Zimbabwe Stock Exchange-listed firm Axia Corporation Limited says it has increased its shareholding in Transerv to 51%.

In its latest financial report, the group said it had snapped up “an additional 24.5% stake in Transerv for US$900 000 in a move geared towards maximizing shareholder value.”

Axia is a retail enterprise that sells specialty homeware furniture and electrical appliances through 38 nationwide retail outlets; and retails automotive spares across multiple channels with a footprint that stretches to Zambia and Malawi.

According to management, the acquisition should enable Transerv to pursue strategies that maximise shareholder value with further alignment and support from the Axia group.

The group consolidated the Transerv results from January 1, 2020.