HARARE – Cairns Holdings (Cairns) creditors are expected to meet next month at the High Court to decide the fate of the company. The company is currently under provisional judicial management. Last year, the troubled food processor applied voluntarily for judicial management after facing huge operational problems that included an $11 million debt burden, with…
HARARE – Econet Wireless (Econet) plans to rebrand TN Bank Limited (TN bank) following its acquisition of the financial institution. While sources said the mobile network operator had already changed TN Bank’s operating system, Econet could not disclose details of the rebranding exercise. “There are several strategies which Econet is planning for TN Bank, and…
HARARE – FBC Holdings (FBCH) says it will channel cash from the sale of its shareholding in non-core business Turnall Holdings Limited (Turnall) towards meeting its minimum capital requirements set by the Reserve Bank of Zimbabwe (RBZ). The group’s banking unit FBC Bank Limited (FBC Bank) has already complied with the central bank’s first recapitalisation…
HARARE – Trust Holdings Limited (THL)’s key shareholders have endorsed a $9 million deal to boost its commercial banking unit’s capital base. William Nyemba, the group’s chief executive, said the deal — recommended by the board to a core group of shareholders on Monday — awaited minority shareholder approval at an extra ordinary general meeting…
HARARE – Zimbabwe-focused New Dawn Mining Corporation (New Dawn)’s gold sales stood at $16,6 million in the quarter ended December 2012, up 7,6 percent from $15,4 million in the comparable period. The miner said the average sales price per ounce of gold was $1 711 and $1 684 for the quarters ended December 31, 2012…
HARARE – The National Social Security Authority (Nssa) says Deloitte and Touche has submitted a draft of the study on its banks merger plan. The pensions administrator commissioned the auditing and accounting firm to explore the feasibility of its intention to consolidate banks it has interests in. “We are in possession of the draft, but…
HARARE – A row has erupted over the Insurance and Pension Commission (Ipec)’s tender to engage a human resources consultancy, with insurance players seeking government’s intervention. Ipec last week issued a tender seeking the services of a human resources consultancy to assist in the restructuring exercise of the commission to ensure that it becomes more…
HARARE – Several Zimbabwean mining operations could be disrupted and lose millions due to incessant rains. With the country’s meteorological services predicting that heavy rains would continue countrywide, gem miner Marange Resources (Marange) has said it lost nearly $5 million worth of diamonds, which were washed away by the rains pounding the country. Marange told…
HARARE – Mwana Africa plc (Mwana)’s plans to restart production at Bindura Nickel Corporation (BNC) in Mashonaland Central province are on course. The AIM-listed group said 1 337m of underground development, allowing for the re-commissioning of rock handling systems, shafts and surface crushing facilities, had been executed while 41 000 tonnes of ore were crushed…
HARARE – Toronto Stock Exchange-listed junior gold miner New Dawn Mining Corporation (New Dawn)’s Kadoma-based Dalny Mine (Dalny) has halted operations due to a workers’ strike over salaries. Sources close to the development told businessdaily that workers downed tools early this week, demanding a salary hike. Dalny is one of Zimbabwe’s largest gold producer. While…
