HARARE – Delta Beverages investment of over $6,5 million in its Chitungwiza-based Chibuku Super plant has paid off, the units general manager Mark Mudimbu has said. “The investment has paid off because of the high and enthusiastic ?acceptance of the product. We have been operating for three months and the plant is contributing significantly to…
HARARE – Investment group Empowerment Corporation (Private) Limited (EC) is to increase its shareholding in Telecel Zimbabwe (Telecel), as the mobile group moves to fulfil its licensing obligations, businessdaily can reveal. This also comes as Harare businessman and President Robert Mugabe’s nephew Patrick Zhuwao has been appointed EC managing director and Telecel’s parent has announced…
HARARE – Listed financial services group FBC Holdings (FBCH) has disposed of a 7, 31 percent stake to a Mauritius-based international private equity company ShoreCap II Limited for $4, 9 million. The group plans to channel the undisclosed proceeds towards boosting its micro-finance business. “The sale constitutes 7,31 percent of the issued share capital of…
HARARE – Zimbabwe Stock Exchange-listed horticultural concern Interfresh Limited (Interfresh) plans to raise $3 million — to recapitalise operations and retire debt— through a rights offer. Tawanda Namusi, Interfresh company secretary said the expropriation of the group’s Mazoe Citrus Estate (MCE) by government in January resulted in a loss of revenue and assets impairment leaving…
HARARE – Zimbabwe has missed the 170 million kg tobacco production target set for the industry this year as the selling season for the golden leaf comes to an end on Friday. Statistics from the Tobacco Industry and Marketing Board (Timb) show that 156,2 million kg, a 20,4 percent increase from the same period last…
HARARE – Gold production at Blanket Mine (Blanket) increased by 10,7 percent to 11 592 ounces in the second quarter compared with 10 472 ounces in the first quarter this year, the company announced on Tuesday. The total for the first half of 2013 was 22 064 ounces, up 6,5 percent on the same period…
HARARE – Medical Air Rescue Service Pvt Limited (Mars) remains a viable business entity despite its current operations challenges, provisional judicial manager Christopher Maswi of Fairvalue Management Consultancy (Pvt) Ltd has said. “Based on the reviews and assessments done over the last four months it is the considered opinion of the judicial manager that the…
HARARE – Zimbabwe Stock Exchange-listed financial services group FBC Holdings Limited (FBC) says it has secured nearly $50 million in credit lines from international money lenders. John Mushayavanhu (pictured), the group’s chief executive on Thursday said they had already drawn down $8 million from the Preferential Trade Area Bank (PTA). “In the next few days…
HARARE – Listed clothing retailer Edgars Stores Limited (Edgars) plans to open three new outlets of its budget shop — Jet Stores (Jet). The group began trading under the South African Jet banner in November 2011. It said the move is part of its expansion drive and plans to harness the mass market. “Our intention…
HARARE – Barclays Bank of Zimbabwe Limited (Barclays) says banking reforms recently imposed by the Reserve Bank of Zimbabwe are heavily restraining growth of its non-funded income. In February, banks — through the Bankers Association of Zimbabwe (Baz) ? signed a memorandum of understanding with the central bank under which the institutions agreed to a…
