HARARE – Dairibord Holdings (Dairibord)’s says its milk intake and sales slumped in the half year to June 2014. During the period, raw milk intake went down four percent to 12,7 million litres from 13,3 million litres in the half year to June 2013 while sales volumes decreased by six percent to 29,9 million litres…
HARARE – Atlas Mara Co-Nvest Limited (Atlas Mara) plans to inject $100 million into pan-African banking group ABC Holdings (ABCH)’s three major subsidiaries. ABCH’s chief executive, Douglas Munatsi, said the funds will boost capital levels of the group’s Botswana, Zambia and Zimbabwe units. “Atlas Mara has committed an additional $100 million into the group and…
HARARE – Listed roofing materials manufacturer Turnall Holdings is mulling to retrench as part of strategies to contain costs and survive Zimbabwe’s harsh economic environment. The group’s marketing manager, Caleb Musonza, said the company was considering the route as it “exploits all possible cost cutting mechanisms”. “At this point in time, what I can say…
HARARE – Global software giant Microsoft Corporation (Microsoft) says it has no plans to open an office in Zimbabwe, but will partner locals. Hani Shakeel, Microsoft’s regional product manager for the Middle East and Africa, told Business Live that the company was “happy with the present arrangement, which empowers local firms”. “We do have people…
HARARE – Government is looking into bids for the development and installation of a mining cadastre information system, deputy Mines minister Fred Moyo has said. The system — an electronic register showing details of ownership and value of land; for the purpose of taxation — is expected to help Zimbabwe ascertain the number of players…
HARARE – Reserve Bank of Zimbabwe (RBZ)’s move to create a special purpose vehicle that houses $700 million non-performing loans (NPLs) will help ease the liquidity crisis in the country, the Bankers Association of Zimbabwe (Baz) has said. Sam Malaba, the association’s president, said the vehicle was very important for the banking and financial sector….
HARARE – Printing and related services group Celsys Limited (Celsys) seeks readmission to the Zimbabwe Stock Exchange (ZSE) after its majority shareholder, Blueberry International (Blueberry), cancelled a mandatory offer to minorities. The group was voluntarily suspended from the bourse in August 2012. “…Blueberry will no longer be making an offer to minorities but will instead…
HARARE – Zimbabwe’s largest platinum producer, Zimplats, recorded a $97 million profit after tax in the year to June 2014, up 42 percent from $68 million realised in prior comparable period. During the period under review, the Australia Stock Exchange-listed miner — 87 percent owned by South Africa-based Impala Platinum Holdings — registered a 22…
HARARE – Standard Chartered Plc (Stanchart)’s Zimbabwean unit recorded an $8 million profit after tax in the half year to June 2014, up 12,5 percent from $7,1 million recorded in prior comparable period. The local financial institution, wholly-owned by British-based Stanchart, registered a 16 percent growth in profit before tax to $11,7 million during the…
HARARE – Barclays Bank Zimbabwe (BBZ) is expected to double its profit to $3,8 million in the full year to December 2014 due to high quality earnings and declining interest expenses, an investment report has shown. BBZ, a subsidiary of United Kingdom-based Barclays Plc, recorded $1,7 million after tax profit in the six months to…
