HARARE – Listed Dairibord Holdings Limited (Dairibord) plans to shut down its Gweru plant as part of strategies to contain costs and rationalise operations. This comes as the milk processor last year closed its Mutare and Bulawayo factories with 240 jobs lost in the process. The group — employing about 1 418 people — plans…
HARARE – Real estate developer Equity Properties (Private) Limited (Equity) has secured a compliance certificate for its first phase of the Golden CT Suburb (Golden) in Harare’s Mount Pleasant district. The development not only means the property firm has met certain conditions related to ancillary infrastructure as demanded by the Harare City Council (HCC), but…
HARARE – African Sun Limited (ASL)’s shareholders have approved the disposal of the hotelier’s 16,54 percent stake in listed property firm, Dawn Properties (Dawn). The shareholding will be acquired by Lengrah Investments Private Limited, a subsidiary of private equity group Brainworks Capital (Brainworks), which is in turn a major shareholder in ASL. “The sale agreement…
HARARE – Mwana Africa Plc (Mwana) is set to regain $47,3 million it had written off on Bindura Nickel Corporation (BNC)’s non-current assets over viability concerns of the Zimbabwe-based unit, an investment intelligence firm said. “It seems increasingly likely that Mwana will be obliged to review the value of its holding in BNC,” Edison Investment…
HARARE – MBCA Bank (MBCA) — a unit of Nedbank group — says it is working on accessing loan financing from Export Credit Insurance Corporation (ECIC) of South Africa. “The bank (MBCA) is in contact with our clients to work on modalities for them to access Nedbank Capital’s ECIC backed facility,” said MBCA’s chairman Willard…
HARARE – The Bankers Association of Zimbabwe (Baz) has commissioned a study to ascertain the amount of cash circulating outside the formal system, which is estimated to be as much as $7,4 billion. While initial approximates put the figure at around $2 billion, it is believed that the unbanked money has increased since dollarisation in…
HARARE – Milk processor Dairibord Holdings (Dairibord) plans to spend $10 million in capital expenditure this year, targeted at consolidating its market share. Its chief executive Anthony Mandiwanza said the funds will be spent on plants upgrade and procurement of new equipment to boost capacity and efficiencies. “We are also looking at investing in marketing…
HARARE – The Zimbabwe Stock Exchange (ZSE) yesterday awarded a contract to supply and install the bourse’s automation system to Infotech Middle East FZ LLC (Infotech). “On July 2013 we announced the appointment of Central Depository Settlement Company of Mauritius as our consultant to the automation project. The consultants have since successfully guided us through…
HARARE – FBC Holdings (FBCH) is finalising a $10 million import facility with PTA Bank (PTA), its chief executive John Mushayavanhu said. He told businessdaily that it would be available shortly. “In 2013, we got $15 million from Afrexim Bank, a trade finance line of credit for a year and $8 million from PTA. This…
HARARE – Zimbabwe is considering a platinum refinery construction proposal by South Africa-based Impala Platinum Holdings (Implats), businessdaily has learnt. Mines minister Walter Chidhakwa yesterday said he met Implats chairperson, Khotso Mokhele, this Wednesday to discuss the modalities of the miner’s intention to set up the billion-dollar facility in Zimbabwe. “We had an interesting meeting….
