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through a special bargain deal involving 9,2 million shares at US2c.
The transaction, executed by Interfin Securities on Wednesday, was worth about US$200 000.
The buyer and the seller could not be established at the time of going to print.

As a result of the special deal, volumes traded doubled to 28 million as foreign inflows and outflows tumbled 69 percent and 65 percent to US$421 712 and US$442 293 respectively.
Total turnover for the day declined 38,83 percent at US$1,4 million inclusive of the special bargain deal. PG has 478 329 817 shares in issue.

There was also an upward movement in the PG debenture which rose US4,31c to close at 104,31c. Its significance is centred on the fact that this is still the only listed debenture traded on the bourse.
Fixed income instruments are still a very rare commodity on the ZSE and one, which yields 10 percent per annum, such as the PG debenture, is therefore an attractive purchase.

The movement in the debenture prices was also followed by a marginal upward movement in the PG share price of 0,55 percent to close at US2,01c in normal trades.
The arrival of the new investor comes after regional financial institution BancABC had indicated plans to dispose of its 15 percent stake in PG.

The decision by BancABC came after the company failed to make profits, posting a US$7,5 million loss for the financial year ended December 2010.
BancABC chief executive Mr Doug Munatsi early this year said: “The stake is available for sale.” He said this after PG issued a loss warning statement.

PGIZ losses were largely driven by a lower-than-forecast third-quarter performance, resulting from the timing of the impact of the recapitalisation of operations.
TA Holdings is another listed company that has a significant stake in PG and has suffered from losses incurred by the company.

PG operates PG Building Supplies, PG Glass, PG Timber, PG Properties, Zimtile, DST, Manica Boards and Doors and Mitek Zimbabwe. PG started operations in 1949 in Bulawayo as a merchandiser of glass and timber and diversified over the years into a wide range of products and services, including timber boards, cement, hardware, plumbing, glass, windscreens, wood and glass-based value-added products.

Operations had been hamstrung by hyperinflation, which resulted in shortage of working capital, failure to service plant and machinery, procure spares and replace old machinery.
Last year, the listed company raised US$11 million after a huge shareholder response to its rights offer and convertible debenture issue.
The company’s rights issue, which drew a 78 percent response from shareholders, was the most successful capital-raising scheme through an equity instrument since the adoption of the multi-currency system in 2009.