No concrete interest in acquisition of Jumia yet – Zinox Group

Following the rumoured acquisition of pan-African e-commerce brand, Jumia by Sub-Saharan Africa’s tech conglomerate, the Zinox Group and possibly merging it with Konga, Head of Corporate Communications at Zinox Group, Gideon Ayogu clarified that there is currently no concrete interest.

A Series of trending media reports in both local and international media, had suggested that a potential acquisition of Jumia by the Zinox Group may be on the cards, with rumours suggesting that the Chairman of Zinox Group and Forbes Best of Africa leading tech icon, Leo Stan Ekeh, had been indirectly ramping up stakes in Jumia, preparatory to a takeover bid.

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Ayogu in a virtual chat with newsmen revealed that the speculations had seen investors increase their buying interest in the firm, which effectively contributed to shoring up the value of Jumia shares as it rose 14.8per cent last Friday; opening at $5.13 per share, closing at $5.89 per share and currently trading at a little under $7 on the New York Stock Exchange (NYSE).

According to him, the frenzy of media anticipation and rumours of a likely acquisition may not have been wrong, but there must have been a leak somewhere and a misrepresentation of the core intention.