HARARE – Listed asbestos manufacturer Turnall Holdings (Turnall) has invested $2,5 million in a new equipment to boost capacity and revenue. The group also plans to boost exports — which were knocked down by an asbestos ban in its key markets. John Jere, Turnall’s chief executive, said the state-of-the-art equipment, to be commissioned at its…
HARARE – Zimbabwe’s largest milk processor Dairibord Holdings Limited (Dairibord) says it will shut down its Bulawayo and Mutare plants as part of strategies to contain costs. The listed group said it will also cut its staff compliment by 12 percent to 1 505. Anthony Mandiwanza, Dairibord’s chief executive, said they will start implementing the…
HARARE – Zimbabwe Stock Exchange-listed financial services group FBC Holdings Limited (FBCH) recorded $74 million revenue in the year to December 2012, up 19 percent from prior year. The group said the performance was driven by its banking and insurance subsidiaries’ strong performance. Profit before tax stood at $16,9 million, an eight percent increase from…
BULAWAYO — China Africa Sunlight Energy (Case), a Chinese coal and coal bed-methane mining company which failed an Environmental Impact Assessment (EIA) last year, is poised to resume its multi-million dollar investments in Gwayi. In 2012, Case was ordered to stop extracting coal in the area by the Environmental Management Agency (EMA) after failing the…
HARARE – Despite targeting a $10 billion growth in Africa by 2015, Samsung Africa Electronics (Samsung) says it will not optimally invest in Zimbabwe due to restrictive legislation which repels investment. James Kim, Samsung’s southern Africa business strategic director, said the rising electronics giant would “love to invest more” in the country, but investment is…
HARARE – Lifestyle Holdings’ (Lifestyle) plans to set up retail operations in South Africa (SA). This follows shareholders’ approval last Friday to delist the diversified group from the Zimbabwe Stock Exchange (ZSE). Lifestyle, which recently set up TN Harlequin Luxaire International Limited (TNHLI) in Mauritius, intends to make Lifestyle a wholly-owned subsidiary of the new…
HARARE – Zimbabwe will next month meet South African authorities to discuss, among other issues, the $100 million loan promised by the latter four years ago. In 2009, South Africa (SA) pledged the money to help its neighbour restart her economy — battered by a decade-long decline — but the funds are yet to be…
HARARE – Listed Lafarge Cement Zimbabwe (Lafarge)’s revenue surged 41 percent to $69,9 million in the year ended December 2012, buoyed by firmer domestic sales. The group’s local cement sales increased by 48 percent during the period under review. Since adoption of a multi-currency system — dominated by the United States dollar — in January…
HARARE – The Securities Comission of Zimbabwe (SecZim)’s bid to block Lifestyle Holdings (Lifestyle) delisting from the Zimbabwe Stock Exchange (ZSE) hit a brick wall after the High Court dismissed its application yesterday. SecZim had filed an urgent application seeking an order to bar Lifestyle’s extraordinary general meeting (EGM) to get shareholders’ approval of its…
HARARE – The Confederation of Zimbabwe Industries (CZI) has engaged government in a bid to raise funds to ensure a hassle-free election that guarantees business certainty and a conducive operating environment. Traditionally, Zimbabwe’s polls have been marred by violence which in turn scares away investors and destabilises business. The country is expected to hold watershed…
