Zfn Realtime financial intelligence

NicozDiamond shareholders approve $4 mln rights offer at EGM

HARARE - NicozDiamond (NICO.ZI) shareholders approved a rights offer to raise around $4 mln to recapitalise the business, at an EGM this morning.

MD Grace Muradzikwa also told shareholders the capital raising would enable the group to retain 70% of the business it writes, as opposed to 50% currently.

Providing a trading update for the 10 months to October 31, she said the group had posted a pretax profit of $1.4 mln on GPW of $9 mln. The pretax profit was split between an underwriting profit of $700 000 and investment income of $716 000.

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