HARARE – The Competition and Tariff Commission (CTC) says it will approve the Hunyani Holdings Limited (Hunyani) takeover by South Africa- based Nampak Holdings (Nampak) within the next two weeks. Ben Chinhengo, the commission’s assistant director, yesterday told Business Live that CTC’s board is set to deliberate on the matter. “Initially, the board meeting had…
HARARE – Zimbabwe has embarked on a third and final phase of the International Monetary Fund (IMF)’s Staff Monitored Programme (SMP). The country met quantitative targets and structural benchmarks set under the programme’s second stage, which ended in June. The final phase, 15 months long, began this October . Samuel Undenge, deputy Finance minister, on…
HARARE – The Zimbabwe Tourism Authority (ZTA) has signed a tour services agreement with the Netherlands-based Aviareps Tourism (Aviareps) under a cost-effective strategy to market the country. The destination promotion partnership covers Belgium, the Netherlands and Luxembourg —known as the Benelux market — and under a new thrust or process which Authority chief executive Karikoga…
HARARE – Newly-rebranded Old Mutual Insurance (OMI) is the most liquid short-term insurer in Zimbabwe, with $13,5 million by end of June 2014, ahead of the $1,5 million minimum capital requirement. A report released this week by the Insurance and Pensions Commission (Ipec) revealed that OMl — formerly RM Insurance Company — was followed by…
HARARE – London-listed resources group Premier African Minerals (Premier) has extended its Zimbabwean tungsten mine’s lifespan by nine years after a study indicated more reserves. A recent survey of Premier’s tungsten project by Bara Consulting highlighted increased resources, almost doubling the estimated value of the mine in Kamativi, north-west Zimbabwe. The mine is now projected…
HARARE – Africa Albida Tourism (AAT) plans to invest $18 million towards the construction of an amusement park, Santonga, in the resort town of Victoria Falls. “The layout, infrastructure, design and content plans are very well advanced, enough to start on site very soon with landscaping,” said Dave Glynn, the group’s chairman. Santoga, whose construction…
HARARE – South African Airways (SAA) plans to introduce direct daily double flights from Johannesburg to Victoria (Vic) Falls, Zimbabwe. Aaron Munetsi, the airline’s regional manager for Africa and the Middle East, said they will commence the service upon completion of the $150 million refurbishment of the Vic Falls International Airport in the resort town….
HARARE – Zimbabwe Stock Exchange-listed companies are increasingly opting for electronic platforms to cut costs on publishing financials and other documents. This comes as most firms are distressed due to the acute liquidity crisis prevailing in the country. According to the bourse, the trend is, however, in violation of listing rules which require the listed…
HARARE – London-listed resources firm Mwana Africa Plc (Mwana) has begun processes to restart its smelter at Zimbabwean subsidiary, Bindura Nickel Corporation. The group invested $26,5 million in the refurbishment of the smelter. In a quarterly operations and exploration update released today, Mwana indicated that post the approval to restart the smelter, preparatory work was…
HARARE – Zimbabwe’s short-term insurers’ future is gloomy, as the firms continue to haemorrhage due to the deteriorating country’s economy, a latest industry report has shown. According to the Insurance and Pensions Commission (Ipec) second quarter survey, profitability declined for the firms, the majority of whom are failing to meet minimum capital requirements due to…
