HARARE – Kingdom Bank Limited (Kingdom) has secured a bond through a High Court order to acquire assets belonging to troubled telecommunications company, Valley Technologies (Valley Tech), over a $20 million debt. Valley Tech is a subsidiary of Zach Wazara’s Spiritage group. The bank made an urgent High Court application last December seeking an order…
HARARE – Zimbabwe Platinum Mines Limited (Zimplats) says it now feels secure to continue operations in the country after complying with the indigenisation law. The miner said the compliance restored certainty. The future of country’s largest platinum producer had been bleak following rejection of its initial indigenisation proposal by government. Last Friday, Zimplats was indigenised,…
HARARE – Kingdom Bank Limited (Kingdom) has secured a bond through a High Court order to acquire assets belonging to troubled telecommunications company, Valley Technologies (Valley Tech), over a $20 million debt. Valley Tech is a subsidiary of Zach Wazara’s Spiritage group. The bank made an urgent High Court application last December seeking an order…
HARARE – A Deloitte & Touche study on the National Social Security Authority (Nssa)’s banks merger plan is expected next Tuesday, officials have said. While the pensions fund’s acting general manager Tendai Mafunda has confirmed the development, Nssa commissioned the study to explore the feasibility of consolidating its banking assets, which include stakes in Capital…
HARARE – Impala Platinum Holdings (Implats)’s subsidiary Zimplats yesterday unveiled its indigenisation plan by ceding a 51 percent stake worth $971 million to locals. By signing an agreement or term sheet — outlining the implementation of its enhanced empowerment plan — with government yesterday, the local platinum miner complied with Zimbabwe’s indigenisation law. Under the…
HARARE – Financial services group FBC Holdings Limited (FBCH) says it awaits approval of its bid to acquire Reserve Bank of Zimbabwe (RBZ)’s subsidiary Homelink (Private) Limited. Priscilla Sadomba, FBCH’s group marketing head, told businessdaily that the matter was yet to be concluded. “FBCH submitted an offer for Homelink to the Reserve Bank to which…
HARARE – Capital Bank Corporation Limited (Capital Bank) has submitted its recapitalisation plan to the Reserve Bank of Zimbabwe (RBZ) after it missed the December 31, 2012 deadline. According to RBZ’s phased recapitalisation requirement, commercial and merchant banks are supposed to have a minimum capital of $100 million by June 2014. In the first phase,…
HARARE – Global resources group Rio Tinto says it expects to unveil its Murowa Diamonds indigenisation compliance plan when President Robert Mugabe resumes official duty next month. Mugabe — who is the key driver of the empowerment programme through his Indigenisation minister Saviour Kasukuwere — is away on annual leave in the Far East. A…
HARARE – Ecobank International (Ecobank)’s newly appointed chief executive Thierry Tanor is expected in the country today. Tanor’s agenda involves mapping the Pan African group’s Zimbabwe unit growth strategy among, other key issues. In 2010, Ecobank — which has operations in 32 countries — bought a 70 percent stake in the then Premier Finance Group…
HARARE – Zimbabwe risks sliding back into recession this year if the country embarks on a “violent” election, as economists and business warn of tough times ahead. The country registered its first positive gross domestic product (GDP) growth in 2009 following a decade of economic meltdown, but fears of reversing the gains realised since then…
