Turnall Restricted, says one of many main shareholders within the roofing and constructing supplies provider, Nationwide Social Safety Authority (NSSA), continues to be engaged in discussions for a transaction to get rid of its curiosity within the listed firm.
The State pensions authority is the most important shareholder in Turnall with a 32,5 p.c stake within the Zimbabwe Inventory Change (ZSE) listed development supplies merchandise producer.
Turnall mentioned the transaction, if profitable may have materials impression on the group’s shares and shareholders should proceed to train warning when dealing within the agency’s shares.
NSSA not too long ago mentioned the proceeds from the disposal of shares can be allotted to impression investments and offshore investments, NSSA normal supervisor Mr Arthur Manase mentioned.
The strategic refocus comes after NSSA disposed of its shareholding in First Capital Financial institution and ZB Monetary Holdings.
NSSA can be implementing the third section of its insurance coverage sector consolidation, which might see it offloading as much as 31,22 p.c in First Mutual Holdings.
In the meantime, Turnall mentioned that following the easing of Covid -19 restrictions within the third quarter of final yr, the group skilled elevated demand for its merchandise.
The Authorities relaxed a number of the Covid-19 restrictions through the third quarter of 2020. This helped stimulate native demand for items and providers within the interval.
The group’s gross sales volumes for the quarter had been 11 p.c above comparable interval final yr and 81 p.c above the earlier Covid-19 impacted quarter.
Cumulative gross sales volumes for the 9 months had been 3 p.c above the comparable interval final yr.
The group’s exports had been 3 p.c of gross sales volumes for the interval with exports negatively affected by the Covid-19 pandemic and resultant transit restrictions.
Manufacturing volumes for the interval had been 31 p.c above the comparable interval final yr.
Cumulative manufacturing volumes had been 3 p.c under the volumes for the comparable interval earlier yr.
Within the outlook, Turnall mentioned the upper seasonal demand is anticipated to proceed within the fourth quarter as prospects roof their properties earlier than the onset of the rains.
The relief of restrictions and opening of borders in December 2020 is anticipated to supply an enchancment within the motion of each individuals and cargo.
The group mentioned it is going to proceed to abide by the Covid-19 tips and rules and make sure the security of stakeholders that work together with the enterprise.
Nevertheless, there’s vital uncertainty on the period and anticipated impression of the Covid-19 pandemic on the enterprise and the economic system.
Turnall produces and markets supplies for the constructing and development trade in Zimbabwe.
The corporate operates in various segments; constructing merchandise which incorporates ceiling boards and roofing sheets, partitioning and fascia boards, flat sheets.
Moreover, Turnall additionally offers in ceiling moulds, piping merchandise which incorporates water and sewer reticulation pipes and concrete merchandise, which incorporates roof tiles.
The corporate additionally produces a line extension vary that features Turnallware flowerpots and backyard décor product, Nutech non-asbestos sheets and Spanish pavers.
The fibre cement division targets the low-income housing sector, native authorities and municipalities by two divisions.