HARARE – The Zimbabwe Stock Exchange (ZSE) has blocked African Sun Limited (ASL)’s proposed transaction to dispose its 16,54 percent stake in listed property firm, Dawn, over breach of listing rules. Shingi Munyeza’s ASL intends to offload its 406,466,976 Dawn shares to Lengrah Investments Private Limited, a subsidiary of private equity group Brainworks Capital (Brainworks),…
HARARE – CBZ Holdings Limited (CBZ) has recorded a profit after tax of $36, 7 million for the year to December 31, 2013 despite the economic challenges facing the country. Due to the group’s prudence in providing $19,4 million for bad debts or non performing loans, the profit went down from $45 million recorded in…
HARARE – British American Tobacco Zimbabwe (BAT) targets to produce 1,45 billion cigarettes this year on the back of surging demand. Its managing director, Lovemore Manatsa, said while the target is way behind the company’s peak of 2,3 billion in 1999, BAT would capitalise on a stable economic environment. “We are confident that our strategies…
HARARE – Zimbabwe plans to repossess unused platinum claims as part of strategies to improve mineral production in the country. Mines minister, Walter Chidhakwa, told businessdaily that his ministry is currently working on a legal framework to enable government to repossess the claims. He said the authorities “will not hesitate to withdraw licences from companies…
HARARE – Under-fire Champions Insurance (Champions), which has been thrust into the centre of the Air Zimbabwe (AirZim) whirlwind, was actually invited to “clean the rot and mess” created by airline managers and surrounding the flag carrier’s insurance portfolio, documents show. This follows an early 2013 request and clearance for company managing director Nathan Chikono,…
HARARE – Former Reserve Bank of Zimbabwe (RBZ) deputy governor, Richard Wilde, has been appointed new chairperson of CBZ Holdings Limited (CBZ). He takes over from businessman Luxon Zembe who resigned this month after a five-year tenure. Wilde — who served the central bank for 10 years until 1996 — has been the chairperson of…
HARARE – The Zimbabwe Stock Exchange (ZSE)’s benchmark industrial index shed 0,14 percent yesterday to close at the week at 190,71 points. While the mining index remained unchanged at 33, 61 points, among the gainers were agriculture concern Ariston advancing 7,69 percent to 0,7 cents and clothes retailer Edgars which went up 2,08 percent to…
HARARE – Hard-pressed PG Industries Zimbabwe (PG) seeks $3,5 million in fresh capital. The building materials manufacturer, which has been trading in the red since adoption of the multi-currency system in 2009, is in negotiations with BancABC and Old Mutual over bailout packages. It intends to use the funds in strengthening its working capital position…
HARARE – Zimbabwe has auctioned tobacco worth $1,1 million since the opening of the 2014 selling season last Wednesday. Around 517 762kg of the golden leaf went under the hammer at three licensed auctioneers on the opening day. Figures released by the Tobacco Industry and Marketing Board (Timb) on Friday indicated that farmers who sold…
HARARE – Zimbabwe expects to rake in nearly $35 million from the second auction of its diamonds in Antwerp, Belgium this week. The country — planning to resume local auctions this year — put over 923 000 diamond carats under the hammer. Last year, it sold more than 279 000 carats in Antwerp and realised…
