HARARE – Lafarge Cement Zimbabwe (Lafarge) says it expects its new composite cement product, SupaSet Portland, to increase total revenue by 10 percent. The Zimbabwe Stock Exchange-listed cement maker recorded a $67,6 million revenue in the year to December 2013, down 3,3 percent from prior year’s $69,9 million. Its chief executive Amal Tantawi said the…
HARARE – The Zimbabwe Stock Exchange is pursuing plans to allow listing on the local bourse as part of options to comply with the indigenisation law. Alban Chirume, the bourse’s chief executive, said efforts to engage Indigenisation minister Francis Nhema were already underway. “There is need to interact with the minister to encourage ZSE listing…
HARARE – The on-going tapering in the United States is likely to have impact on Zimbabwe’s economy, with reduced activity on the country’s stock market, according to Imara Edwards (Imara). In its 2014 outlook for Zimbabwe’s equities market, the investments advisory firm said the tapering will impact southern African nation’s economy in two ways. “Firstly,…
HARARE – President Robert Mugabe’s Cabinet has ordered Empowerment minister Francis Nhema to craft a paper clarifying government’s position on the Indigenisation Act. Last week, Finance minister Patrick Chinamasa told Parliament that the document will put to an end to speculation surrounding the law – compelling foreigners to give up 51 percent shareholding despite nature…
HARARE – Zimbabwe’s largest platinum producer Zimplats plans to engage national power utility Zesa Holdings as part of efforts to secure reliable electricity supply ahead of its planned expansion. The miner — 87 percent owned by South Africa-based Impala Platinum Holdings — intends to increase production and set up a $100 million platinum refinery. It…
HARARE – Bilateral Investment Promotion and Protection Agreements (Bippas) do not prevent government from compulsory acquisition of assets from investors, Finance minister Patrick Chinamasa said. The Treasury chief told Parliament last week that government would only have to compensate the investor. “Under the Bippas, government is not prevented from compulsory acquisition of assets. It is…
HARARE – Listed properties firm Mashonaland Holdings Limited (Mash) reported a six percent decline in revenue to $3, 6 million in the half year to March 2014 on the back of a slump in occupancy levels. The group said the subdued economic environment led to tenants failing to meet their lease obligations. “Mortgage finance remained…
HARARE – Impala Platinum Holdings Limited (Implats)’s Zimbabwean unit Zimplats says government has not yet responded to its objection to the compulsory acquisition of its 28 000 hectares of land. The grabbed land represents nearly half of the miner’s claims. Stanley Segula, Zimplats’ chief operating officer, last week said “we launched an objection and we…
HARARE – Distressed PG Industries (PG)’s losses widened to $11,3 million in the year to December 2013 from $7,9 million incurred prior year, casting doubt on the group’s going concern status. During the period, the building materials manufacturer and distributor’s current liabilities exceeded current assets by $15,3 million compared to $6,8 million in 2012. Revenue…
HARARE – Pearl Properties (Pearl)’s revenue declined one percent to $2,9 million in the four months to April 2014 compared to prior comparable period on the back of rental defaults. During the period, rental arrears ballooned to $2,1 million from $1,76 million as at December 2013. The listed group’s chief executive Francis Nyambiri said “some…
