HARARE – Zimbabwe Stock Exchange (ZSE)-listed pharmaceuticals manufacturer Medtech is facing an uncertain future should a strategic transaction fail to go through this year. The group’s chairperson, Rose Mazula, yesterday said Medtech’s future lies in the anticipated transaction, which will see the group place about 70 percent in its medical unit with a potential investor…
HARARE – The row between NetOne Cellular (NetOne) and suspended chief executive Reward Kangai’s allies has deepened with Bopela Group (Bopela) petitioning the Institute of Chartered Accountants Zimbabwe (ICAZ) to investigate the company’s chief financial officer Sibusisiwe Ndlovu. This also comes as the “unwanted” executives coming under renewed fire over the Firstel Cellular (Firstel) empowerment…
HARARE – Zimbabwe Stock Exchange-listed hotel group, African Sun Limited (ASL), says it has exited all its regional markets focusing on local operations to plug cash haemorrhages from the external operations. ASL chairman Herbert Nkala said the group had abandoned its regional strategy to focus on Zimbabwe operations shutting down business in Nigeria, Ghana, South…
HARARE – Zimbabwe’s continued economic decline resulting in massive company closures has seen security firms engaging in unethical practises to win clients. The Security Association of Zimbabwe (Saz) out-going president Chamunorwa Ngwerume said depressed demand for security services and the acute liquidity crunch were forcing some companies to break the law for survival. “We have…
HARARE – Indigenisation minister Patrick Zhuwao says his ministry has approached Treasury after it emerged that amendments to Zimbabwe’s black empowerment laws would, in the long run, force empowered employees to sell off their shares to meet tax obligations. Speaking on the sidelines of a meeting with stakeholders in the capital last week, Zhuwao said…
HARARE – Stanbic Bank Zimbabwe (Stanbic), a unit of South African Standard Bank, recorded a 15 percent increase in profit to $23,9 million from $ 20,7 million for the year to December 31, 2015 buoyed by a surge in net interest income. In a statement accompanying the group’s financials, Stanbic chairman Stanford Moyo said the…
HARARE – Microfinance institution GetBucks Zimbabwe (GetBucks) has declared an interim dividend of $500 000 for the six months to December 31, 2015, despite a difficult operating environment. In a statement accompanying the MFI’s financials for its half year, GetBucks company secretary Paul Soko said the dividend was $0,0457 per share in respect of all…
HARARE – Old Mutual Zimbabwe (OMZ) posted a $13,3 million profit for the year to December 31, 2015 from $10,9 million on the back of a strong performance by the group’s life business. Old Mutual Zimbabwe managing director, Jonas Mushosho, told analysts in the capital on Wednesday that group revenue had recorded a six percent…
HARARE – Granite miner Arcturus Stone Quarries (ASQ) is “poised to meet customer demand and take advantage of new construction industry opportunities” presented by housing developments around Harare by increasing production at its Caledonia plant, mine manager Charles Garande says. The company’s positivity or optimism not only arises from renewed activity on the individual residential…
HARARE – Zimbabwe Stock Exchange-listed companies are scrambling to declare dividends despite the worsening economic and liquidity situation in the country. Economic experts say the listed counters — from financial services to property developers — are rushing to declare dividends as a way to appease shareholders who have shown faith in them during the difficult…
