HARARE – Zimbabwean exporting and importing companies have been urged to utilise the Beira Corridor, a move that can reduce their transport costs by at least 30 percent. Mozambican port authority firm Cornelder, which plans to invest over $70 billion into the port in the next 15 years, said using longer routes was costing Zimbabwean…
HARARE – Beitbridge-Chirundu highway’s rehabilitation is being stalled by the project funder’s insistence to contract non-Zimbabwean companies, Transport ministry’s permanent secretary Munesu Munodawafa said. The project, requiring between $500 million to $700 million, is supposed to be financed by the Development Bank of South Africa (DBSA). Munodawafa told a Confederation of Zimbabwe Industries (CZI) congress…
HARARE – Japanese coatings company Kansai Plascon Limited (Kansai) is set to wholly acquire Astra Industries Limited (Astra) after revealing plans to buy out minority shareholders. Kansai currently owns a 63,25 percent stake in the Zimbabwe Stock Exchange-listed paints manufacturer it acquired for $5,5 million from the Reserve Bank of Zimbabwe in 2013. Last week,…
HARARE – Financial group CBZ Holdings (CBZ) is seeking investors to inject money into its Mauritius-based fund. The CBZ Global Fund (CBZGF), set up to pool capital to finance low-cost housing and energy projects, is part of the group’s new business initiatives. “We have just set this (Fund) up and we were in Mauritius two…
HARARE – Zimbabwe’s second-largest platinum producer Mimosa mine’s platinum group metals (pgm) output increased marginally in the fourth quarter to 60 000 ounces from 51 907 ounces recorded in the third quarter. This resulted in Mimosa recording 111 000 ounces in the full year to June 2014 — the highest to be recorded by the…
HARARE – Financial group CBZ Holdings (CBZ) recorded a $12,8 million profit after tax in the half year to June 2014, down from $16 million recorded in prior comparable period. The group owns Zimbabwe’s largest bank by assets, CBZ Bank. During the period under review, total assets increased to $1,7 billion from $1,35 billion whilst…
HARARE – Zimbabwe cannot afford to dictate terms and conditions when negotiating credit lines because the country is desperate, Finance minister Patrick Chinamasa has said. He said the country is “forced to dance to the tune of those who avail loans”. His remarks come on the back of industry players accusing him of facilitating shoddy…
HARARE – AIM-listed Mwana Africa Plc (Mwana) says its Zimbabwean operations, Bindura Nickel Corporation (BNC) and gold miner Freda Rebecca (Freda), registered a mixed performance in the quarter ending June 2014. The group’s chief executive Kalaa Mpinga said BNC’s nickel production slumped by 14 percent to 1 902 tonnes during the period under review while…
HARARE – Zimbabwe’s second-largest platinum producer Mimosa Mining Company (Mimosa) — jointly owned by Aquarius and Impala Platinum Holdings — has retrenched 137 workers as part of strategies to contain costs. The employees, 103 ordinary and 34 managers, were laid off under a voluntary retrenchment exercise, which had been on the cards since last year….
HARARE – Atlas Mara Co-Nvest Limited (Atlas Mara)’s acquisition of banking group ABC Holdings (ABCH) is nearing completion, with the minimum threshold for the voluntary public offer for shares in African Development Corporation (ADC) having been satisfied. A total 9 010 130 ADC shares, representing 95,17 percent of its current share capital, have been tendered….
