LISTED hospitality group African Sun Limited (Afrisun) says it plans to establish five new hotels in the near future. The hotelier said the move is part of strategies to unlock shareholder value. “We have five sites that we are looking for in Zimbabwe,” said the group’s chief executive Shingi Munyeza. He told businessdaily that they…
FOREIGN Direct Investment (FDI) flows into Zimbabwe increased marginally by 3,25 percent to $400 million last year from $387 million in 2011, according to the United Nations Conference on Trade and Development (Unctad). However, analysts say the FDI remains depressed as the country continues to struggle in attracting investors. Unctad’s World Investment Report released on…
LISTED miner Bindura Nickel Corporation Limited (BNC) says its plans to raise $20 million additional capital have failed. The Mwana Africa plc (Mwana) subsidiary said the funds were intended to finance the second phase of restarting operations at its mothballed Trojan Mine. “The difficulties are attributable to the negative market sentiment associated with the falling…
AMERICAN fast food chain Burger King Worldwide Incorporated (Burger King) plans to open outlets in Zimbabwe as part of efforts to spread its footprint in the sub-Saharan region. Jaye Sinclair, the group’s chief executive for South Africa, said apart from Zimbabwe, they were also planning to open shop in Botswana, Mauritius, Mozambique, Namibia and Zambia. Burger King…
HARARE – Fidelity Life Assurance of Zimbabwe (Fidelity) plans to merge its funeral and individual life assurance units as part of a strategy to streamline operations and contain costs. Simon Chapereka, the group’s managing director, said the move is targeted at rationalising business structures in line with international standards. “This will result in rationalisation of…
HARARE – Telecel Zimbabwe (Telecel) chairman James Makamba’s “optimism” that the local mobile operator can be fully indigenised may have arisen from Orascom Telecom (Orascom) parent Vimpelcom’s plans to sell its sub-Saharan assets. According to reports, the Russian Group is in the final stages of concluding a deal to sell its Burundi, Central African Republic…
HARARE – The International Air Transport Association (Iata) has re-registered Air Zimbabwe (Airzim) after an eight-month suspension. Munesu Munodawafa, the Transport ministry’s permanent secretary, yesterday said the national airline was re-admitted after passing the association’s operational safety audit (Osa). “Air Zimbabwe was deregistered after the airline had temporarily discontinued operations and therefore failed to conduct…
HARARE – Diversified group TSL Limited (TSL) says foreign investors have expressed interest in its transport and freight subsidiary Bak Logistics Limited (Bak). TSL plans to engage a technical partner as part of efforts to bolster Bak and unlock shareholder value. “We have received interests from various international companies and we hope to engage the…
HARARE – Listed Hwange Colliery Company Limited (HCCL) has accused its coal gasification joint venture Chinese partner, Taiyuan Sanxing Economic and Trade Company Limited (TSETC), of mismanagement and externalisation of funds. HCCL, which holds a 25 percent shareholding in Hwange Coal Gasification Company (HCGC), said actions by TSETC — holding the remaining 75 percent stake…
HARARE – While Zimbabwe’s power utility Zesa Holdings (Zesa) is floundering and increasingly struggling to meet electricity demand, South Africa’s Eskom intends on investing R1 billion on diversifying its energy mix. Eskom said the massive capital — targeted at underground coal gasification (UCG) research projects — will be released over the next five years. The…
