Business

HARARE – EconetLife, a subsidiary of Econet Wireless Zimbabwe which offers the popular EcoSure micro insurance product, has launched the “Mabhodho Zvakare Promotion” which encourages communities to band together and consolidate their local bereavement support groups into formal Burial Societies for purposes of better supporting each other in difficult times of loss of life for…

HARARE – Premier Service Medical Aid Society (Psmas) yesterday launched a new low-cost medical insurance package tailor-made for the informal sector. Backed by years of research and with detailed input from members of the informal sector, Psmas’ Shield Plan offers unmatched services at an entry price of $10 per member per month. With an annual…

HARARE – Mobile network operator NetOne has partnered BancABC in a $10 million deal that will see the company’s subscribers buying smart phones over a 12-month period. The State-owned NetOne’s acting chief executive, Brian Mutandiro, said the company’s over 6,5 million subscribers will have an option to buy a variety of smart phones from international…

HARARE – State-owned financial institution Agricultural Bank of Zimbabwe (Agribank) is negotiating for $48 million in fresh capital with government to recapitalise the business. The bank’s chief executive officer — Sam Malaba — said the bank, whose core mandate is to fund the country’s agriculture sector, was courting strategic partners to raise funds to recapitalise…

HARARE – Southern Africa focused investment firm, Masawara, has disposed its Ugandan insurance unit, Lion Assurance Company Limited (Lac) for $5,7 million. Maureen Erasmus, a director with the Jersey-registered firm, said proceeds from Lac will be utilised to settle a long-term loan repayment of $1,1 million which is due on Friday, and settle early a…

HARARE – Diversified group, Zimre Holdings Limited (ZHL), has begun negotiations over the disposal of certain assets as it intensifies its restructuring drive. Company secretary Lovemore Madzinga yesterday said the firm wanted to use the disposal proceeds in new ventures. “The company has begun negotiations over the disposal of certain assets held by the company….

HARARE – National power utility Zesa Holdings subsidiary — Zimbabwe Power Company — has become one of the few government entities to record a profit. The State-owned company’s managing director Noah Gwariro said ZPC has recorded a $25,3 million profit after tax for the year ended December 31, 2016. “This was attributed to a decrease…

HARARE – Hotel operators in Victoria Falls are reporting a better-than-expected half year profit and raising their earnings forecast for the year, helped by a boost in business travel following a recently commissioned $150 million international airport. This comes after Kenya Airways and Ethiopian Airways in April introduced direct flights to Victoria Falls from Nairobi…

HARARE – First Mutual  Life Holdings Limited (FMHL) last week announced plans to pursue a rights offer to raise $17,25 million, the businessdaily can report. The implementation of the rights offer will depend on the Zimbabwe Stock Exchange-listed FMLH shareholders who are expected to approve the transaction at an extraordinary general meeting (EGM) to be…

HARARE – The Special Economic Zones Authority (Seza) has begun hunting for a new chief executive officer who will spearhead the country’s quest for increased foreign direct investment through Special Economic Zones (SEZs). SEZs allow investors to operate under special conditions that are different from the rest of the economy and give investors more privileges….