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ABCH snubs ADC offer

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HARARE – Africa-focused banking group ABC Holdings Limited (ABCH) has advised its shareholders to reject a mandatory offer by German-listed major shareholder, African Development Corporation (ADC). ABCH — listed on the Botswana and Zimbabwe stock exchanges — said the recommendation followed financial advisory firm Imara Botswana Limited (Imara)’s requested opinion on the “fairness and reasonableness”…

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MPs deliberate on Budget

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HARARE – Members of Parliament are next week expected to converge in Nyanga to deliberate on the long-awaited 2014 National Budget. This comes as the Finance minister Patrick Chinamasa had postponed the budget presentation from the traditional month of November to this month, arguing there was need for wider consultations. The workshop — organised by…

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ZSE bearish

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HARARE – The Zimbabwe Stock Exchange (ZSE)’s benchmark industrial index continued on a seven-day losing streak closing the week in the red at 204,12 points after retreating 1,54 percent. On Friday, beverages maker Delta eased 5 cents to trade at 140 cents, while giant retailers Innscor  lost 1,50 cents to close at 75 cents and…

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ZB targets informal sector

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HARARE – ZB Bank Limited (ZB) has unveiled a $1 million loan facility targeted at boosting the informal sector’s capacity. The “Informal Trader” scheme comes on the back of the institution’s recent introduction of a savings account tailor made for the thriving sector. “Through the informal trader savings account, it was established that traders have…

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Legal instrument stalls grains exchange

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HARARE – The Agriculture ministry says government is finalising a legal instrument to facilitate the launch of the long-awaited commodities exchange. Clemence Bwenje, economics and markets director in the Agriculture ministry, yesterday told an agriculture symposium in Harare that it will be launched before 2014 harvesting season. Establishment of the exchange has been on the…

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Govt plans new tourism policy

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HARARE – Zimbabwe is expected to have a new tourism policy next year aimed at boosting tourists’ receipts to over $5 billion in six years. The country’s tourism revenue declined to $1 billion last year from $2,4 billion realised in 2011. Karikoga Kaseke, the Zimbabwe Tourism Authority (ZTA)’s chief executive, said his organisation was currently…

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Interfresh seeks $6m, shareholders approve delisting

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HARARE – Interfresh Limited (Interfresh) shareholders plan to raise at least $6 million in equity and structured funding following approval to delist from the Zimbabwe Stock Exchange at an extra-ordinary general meeting held yesterday. This comes on the back of various challenges such as limited capacity to raise equity capital at current valuation and loss…

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FBCH seeks $5m PTA loan

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HARARE – FBC Holdings Limited (FBCH)’s mortgage subsidiary is targeting $5 million-plus from its international financiers to expand its housing projects next year as it seeks to continue impacting on Zimbabwe’s housing backlog. In a joint interview with his FBC Building Society (FBCBS) managing director Felix Gwandekwande, group chief executive John Mushayavanhu told businessdaily that…

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Zim should manage perception: Analysts

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HARARE – Government must develop a national branding strategy aimed at revamping Zimbabwe’s image as part of efforts to attract foreign direct investment (FDI), analysts say. Tafadzwa Matiza, a researcher with the University of Limpopo, says the country must shake off its “bad boy” tag if it is to raise hopes of getting a significant…

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Automated trading may boost FDI: ZSE

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HARARE – The Zimbabwe Stock Exchange (ZSE) says its automated trading system (ATS), expected to function in the first quarter of next year, will augment efforts to attract foreign direct investment (FDI) into the country. This comes as the system is anticipated to boost equities’ daily turnover to more than $5 million as global trends…

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