Business

HARARE – AIM-listed Africa-focused resources group, Mwana Africa Plc (Mwana), has appointed Yat Hoi Ning as its interim chairman. Ning, who takes over from Stuart Morris who retired last week Friday, will – with immediate effect – fulfil this role until a new chairman has been appointed. Ning joined the Mwana Board in June 2012…

HARARE – Zimbabwe’s largest beverages maker, Delta Corporation (Delta), will on Wednesday this week reward its shareholders with a final dividend of $28,4 million. This will bring the total dividend for the year to March 2015 to $45,1 million, which is three percent above the $43,7 million disbursed in 2014. The Zimbabwe Stock Exchange-listed blue-chip…

HARARE – Hard–hit Zimbabwe government collected a total of $1,65 million from value added tax (VAT) on non-resident tourist accommodation in the four months to April this year, a top official has revealed. Willard Manungo, Finance ministry’s permanent secretary, on Monday told Parliament that government was aware of implications surrounding the VAT introduction and this…

HARARE – Zimbabwe tobacco farmers have so far earned nearly $430 million from the sale of 145,5 million kilogrammes (kg) of flue cured tobacco since the beginning of the current marketing season in March this year, official figures show. Statistics released by the Tobacco Industry Marketing Board (TIMB) on Friday showed that the value and…

HARARE – Listed hospitality concern African Sun Limited (ASL) recorded a profit of $850 519 in the six months to March 2015, compared to a loss of $1,4 million in the prior period, due to increased foreign tourists arrivals. Herbert Nkala, ASL chairman, on Friday said foreign arrivals into the group’s hotels grew by a…

HARARE – Sugar producer, Tongaat Hulett Zimbabwe (Tongaat), says its domestic market sales for the year to March 2015 surged 109 percent to 309 000 tonnes from 148 000 tonnes in 2014 due to the introduction of a 10 percent import duty on sugar early this year. “There was significant improvement in local market sales…

HARARE – The Zimbabwe Stock Exchange (ZSE) is eyeing at least three new listings before the end of 2015 in an effort to end a three-year listing drought. Alban Chirume, ZSE’s chief executive said the local bourse has been working hard since 2013 to grow, exchange and meet international standards. “Getting new listings does take…

HARARE – Listed financial services group First Mutual Holdings Limited (FMHL)’s operating profit surged by 1 090 percent to over $1 million in the first four months to April 2015 due to cost cutting measures and rationalisation of branches. Douglas Hoto, FMHL’s chief executive said the positive growth trajectory came on the backdrop of declining…

HARARE – Zimbabwe must stop mortgaging minerals to secure loans but must negotiate deals more shrewdly to preserve future generations from bad decisions, a renowned Ghanaian economist said. Douglas Boateng, Africa’s first ever extraordinary professor in supply and value chain management, told an Institute of Directors Zimbabwe (IoDZ) awards ceremony recently that government was compromising…