Nico Holdings sees share price rebound

Listed financial services and investment group Nico Holdings Limited says it is hopeful of share price rebound and growing profit, outgoing chairperson Alaudin Osman has said.

Speaking at an annual general meeting in Blantyre on Friday, he said the group’s share price experienced a significant drop in 2016, closing at K17 per share after opening at K28 per share at the beginning of the year.

Osman said they are hopeful the measures they have put in place will result in the share price rebound and recovery in performance.

“Our relationships with Botswana Insurance Holdings Limited and Sanlam Emerging Markets are growing from strength to strength.

“We are leveraging on both companies in terms of management training and various intervention and initiatives,” he said.

In his remarks, Nico Holdings Limited managing director Vizenge Kumwenda said business in 2016 was good except for one of its subsidiaries, NBS Bank, which has been sailing in turbulent waters.

“We had challenges at NBS Bank and we reported a loss of K4.3 billion after tax. The future looks brighter [and] within the next two weeks, we will release half year results which are much better than 2016.” n