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TSL Zimbabwe Stake Bought by Foreign Investor, Herald Reports

July 23 (Bloomberg) -- An unidentified foreign investor paid $2.4 million for 27.9 million shares in Zimbabwe’s TSL Ltd., the state-controlled Herald reported, citing Harare-based stockbrokers Lynton Edwards.

Shares in the company sold for 9 cents each, the Herald said. Foreigners accounted for 94 percent of trade on the Zimbabwe Stock Exchange on July 20, it said.

TSL owns the world’s largest tobacco auction floor and competes with closely held Burley Marketing (Pvt) Ltd. and with merchants such as Richmond, Virginia-based Universal Corp., which buys leaves directly from farmers.

To contact the reporter on this story: Brian Latham in Johannesburg at in Harare at blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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