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Botswana Insurance Holdings Limited's (BIHL) share price hit an all-time high on Tuesday at P19.70, capping a week of milestones in which the counter also set the record for the Botswana Stock Exchange’s highest-ever turnover in a trading session.

 

BIHL, the country’s largest and most diversified financial services group, has been generally enjoying an upswing in its share price this year, and before Tuesday, had gained a net 11% on its share price since January.

 

On Tuesday, BIHL gained five more thebe to reach P19.70, its highest point since listing in 1991. Since its listing on the BSE, BIHL, which at one point sank to 20 thebe, has seen its share price rise by more than 7,700%, according to available data.

 

 

This week’s rise came as about as BIHL declared a 70 thebe interim dividend, the highest for listed companies reporting their interims.

 

Earlier in the week, P2.8 billion BIHL shares traded hands in the largest-ever transaction traded on the BSE. The transaction was part of a transfer from Sanlam-linked entities to SanlamAllianz, a new pan-African joint venture formed by Sanlam and Allianz. BIHL directors announced that the shareholding split of Sanlam and Allianz in SanlamAllianz is agreed at 60:40, respectively but this may be subject to change once the post-closing reviews are performed to obtain the final SanlamAllianz shareholding split.

 

Directors added that the deal would not have any impact on BIHL’s operations.

 

The shares which changed hands this week represent Sanlam’s 58.4% interest in BIHL.

 

Mmegi Online

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