HARARE – ZB FINANCIAL Holdings (ZBFH) seeks to recruit a managing director (MD) for its flagship unit ZB Bank Limited (ZB). This comes as the bank’s former MD Ronald Mutandagayi was in June elevated to chief executive of the group. Shadowsight Chiganze is currently ZB’s acting MD. The group has engaged recruitment agency Proserve. “Our…
HARARE – A board shake-up — including the resignation of chairperson Sibusisiwe Bango — looms at AfrAsia Kingdom Zimbabwe Limited (AKZL) following Nigel Chanakira’s exit and subsequent increase in shareholding by Mauritius-based AfrAsia Bank Limited (AfrAsia) in the group. Chanakira, the founder of Kingdom Financial Holdings Limited — now (AKZL), in September disposed of his…
HARARE – Dormant iron producer NewZim Steel — formerly Ziscosteel — could soon reopen as engineers from India-based major shareholder Essar Africa Holdings (Essar) came into country last week. Mike Bimha, Industry minister, said the engineers visited the Kwekwe-based company to assess ways of refurbishing its plant — which has been out of production for…
HARARE – South Africa-based Tongaat Hulett (Tongaat)’s chief executive Peter Staude says he has had sleepless nights over Zimbabwe’s indigenisation programme. His sugar-producing company, which holds a 50,3 percent shareholding in Hippo Valley Estates while it wholly owns Triangle Sugar, is under pressure to comply with Zimbabwe’s empowerment policy. The policy — enacted in 2010…
HARARE – Zesa Holdings (Zesa) has tentatively agreed to a $100 million financing deal with the African Export and Import Bank (Afreximbank) for its prepaid meter-expansion project, businessdaily can reveal. This comes amid growing concern about prolonged power outages and the utility’s inability to raise enough cash to deal with the current energy deficit. Gift…
HARARE – Zimbabwe’s economic growth will be determined by continued inflows of the United States dollar into the country, Imara Asset Management Zimbabwe (Imara) has said. Peter Bailey, Imara’s chairperson, said sustained inflows of the greenbacks will drive money supply and in turn business activity. In 2009, Zimbabwe abandoned its money and adopted a multi-currency…
HARARE – Zimbabwe is spending approximately $6 million per month on South African milk imports, says local market player Dendairy. Daryl Archibald, the company’s director, said dairy producers were engaged with government to ensure that a level playing field is created between foreign and locally-produced milk. “Zimbabwe is currently importing five million litres of boxed…
HARARE – Meikles Limited (Meikles) intends to make forays into the lower end of the market as part of strategies to boost revenue and unlock shareholder value. The Zimbabwe Stock Exchange-listed group, whose departmental stores — Barbours, Greatermans and Meikles — targeted the affluent, plans to establish a mass market unit Meikles Mega Market that…
HARARE – Zimbabwe will not back down on its 51/49 percent indigenisation threshold as foreign firms have extracted minerals worth much more than their investments in the country, Mines minister Walter Chidhakwa insists. The country’s indigenisation policy — passed into law in 2010 — compels all foreign-owned firms to cede majority stakes to black locals….
HARARE – Zimbabwe plans to sell at least half a million diamond carats worth approximately $37 million in Antwerp this week. Francis Gudyanga, the Mines ministry’s permanent secretary, yesterday said preparations were at an advanced stage for the country’s officials to depart for Belgium —the centre of global diamond trade. He said Zimbabwe was set…
