FSG rallies on BIHL overtures

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Takeover target, Funeral Services Group (FSG), was the top performer on the Botswana Stock Exchange (BSE) last week buoyed by demand from speculative investors seeking a possible premium on the stock.

Last month, the company announced that it was in negotiations with BIHL, for a transaction that could result in the funeral services company being taken over by the diversified financial services giant.In the last five trading days, FSG climbed 5.1 percent to 185 thebe taking its year to date growth to over 42 percent.

"BIHL's recent market update of a possible takeover of FSG has since sparked demand for the funeral services stock on the backdrop of a possible premium to the shares when taken over. However, management of BIHL has not disclosed how the deal will be finalised or any of its proceedings. As a result of the gain on FSG, the stock was the top mover for the week, up 5.1 percent to a new 12 month high of 185 thebe," said Motswedi Securities in a market commentary.

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