Stanbic IBTC 8% stake drives Beta Glass surge
by PATRICK ATUANYA
April 18, 2017 | 3:05 pm| | | Start Conversation
Stanbic IBTC holdings has quietly acquired a 7.9 percent stake in Beta Glass Stock at the end of 2016, up from 0 in 2015.
Beta Glass Plc which is engaged in manufacturing and selling of glassware is the second best performing stock on the Nigerian Stock Exchange (NSE).
Beta Glass stock has gained 53 percent year to date outperforming the NSE all share index which is down 5.03 percent in 2017.
Fig 1: Beta Glass Plc 1-yr chart
Beta Glass is a mid-cap stock with market capitalisation of N23.1 billion.
The company manufactures, distributes and sells glass bottles and containers for the soft drinks, wine and spirit, pharmaceutical and cosmetics companies.
Beta Glass has manufacturing plants in Agbara Ogun state and in Ughelli Delta state. The Company exports to over 13 countries, including Angola, Benin, Burkina Faso, Cameroun, Gabon, Gambia, Ghana, Guinea, Liberia, Mauritius, Rwanda, Sierra Leone and Togo.
The Company is a subsidiary of Frigoglass Industries Nigeria Limited.
With institutional interest soaring and Beta Glass sitting on N8 billion in cash, the stock may have more room to run, especially with its thin float.
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