HARARE – Atlas Mara Co-Nvest Limited (Atlas Mara) has given minority shareholders an ultimatum to sell their shares within six weeks to the United Kingdom-based company for $0,82 per share. This comes after shareholders holding 1,3 percent (3,34 million shares) of Pan African banking group ABC Holdings in November last year declined a mandatory takeover…
HARARE – The High Court has given struggling PG Industries Zimbabwe Limited (PG) the green light to continue with its scheme of arrangement with concurrent creditors, after its last attempt to register its debt repayment plan with the court hit a snag when a major creditor raised concern over the scheme. PG, which owes various…
HARARE – Zimbabwe’s poultry industry total chick production went up by 22 percent to 78,4 million birds in 2014 from 64,4 million recorded in 2013, a latest industry report has indicated. According to Zimbabwe Poultry Association (ZPA) chairperson Solomon Zawe, the broiler industry continues to grow from strength-to-strength and set new monthly and yearly records….
HARARE – In South Africa (SA), they have got Theo Botha – the irrepressible shareholder activist – and Zimbabwe could be getting its own version in the form of businessman Chester Mhende. About two decades ago, he made his name in property development, entered politics and now he has reinvented himself as some David in…
HARARE – Zimbabwe’s economy is set to slump further this year due to continued decline in global commodity prices, fiscal challenges, and possible difficulties in policy implementation, the International Monetary Fund (IMF) has said. This comes as the Bretton Woods institution had earlier predicted that Zimbabwe’s economy would grow by 2,8 percent this year compared…
HARARE – The Zimbabwe Stock Exchange (ZSE) is expected to record negative growth this year due to political uncertainties and depressed economic activity, market experts have warned. Equities research firm Lynton-Edwards Stockbrokers (Les) this week projected the local bourse to close approximately 10 percent in the negative position at year end. “Factors that support our…
HARARE – Businessman Shingi Munyeza has clinched three more international restaurant franchises as he seeks to extend his dominance in the fast-food sector. The former African Sun Limited chief executive, who already owns Mugg & Bean, Ocean Basket and News Café franchises in Zimbabwe, told businessdaily yesterday that he will soon be opening three new…
HARARE – Eight short-term insurance companies reported losses in the full year to December 2014 as Zimbabwe’s moribund economy continues to affect the country’s insurance industry. A report by the Insurance and Pensions Commission (Ipec) released yesterday revealed that the increase in losses was due to a more difficult macro-economic environment faced by insurers in…
HARARE – Zimbabwe is now ready to re-join the London Bullion Market Association (LBMA) after producing more than 10 tonnes of gold annually in the past two years, Finance minister Patrick Chinamasa has said. The country has, for the past six years, been struggling to gain re-entry into the elite group of gold producers in…
HARARE – International brewing giant, SABMiller Plc, has expressed concern over the declining economic situation in Zimbabwe which saw net producer revenue (NPR) of its local unit — Delta Corporation — shrinking by five percent. In a trading update, SABMiller Plc said challenges continue to persist in Zimbabwe due to the economic environment. “Soft drinks…
