Business

HARARE – Investment group TA Holdings Limited (TA) is seeking applicable regulatory approvals to prepare for its takeover by London-listed Masawara’s wholly-owned subsidiary, Masawara Mauritius. This comes as the Zimbabwe Stock Exchange-listed conglomerate recently received an offer from Masawara Mauritius to acquire 58,96 percent of the company’s ordinary issued share capital. Masawara currently holds an…

HARARE – Zimbabwe Tourism Authority (ZTA) has instituted legal proceedings to compel operators in the hospitality industry to remit outstanding levies collected from all users of tourism facilities on its behalf. The authority is owed over $300 000 in taxes, which operators in the industry are legally obligated to remit to the authority. ZTA has…

HARARE – Zimbabwe’s largest financial services group by assets, CBZ Holdings (CBZ) has declared an interim dividend of $1,2 million for the half year ended June 30, 2014. The group’s Board declared a half-yearly cash dividend of $0,183 per share on its common stock to be paid on September 16, 2014 to shareholders of record…

HARARE – Reserve Bank of Zimbabwe (RBZ) has begun payments of a 16-year-old debt to diversified conglomerate, Meikles Holdings Limited (Meikles). John Moxon, the Meikles chairman yesterday said the group was in receipt of Treasury Bills of $49,6 million in funds of deposit from the central bank as part of repayment of the debt which…

HARARE – Atlas Mara Co-Nvest Limited (Atlas Mara) says the completion conditions for the voluntary public offer of Atlas Mara Beteiligungs AG for African Development Corporation (ADC) have been satisfied. The deal now awaits regulatory approval and the “settlement will take place in accordance with the terms and conditions of the offer document”. A total…

HARARE – Africa-focussed resources group, Mwana Africa plc (Mwana) says the resumption of smelting at its Zimbabwe unit Bindura Nickel Corporation (BNC) will assist in creating employment in the troubled southern African country. Stuart Morris, the Mwana interim chairman said Zimbabwe was aware of the need to foster mining and investment, at the same time…

HARARE –  Nestle Zimbabwe Limited (Nestle) managing director Kumbirai Katsande is set to step down from the helm of the Swiss multinational local unit at the end of September after a four-year stint. The renowned business executive who was in his second spell with the company from horticultural group Ariston, presided over the company during…

HARARE – Zimbabwe Stock Exchange (ZSE)’s monthly turnover for July declined by 12 percent to $25,22 million while lurching 42 percent lower year-on-year, a recent report by EFE Securities has shown. The equities advisory firm noted that the monthly decline was against a dearth in local demand as the liquidity crunch continues to worsen. Market…

HARARE – Egyptian airline, Egyptair, has decided to roll back its Zimbabwean operation from next month, adding to woes of a flagging aviation industry, which has been battered by deteriorating economic and political slowdown. The flag carrier of Egypt, which returned to the Zimbabwean skies last year after a nine-year breather, informed the Civil Aviation…

HARARE – Government’s efforts to engage Chinese and South African companies for the setting up of cigarette manufacturing plants will reduce the country’s dependence on raw tobacco exports, analysts say. The southern African country, which recently auctioned 214 million kgs of tobacco, exports more than 90 percent of the golden leaf in its raw form….