Foreign investors snapped up Tanzania Breweries Limited (TBL) shares last week to send the weekly turnover at the Dar es Salaam Stock Exchange (DSE) to a record performance over five years.
The beer maker transacted a total of 6,292,603 shares to contribute Sh 84.95 billion (US$ 38,191,962.38), almost equivalent to last week’s Sh 85.8 billion (US$ 38,574,106.79) turnover.
The sh85.8 billion (US$ 38,574,106.79) turnover was a rise from only Sh 2.99 billion (US$ 1,344,249.17) that was registered during the week ending November 3,2017.
Last week’s trading activities started slowly, with the maker of Kilimanjaro Premium Lager and Safari Lager transacting only 223 shares at a weighted average price of Sh 13,200 (US$ 5.93) per share.
The situation was not very different on Tuesday and on Wednesday when the beer maker transacted only 2,153 and 200 shares respectively. The pre-arranged trade took place on Thursday, where a total of 5,898,570 shares and some 9,066 more on normal basis at a weighted average price of Sh13,500 (US$ 5.93) per share to contribute a staggering Sh79.753 billion ($ 35,855,486.46) to the day’s turnover.
The massive sale happened just one day before the company held its Annual General Meeting (AGM) in Dar es Salaam, where executives announced a 6% drop in revenue for the year ended March 2017 compared to the preceding year.
Market analysts share the view that TBL remains the most profitable manufacturing house in Tanzania. Simultaneously, investors maintain a bullish outlook that they will keep yielding dividends going forward.
This is the second time in less than two months that TBL is recording massive share sales.
During the week ending September 22, 2017, the Dar es Salaam-headquartered brewer transacted a total of 3.95 million shares to contribute a total of Sh53 billion ($ 23,827,828.2) to that week’s performance.
TBL Group is a subsidiary of the Belgium-based Anheuser-Busch InBev (AB-InBev). AB-InBev acquired South Africa-based SABMiller towards the end of 2015 at deal that was valued at $107 billion.