Shares in JSE-listed Business Connexion (BCX) hit an intraday high of 475c yesterday, after the company said it was looking at “opportunities”.
Business Connexion yesterday issued a statement to shareholders saying the board was “considering various transactions and opportunities”. It said that these, if successfully concluded, could have a material effect on the price of its stock.
Shares in the group opened at 462c and reached 475c, before settling just after 4pm at 465c, a 3.33%, or 153c, gain. Business Connexion advised shareholders to be cautious when trading shares.
In April, the group said it would keep some of its cash on hand to fund further acquisitions, after growing its bottom line almost fourfold in the first half of the year. CEO Benjamin Mophatlane said the group would look at doing deals if there are good acquisition opportunities.
However, Mophatlane added BCX has a dedicated dividend policy, which is where some of the cash will be spent.
Mophatlane said there are lots of opportunities BCX is looking at in niche areas. The company would also chase deals in Africa if they arise, but these would be “hard work” and it would have to be cautious.
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