HARARE – Tax collector Zimbabwe Revenue Authority (Zimra) reached the 2012 revenue target of $3,5 billion in the 11 months to November, Finance minister Tendai Biti said. This comes on the back of depressed fiscal revenue flows in the first half of the year, forcing the country, which runs a cash-budget system, to review downwards…
HARARE – Zimbabwe Stock Exchange-listed TN Bank Limited (TN Bank) seeks shareholders’ approval to delist from the local bourse at its January 18, 2013 extraordinary general meeting. This comes after telecommunications giant Econet Wireless Zimbabwe (Econet) acquired 100 percent of the financial institution early this month. The takeover, however, awaits authorities’ approval. TN Bank is…
HARARE – Capital Bank Corporation Ltd (Capital Bank) is planning a $20 million rights issue, as part of efforts to comply with the Reserve Bank of Zimbabwe (RBZ)’s minimum capital requirements. With the Harare-based institution backed by a deep-pocketed shareholder in the form of National Social Security Authority (Nssa), Capital Bank’s shareholders are expected to…
HARARE – Hospitality concern Rainbow Tourism Group (RTG) shareholders yesterday approved a $4,5 million rights issue. The capital-raising exercise is part of the group’s efforts to put a cap on burdening shortterm borrowing charges that have been aggravating working capital constraints. Tendai Madzivanyika, RTG’s chief executive, said the shortterm “expensive” loans had accumulated to $14…
GWERU – Industry minister Welshman Ncube has accused Finance minister Tendai Biti of holding Zimbabwe’s economy at ransom by not availing funds to resuscitate struggling industries. Ncube — responsible for overseeing industry’s “health” — said his ministry was frantically trying to revive collapsing firms, efforts which demand Biti’s financial support. Biti is supposed to bail…
HARARE – Farming equipment manufacturer Zimplow Limited (Zimplow) is set to acquire 100 percent of Tractive Power Holdings Limited (TPH) in a minority shareholder buyout deal. By acquiring TPH — a retailer of internationally recognised farming equipment brands — the Zimbabwe Stock Exchange-listed Zimplow would have consolidated its position in the agricultural sector. Early this…
HARARE – Zimbabwe focused junior gold producer New Dawn Mining Corporation (New Dawn) says an exploration has revealed that proven and probable mineral reserves on its mining properties have increased by 123 percent. This means that the Toronto Stock Exchange-listed miner has 494 400 ounces of gold grading 1,52 grammes per tonne from 10 145…
HARARE – Zimbabwe’s year-on-year inflation rate dipped to 2,99 percent in November from 3,38 percent in the previous month, Zimbabwe Statistics (Zimstats) has said. Zimstats said the decline was due to lower clothing and wine costs. The month-on-month inflation rate in November stood at 0,13 percent shedding 0,13 percentage points on the October 2012 rate…
HARARE – Construction group Radar Holdings Limited (Radar) says it is divesting from its forestry business Border Timbers Limited (Border) to focus on core business. Heinrich von Pezold, Radar’s chairperson, said the disposal was necessary given the differing financial needs and focus of the companies. “This will allow Radar to build on the already positive…
HARARE – Zimbabwe is making headway in indigenising the motoring industry, with authorities insisting every foreign-owned company should be majority-owned by locals. The National Indigenisation and Economic Empowerment Board (Nieeb) — a vehicle created to implement the indigenisation programme and house assumed shares — said the motoring sector is not exempted. “The (indigenisation) Act does…
