Business

HARARE – Sable Chemicals Industries Limited (Sable) says it is seeking finance to import ammonia in order to boost local fertiliser production and supply. The agro-based company — Zimbabwe’s sole ammonium nitrate fertiliser producer — is currently experiencing working capital constraints due to the country’s acute liquidity crisis. Jack Murehwa, the Sable chief executive, told…

HARARE – China Africa Sunlight Energy Limited (CASE) says it is now considering building a 600 megawatt (MW) thermal power plant in the northern part of Zimbabwe from the initially planned 120 MW. The Asian group, intending to invest approximately $2,1 billion in the southern African country’s energy sector, has since engaged the Zimbabwe Energy…

HARARE – Listed Zimre Property Investment Limited (ZPI) plans to build 3 600 housing units in Harare as part of efforts to boost revenue and unlock shareholder value. Edson Muvingi, the group’s managing director, said the realty firm was currently in negotiations with investors over the project’s funding. “We have a land bank of about…

HARARE – DuPont Pioneer Zimbabwe (DPZ) plans to double its seed production to 24 000 tonnes per annum in the next five years. This comes on the back of United States-based DuPont Pioneer — the second largest seed producer in the world — recently acquiring an 80 percent stake in Pannar Seeds and renaming the…

HARARE – Old Mutual (OM) plans to cede a 3,5 percent stake worth $13 million to Stiefel Investments (Stiefel) led by the group’s former managing director Luke Ngwerume, as part of its indigenisation compliance plan. Laurence Karumazondo, OM’s company secretary, yesterday said the company will seek shareholders’ approval of the transaction at an annual general…

HARARE – Zimbabwean banks have been ranked among the worst financial institutions in the world due to low capitalisation levels and systemic risks inherent in the economy. According to the World Economic Forum (WEF)’s global competitiveness 2013 to 14 report released recently, the country was ranked 137 out of 148 countries on soundness of its…

HARARE – National Foods Holdings Limited (NatFoods) plans to spend $7 million in the eight months to June 2014 on plant renovations as part of strategies to bolster capacity and unlock shareholder value. Todd Moyo, the group’s chairperson, said the listed milling and stock feeds producer will continue to develop all aspects of the business…

HARARE – Poor international perception of Zimbabwe’s public institutions continues to weigh the country down, the World Economic Forum (WEF) has said. According to the latest WEF Global Competitiveness Report 2013–2014, public institutions continue to receive a weak assessment, particularly related to corruption, security, and government favouritism, although overall the assessment of this pillar has…

HARARE – Diversified group Innscor Africa Limited (Innscor) plans to open 31 fast food outlets locally and regionally by June 2014. The listed fast food chain said the new joints will include seven in the Democratic Republic of Congo. This comes amid stiffening competition in Zimbabwe’s fast food market with numerous indigenous players venturing into…

HARARE – Prominent banker and entrepreneur Nigel Chanakira has sold his 30 percent stake in AfrAsia Kingdom Zimbabwe Limited (AKZL) to Mauritius-based AfrAsia Bank Limited (AfrAsia) in an equity swap deal. As part of the deal, AKZL will in turn sell its remaining interest in the Botswana-based offshore bank, Kingdom Bank Africa Limited (KBAL,) to…