi-based ApexAfrica Capital Ltd., said on phone.

Company directors and employees who had been prevented from disposing of stock by the capital market authority have started selling their stakes after the expiry of the lock-in period.

--Editors: Peter Branton, Gavin Serkin

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus