HARARE – Listed grocer OK Zimbabwe (OK) says red tape is stalling its regional expansion plans. Its chief executive Willard Zireva said the group’s efforts to set up operations in two countries he did not disclose (but are reportedly Mozambique and Zambia), have “proved difficult”. “If you go into some of the African countries, those…
HARARE – Zimbabwe has secured a $20 million grant from Denmark aimed at infrastructure development. The financing will be channelled through Zim-Fund — a multi-donor trust fund managed by the African Development Bank (AfDB). It is part of the Denmark-Zimbabwe Development Partnership Programme for 2013 to 2016. The programme is focused on supporting inclusive economic…
HARARE – Hard-pressed Starafrica Corporation (Starafrica) is struggling to find buyers for its Tongaat Hulett Botswana (Tongaat) stake and transport subsidiary Bluestar Logistics. The group was ordered by the High Court in August last year, under a scheme of arrangement, to dispose the investments within six months. Proceeds from the sale were to be channelled…
HARARE – Distressed stationery and battery maker Amalgamated Regional Trading (ART) incurred a $1,2 million loss in the half year March 2014 compared to $286 000 profit realised in prior comparable period. During the period under review, revenue went down 7,5 percent to $14 million from $15,2 million. The group said the depressed performance was…
HARARE – Listed supermarkets chain OK Zimbabwe (OK) plans to spend $16 million in capital expenditure this year, targeted mainly at refurbishments and establishment of bakeries. It intends to renovate six of its retail outlets and open up in-house bakeries, a move resulting in the termination of its deal with Innscor. Innscor was running bakeries…
HARARE – Zimbabwe’s former Finance minister Tendai Biti says government must revise downwards its 6,2 percent 2014 economic growth target to 1,2 percent on the back of depressed revenue inflows. He said government’s revenue collections were inconsistent with its projected target, adding that the economy was in a poor state. “There is a serious downward…
HARARE – Listed horticulture concern Ariston Holdings (Ariston)’s profit after tax slumped 52 percent to $984 353 in the half year to March 2014 from $2 million realised in prior comparable period. The group’s finance director Martin Dzviti said the depressed performance was due to increased borrowings. During the period under review, borrowings increased to…
HARARE – Zimbabwe has sold 179 million kg of tobacco since the opening of the 2014 selling season mid-February, surpassing last year’s 167 million kg. This indicates that the country —hoping to grow its agriculture sector by nine percent this year — could exceed its 180 million kg target for 2014. Statistics released by the…
HARARE – The Zimbabwe Stock Exchange (ZSE) says the Companies Act must be revamped because it has loopholes and is out of sync with global standards. Its chief executive Alban Chirume said the bourse has engaged the Law Development Commission, which is spearheading the project, to provide input. “The Companies Act is outdated and may…
HARARE – Zimbabwe says it will extend indigenisation compliance deadlines for “serious investors”. Empowerment minister Francis Nhema said government “is looking for sincere investors”. “If investors want to bring their knowledge for the benefit of the country, then government is flexible to negotiate on a model for compliance within a specified period in line with…
