Business

HARARE – Zimbabwe’s largest supermarket chain by revenue and outlets, OK Zimbabwe (OK), says post-election uncertainty over policy direction coupled with low foreign direct investment inflows have resulted in increased liquidity constraints. “Additionally, the economy has been adversely affected by reduced manufacturing capacity utilisation, low prices on exported commodities and increased unemployment,” said chairman David…

HARARE – Lafarge’s Zimbabwe unit says it is shifting focus to products such as paint and aggregates to drive revenue as cement demand has softened. This comes as the prevailing liquidity crisis in the country has dampened construction activity with subsequent impact on cement sales. “We are now on a drive to focus on our…

HARARE – Horticultural concern Interfresh Limited (Interfresh) plans to delist from the Zimbabwe Stock Exchange (ZSE). The group, intending to relist in the medium-term after “aggressive restructuring”, said its stock is not reflecting true value on the local bourse as it has “consistently traded at a discount to net asset value of the company and……

HARARE – The Zimbabwe Stock Exchange, which opened the week on a high, yesterday slumped 0,04 percent to close at 217,18 points. Biggest gainers in Tuesday’s trade were Medtech which added 14,3 percent to 0,8 cents while most counters traded in the red. On Monday, the bourse’s benchmark industrial index had gained 0,48 percent to…

HARARE – Government efforts to fix Zimbabwe’s broken economy must begin with facing up to reality and not just raising hopes, a leading economist Tony Hawkins says. This comes as the authorities recently launched the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset) — an economic blueprint expected to guide the country up to 2018 —…

HARARE – Green Fuel (GF)’s Chisumbanje-based ethanol plant has been ranked among the top five mega infrastructure projects in Africa with the energy group receiving the “Green Product of the year” award at the recently held Green Business Awards (GBA). This comes as GF successfully built and commissioned the Chisumbanje plant in a record of…

HARARE – President Robert Mugabe is considering raising finance through measures ranging from establishing a sovereign wealth fund to borrowing money from the so-called Brics nations to revive Zimbabwe’s economy. A document titled The Zimbabwe Agenda for a Sustainable Socio-Economic Transformation, or Zim Asset, also details plans including the sale of bonds, securitisation of remittances,…

HARARE – Listed wines and spirits maker African Distillers Limited (Afdis) plans a $5 million rights issue with the funds earmarked to repay debt and clear a new equipment purchase balance. The group said $1,5 million will pay off a shareholder loan while $3,35 million will go towards settling a the difference on acquired bottling…

HARARE – SABMiller’s Zimbabwe unit Delta Corporation (Delta) will pay out a total $16 million after declaring a $1,30 per share interim dividend in the half year to September 2013. This comes as most Zimbabwe Stock Exchange (ZSE) listed firms are struggling to declare dividends due to a depressed economic environment coupled with an acute…

HARARE – Listed meat processor Colcom Foods Limited says its flagship foods division’s turnover slumped 10 percent in the four months to October 2013 compared to same prior year period due to reduced production. Overall profitability during the period under review was 8 percent below target with flat volumes and unlikely to grow much higher…