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 – Investments group TA Holdings Limited (TA) is expecting a viable Sable Chemicals electricity tariff to be finalised during the second half of the year as it seeks to minimise losses by the fertiliser manufacturing unit. In its unaudited statement for the half year to June 2014, the group says while significant progress has…
HARARE – Metbank Limited (Metbank) Group chairperson Wilson Manase last week said it was seeking to raise $100 million in an effort to recapitalise the financial institution and meet the minimum capital requirements set the by Reserve Bank of Zimbabwe. Manase said plans are currently underway to ensure that the funds are realised before the…
HARARE – Zimbabwe Stock Exchange-listed NMB Holdings (NMB) profit in the half year to June plummeted by 50 percent from $2,6 million recorded last year to $1,3 million. In a statement accompanying the group’s condensed unaudited financial results for the period under review, NMB chairman Tendayi Mundawarara said the latest results were an improvement on…
HARARE – Zimbabwe’s largest platinum producer, Zimplats, has commenced work to refurbish a base metal refinery (BMR) in line with government’s policy on beneficiation. Muchadeyi Masunda, the group’s chairman, on Friday said the procurement of long lead items for the BMR as well as mass balancing and capacity confirmation on the preferred flow sheet have…
HARARE – Standard Chartered Zimbabwe (StanChart), Germany-based Commerzbank Aktiengesellschaft and Investec Asset Management Proprietary Limited have concluded a $60 million three-year syndicated term loan facility for FBC Bank Limited (FBC). The syndication is significant in that the funds will introduce valuable liquidity into the market, as well as enable FBC to support strategic growth sectors…
HARARE – The Reserve Bank of Zimbabwe (RBZ) has issued nearly half a billion dollars’ worth of bonds and Treasury Bills (TBs) since the beginning of the year to repay part of the central bank’s decade-long debt to financial institutions, corporates and farmers. John Mangudya, the RBZ governor in his maiden monetary statement on Monday…
HARARE – Zimbabwe Power Company (ZPC) is seeking regulatory approval from the Zimbabwe Energy Regulatory Authority (Zera) to sell 80 megawatts (MW) to large electricity consumers. The initiative is part of efforts to raise additional funds for the $380 million Kariba South expansion plan. “The sale will be done under a power purchase agreement between…
HARARE – Listed short-term insurer NicozDiamond Insurance Limited (NicozDiamond)’s Mozambique unit weighed down the company’s profits in the half year to June. Albert Nduna, the group chairperson said Diamond Seguros had not performed well for the period under review. “A significant portion of the loss came from Diamond Seguros Mozambique, in line with expectations, as…
HARARE – International fast-food retail giant KFC is planning to open more branches in Zimbabwe, in a development that will result in employment creation in the country. Bruce Layzell, general manager of New African Markets for the Yum Restaurants International — a subsidiary of KFC — said the company’s vision was to be accessible to…
