Business

HARARE – Finance minister Patrick Chinamasa will next week travel to Washington, United States, to attend the International Monetary Fund (IMF) spring meetings. The Treasury chief — struggling to secure bailout packages and budgetary support — said he would use the platform to lure investors into investment-starved Zimbabwe. He acknowledged that foreign investors were critical…

HARARE – London listed Atlas Mara Co-Nvest Limited (Atlas Mara) plans to float a €150 million bond after concluding takeover of ABC Holdings (ABCH). The facility – to be availed through ABCH’s retail banking unit BancABC – is expected to enhance Zimbabwean banks’ long term lending capacity. “As soon as we complete this transaction (ABCH…

HARARE – Zimbabwe’s refusal to attend the on-going European Union (EU)-Africa summit reveals its “bad boy” attitude and will further dampen investor confidence, economists say. They say the boycott could scuttle efforts made by the business community for the restoration of full economic and commercial relations between EU and Zimbabwe. Local business leaders and investors…

HARARE – Atlas Mara Co-Nvest Limited (Atlas Mara) is set to acquire banking group ABC Holdings (ABCH) and its major shareholder AfricanDevelopment Corporation (ADC) in a $265 million cash and shares deal. Under the transaction, Atlas Mara — co-founded by former Barclays Plc’s chief executive Robert Diamond and Africa’s youngest millionaire Ashish Thakkar — will…

HARARE – Distressed government-owned Agribank’s losses widened to $9,2 million in the year to December 2013 from $5,6 million incurred in prior year due to non-performing loans (NPLs) , among other challenges. The agro-focused financial institution said it was weighed down heavily by impairment provisions amounting to $5,8 million during the period under review. Its…

HARARE – Zimbabwe Stock Exchange-listed NMB Holdings (NMB) plans to fund infrastructure development, an area the banking group says has significant demand and growth prospects. The group’s chief executive James Mushore said they were targeting essential infrastructure such as roads, and were currently working with the Zimbabwe National Roads Authority. “We have neglected infrastructural spending…

HARARE – Government’s has appealed to the private sector to help it in the implementation of its ambitious economic blueprint Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset). In the next four years, government targets to create 2,2 million jobs, unlock $1,8 trillion in idle mineral reserves and grow the economy by an average seven percent…

HARARE – Businessman Philip Chiyangwa’s listed Zeco Holdings Limited (Zeco) is stuttering with the engineering group trading in the red since dollarisation in 2009. The group’s losses widened to $4,7 million in the year to December 2013 from $2,5 million incurred in prior year. During the period under review, revenue declined by 60 percent to…

HARARE – Zimbabwe’s High Court has set aside a liquidation order imposed by the Reserve Bank of Zimbabwe (RBZ) against Trust Bank (Trust). The central bank had approached the Court seeking to liquidate Trust arguing the bank was undercapitalised with a core capital of $1,9 million against the required minimum threshold of $75 million by…