• Thursday, July 18, 2024
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We are not in talks with Zinox over acquisition – Jumia replies

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Jumia has debunked rumours it is in talks with Zinox Technologies over a possible acquisition. The company told BusinessDay that it does not have such plans and it is more prominent in terms of continental presence than Konga, the ecommerce unit of Zinox, and its closest rival in the market.

This follows reports suggesting that Stan Ekeh, the chairman of Zinox Technologies is interested in buying the ecommerce company. One of the reports claimed that the Zinox chairman has been scooping Jumia shares indirectly suggesting a possible acquisition could be in play if the opportunity arises.

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A source close to the Zinox chairman said they can neither confirm nor debunk the interest but expects that Stan Ekeh would likely make a statement soon.

A spokesperson for Jumia told BusinessDay that there was nothing to the rumour and the reports were published without contact with the company. Jumia plans to release its financial results on Tuesday.

Some experts say the acquisition rumours may have been responsible for a recent surge in the share price of Jumia. On Monday, the shares of the company rose to $6.06 from $5.13 with market capitalisation rising to $601.26 million from $588 million.