HARARE – Innscor’s crocodile-skin producer Padenga Holdings said it aims to increase production by approximately 10 percent in 2015. The company, with crocodile farms in Zimbabwe and the United States (US), said it will meet its target to cull 43 000 crocodiles this year. Its US operation culled 1 833 medium-sized alligators in April 2014….
HARARE – Beverages manufacturer Delta Corporation Limited (Delta) has paid out a total $27, 8m dividend for the year to March 2014. The group — about 22 percent owned by South Africa-based SABMiller — declared a $2,25 cents per share interim dividend bringing the total dividend for the year to$3, 55 cents per share, a…
HARARE – Listed hotelier Rainbow Tourism Group (RTG) has refused to disclose details of its planned retrenchment exercise saying they are yet to finalise the process. The group, which has embarked on a voluntary retrenchment programme as part of efforts to streamline operations and contain costs, could not disclose how many workers would be laid…
HARARE – Denmark says Zimbabwe’s economic blueprint, ZimAsset, is not practical and government needs to come up with concrete steps to revive the stuttering economy. Erik Rasmussen, head of mission at the Royal Danish Embassy Harare office, said without action and policy consistency, ZimAsset might suffer a stillbirth. “The problem with ZimAsset is that it…
HARARE – Econet Wireless (Econet) — Zimbabwe’s largest mobile network operator — has partnered Europe-based money transfer firm WorldRemit to launch a cash remittance service expected to earn about $600 million annually. Darlington Mandivenga, Econet Services chief executive, said the service, EcoCash Diaspora, will function in the 34 countries that WorldRemit is currently operating. “This…
HARARE – Foreign investors are seeking clarity on Zimbabwe’s indigenisation policy before committing their capital, financial advisory firm Imara Edwards Securities (Imara) said. This comes on the back of conflicting reports on government’s position concerning implementation of the law — compelling foreigners to cede 51 percent shareholding to locals. Some reports said government planned to…
HARARE – The Zimbabwe Stock Exchange (ZSE)’s monthly turnover slumped 30 percent to $35,9 million in May from $51,3 million realised prior month, indicating depressed activity on the bourse. According to latest ZSE statistics, average market capitalisation for the period marginally increased to $4,5 billion from $4,47 billion in April. In May, foreign buys stood…
HARARE – Listed bricks manufacturer Willdale Limited yesterday listed its preference shares on the Zimbabwe Stock Exchange. The company recently raised $3,2 million in a rights offer which saw 10 percent semi-annual redeemable cumulative preference shares being snapped up at a subscription price of a $1,00 each. Willdale sought capital to restructure its balance sheet…
HARARE – Toronto Stock Exchange-listed gold producer Caledonia Mining Corporation (Caledonia) is considering expanding its operations from Zimbabwe into the region. Mark Learmonth, the miner’s vice president of corporate development and investor relations, said they were targeting English-speaking countries in sub-Saharan Africa such as Namibia and Zambia. “We have got $26 million cash, which is…
HARARE – Delta Corporation Limited (Delta)’s subsidiary, Megapak — the sole manufacturer of plastic crates in Zimbabwe — says government should regulate loan interest rates to facilitate cheaper borrowing. The unit, facing capitalisation challenges, is seeking capital to replace its antiquated machinery. “We need affordable capital and if government can help regulate lending rates, we…
