HARARE – Zimplats Holdings Limited (Zimplats) says it will appeal to the High Court for a review of the Zimbabwe Revenue Authority (Zimra)’s determination on the platinum miner’s interest on tax. The group — a subsidiary of South African Impala Platinum Holdings Limited — last year lost a case against Zimra over a revised tax…
HARARE – Zimbabwean financial institutions should brace for a tough economic climate this year due to tighter regulation and indigenisation threats, a report by stock broking firm Lynton-Edwards says. Last year, Finance minister Tendai Biti and Reserve bank of Zimbabwe (RBZ) governor Gideon Gono promulgated a raft of measures among them, orders instructing banks to…
HARARE – Over two decades ago, Strive Masiyiwa took the Zimbabwean government to court in a gruelling five-year legal battle. Masiyiwa had been planning to launch his own mobile telecoms company, but the government, which claimed it held an exclusive monopoly to manage and operate telecommunications in Zimbabwe,was desperately trying to thwart his ambitions. After…
HARARE – Platinum group metals producer Zimplats Holdings Limited (Zimplats) incurred a $6 million loss in the half year to December 2012 down from a $68,4 million after tax profit registered in previous comparable period. During the period under review, revenue declined significantly from $230,6 million to $176,5 million. Basic and diluted earnings per share…
HARARE – Zimbabwe is this year expected to begin using a new corporate governance code targeted at restoring ethics and accountability. The code — a brainchild of the Zimbabwe Leadership Forum and the Institute of Directors of Zimbabwe — will limit multiple directorships among other enforcements. Some of the issues that would be dealt with…
HARARE – Cairns Holding Limited (Cairns) plans a debt to equity swap deal as part of strategies to rescue the financially troubled food processor. If implemented, the transaction could see banks — including NMB and Stanbic — becoming major shareholders in Cairns. Cairns, the manufacturer of once popular Willards snacks, is saddled by an $11…
HARARE – Foreign institutions are among investors that have submitted bids to acquire a 49 percent stake in the Agricultural Development Bank of Zimbabwe (Agribank), businessdaily has established. Insiders said a due diligence exercise has already been completed. “All I can confirm at this moment is that bids have been submitted. These are both foreign…
HARARE – A South African mining supplier has filed a lawsuit against RioZim Limited (RioZim) over a R16 million debt. The company Boltgas Industrial and Mining yesterday filed a High Court application demanding their outstanding payment from the listed resources group. According to court papers, Boltgas sold some unidentified goods to RioZim and delivered them…
HARARE – The National Social Security Authority (Nssa) says it will not bail out banks in which it has interests if they fail to meet the central bank’s recapitalisation requirements. This comes as the pensions authority has deliberated on a Deloite & Touche report to assess the feasibility of merging its banking assets. “The position…
HARARE – Financial services group CBZ Holdings (CBZ) reported a 61 percent rise in after tax profit to $45 million from $30,3 million in the year ended December 2012. The group said the performance was driven by a strong gross written premium. Earnings per share stood at 8,08 cents during the period under review compared…
