Metrofile: Sabvest decreases beneficial interest

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Sabvest had decreased its beneficial interest in Metrofile to 4.72 percent without providing a reason for the open market sale, the largest information and records storage management firm in Africa said yesterday. Sabvest sold the shares in Metrofile in at least six transaction between November 27, 2013 and March 11. In 2006, Sabvest was the underwriter for a R141.7 million rights issue by Metrofile to raise money to settle debt and contingent liabilities. At the time, Sabvest held a 5 percent interest in Metrofile. Sabvest and its subsidiaries conduct investment, finance and related fee earning activities in South Africa and the UK. Metrofile recovered 2.83 percent to R5.09 in midday trading after trading at R5 during the morning from a previous close of R4.95. The stock finally closed at R5.05. Sabvest stock was untraded at R22.50. – Asha Speckman


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