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The National Social Security Authority increased its shareholdings in Zimre Holdings after it purchased around 18 million shares from an investment vehicle held by a foreign investor.

The shares were traded last Friday at 1,78c, a price which was down 1,11 percent from the previous price of 1,8c and were worth $322 350. They constitute about 1,18 percent of the group.

They were sold by an investment vehicle LAG Malta belonging to foreign investor Noel Hayes. Hayes also has interests in companies such as Turnall, Fidelity Life, Nicoz Diamond, FMHL and FBCH. He is based in Madeira Portugal. In Turnall Mr Hayes now holds a board seat after increasing his shareholding to 15 percent

NSSA is the third largest shareholder in Zimre after the Rudlands and Government. The acquisition increases their shareholding marginally from 19 percent but is still below half of what the majority shareholder holds.

The institution has been vocal about decisions made by its former managers not to follow their rights when Zimre made a capital call for $15 million.

Government also did not follow its rights after advice from the State Enterprises Restructuring Agency.

Investigations into the deal are still ongoing.

In the year to December, Zimre recorded a $5,16 million loss an increase from the $3,73 million loss posted in 2014.

The position was mainly attributed to the negative fair value adjustments on group investment properties of $4 million, retrenchment costs and the impact of the performance of CFI Holdings. – Wires.