South African IT company Gijima has consolidated its shares, increasing its price by 1,667 per cent yesterday (Monday).
The shares were consolidated by reducing 20 shares to one and moving the price from 6c to 106c.
The current 106c share price is a long way off the ZAR16.73 (US$1.70) it reached in April 2010.
HumanIPO reported in February Gijima had forecasted its financial results ending June 2012 would see a decline in revenue to ZAR2.5 billion (US$252 million).
The company’s chief financial officer (CFO) Carlos Ferreira stepped down earlier this month and was replaced by Liesl Tweedie as acting CFO.