HARARE – Listed Innscor Africa Limited (Innscor) chairman David Morgan has resigned. The group is set to notify shareholders of his resignation at its annual general meeting (AGM) next month. This comes on the back of a management shakeup or restructuring at the diversified group, which saw the appointment of former Ellerines South Africa boss,…
HARARE – Denmark’s Trade and Development minister, Mogens Jensen, is expected in Zimbabwe next week to explore possible commercial opportunities between the Nordic country and the southern African nation. The country’s embassy said Jensen — who is the first senior politician from a Western nation to officially visit Zimbabwe since the elections in 2013 —…
HARARE – Listed Hwange Colliery Company Limited (Hwange) has drawn down $1,8 million from a $6 million BancABC loan. Its managing director, Thomas Makore, said the drawdown period for the funds, earmarked as working capital for the hard pressed coal producer, is three months. “So far we have drawn 30 percent of the $6 million,”…
HARARE – Econet Wireless Zimbabwe Limited (Econet) has wholly acquired TN Medical — owned by the group’s former chairman Tawanda Nyambirai — for an undisclosed amount. This comes as Econet last year took over Nyambirai-founded TN Bank Limited, now Steward Bank, after increasing its stake in the financial institution from 45 percent to 97, 96…
HARARE – South Africa (SA) says it is willing to assist Zimbabwe in developing and growing its diamond industry. This comes as Zimbabwe — once believed to have capacity to supply more than 25 percent of the world’s alluvial diamonds — plans to resume local gem auctions after facing challenges on international markets, particularly in…
HARARE – Zimbabwe’s 2015 national budget funding is under threat as government continues to miss revenue targets, economists warn. The country — whose forthcoming year’s budget is traditionally presented between November and December — is running on a cash budget after failing to secure external support, but tax income is dwindling on the back of…
HARARE – Zimbabwe’s banking sector remains stable despite systemic risks posed by struggling banks, but the Central Bank must strengthen supervision of financial institutions, an analyst says. This comes amid growing concern that several banks — which are undercapitalised and have shown signs of strain — could collapse, causing a contagion effect and panic across…
HARARE – CBZ Holdings and CABS have already met the $100 million minimum capital requirements set by the Reserve Bank of Zimbabwe (RBZ) six years ahead of the deadline. The central bank, which early this year extended the minimum capital requirements from June this year to June 2020 due to a biting liquidity crunch in…
HARARE – The Zimbabwe Stock Exchange (ZSE) says company takeovers are likely to increase, as most listed stocks are undervalued. “In the current environment where the market values of counters are generally at a discount to the net asset value of the companies, it is expected that the number of mandatory offers will increase,” said…
HARARE – The Civil Aviation Authority of Zimbabwe (Caaz) is seeking to engage companies able to supply aviation fuel to airlines covering Harare, Joshua Nkomo and Victoria Falls International airports. In a general notice 438 of 2014 within the 64th government gazette, Caaz through the State Procurement Board (SPB) wants “lease and concession agreement for aviation…
