HARARE – Zimbabwe has increased the mandatory blending of ethanol with unleaded petrol from 10 percent (E10) to 15 percent (E10) with effect from last Saturday. Gloria Magombo, Zimbabwe Energy Regulatory Authority chief executive (Zera), advised the public that the quality specification of E15 fuel conforms to the Standards Association of Zimbabwe Standard: ZWS964 Part…
HARARE – Diversified financial concern Tetrad Holdings Limited (Tetrad) is in negotiations with foreign investors to access credit lines and funds to recapitalise its flagship unit Tetrad Investment Bank (TIB). The bank’s capitalisation stood at $35 million as at June 30, 2013 ? below the central bank’s $50 million minimum capital threshold. The group, which…
HARARE – AfrAsia Kingdom Zimbabwe Limited (AKZL) shareholders have approved Nigel Chanakira’s $12,5 million exit package. In September, Chanakira ? a prominent banker and founder of Kingdom Financial Holdings Limited, now AKZL — disposed of his 30 percent stake in the financial group, indirectly held through his family investment vehicle Crustmoon. Before his departure, Mauritius-based…
HARARE – Funeral assurers have appealed to the Insurance and Pensions Commissions (Ipec) to extend the deadline for new capital requirements due to prevailing liquidity challenges. The Commission increased funeral policy providers’ minimum capital threshold to $500 000 from $300 000 and they are expected to be compliant by June 2014. However, the funeral assurers,…
HARARE – Zimbabwe is willing to let foreign-owned platinum mining firms own majority shares in their local operations if they build a refinery in the country, the mines minister said on Thursday. The country has the world’s second largest known platinum reserves but mining companies send the raw product to neighbouring South Africa for processing….
HARARE – Government plans to establish a regulatory body and laws to control the standards of imports, Industry minister Mike Bimha says. This comes on the back of a massive influx of cheap and sub-standard goods into the country as its manufacturing sector remains depressed, operating at below 40 percent capacity. “We are working on…
HARARE – South Africa-based Pretoria Portland Cement (PPC) says it is finalising a feasibility study on the construction of a $200 million clinker production plant in Zimbabwe. The group, which owns local unit Portland Holdings Limited (PHL), plans to build the facility — with a 1, 2 million clinker tonnes per annum capacity — in…
HARARE – Listed agro-focused concern Aico Africa Limited (Aico) remains in the red after incurring a $27 million loss in the half year to September 2013 due to depressed sales volumes. During the period under review, sales volumes slumped 23 percent with the group’s revenue declining six percent to $50,9 million from $54 million recorded…
HARARE – Israeli mining investor Yaron Yamin – in conjunction with his local partners – is on the verge of tying a deal with the Zimbabwean government to mine diamonds at Chiadzwa, businessdaily can reveal. The Goldstone founder, who has invested between $5 and $10 million in gold operations countrywide, said he has lined up…
HARARE – Meikles Limited (Meikles)’ shareholders have approved the provision of a loan to its Employee Share Ownership Trust (Esot) as part of the group’s indigenisation compliance plan. The funding will enable employees to purchase a ten percent stake – up to 28 million shares worth approximately $7 million – in the listed diversified operation….
