Sale signs go up

Ste­fanutti ad­dresses liq­uid­ity is­sue

Finweek English Edition - - COMPANIES & MARKETS -

IT’S A NER­VOUS MAR­KET these days – and con­se­quently there are not too many trans­ac­tions to mull this week. Still, it’s not easy to look past some of the rather large sales in this week’s ta­ble – even if you aren’t prone to para­noiac bouts when the global fi­nan­cial sys­tem creaks. In terms of sheer value and vol­ume it’s the sale by a host of direc­tors in build­ing and con­struc­tion spe­cial­ist Ste­fanutti Stocks Hold­ings and Namibia-based di­ver­si­fied re­tailer Nic­tus that catches the eye.

In Ste­fanutti’s case the sales were part of an ex­er­cise to sell stock to lo­cal in­vest­ment in­sti­tu­tions to im­prove liq­uid­ity. Nev­er­the­less, it’s a sale and pun­ters can draw their own con­clu­sions about whether share­hold­ers should fol­low the ex­am­ple of direc­tors and make their own do­na­tion to the com­pany’s liq­uid­ity cause.

Chair­man and co-founder Gino Ste­fanutti – who only a few weeks ago sold R17m worth of shares – cashed in R360m in this liq­uid­ity ex­er­cise: one of the big­ger chunks of change brought to book in these ta­bles over the years.

The fact that Ste­fanutti’s co-founder is look­ing so flush must have direc­tors of sev­eral smaller and less for­tu­nate con­struc­tion

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