Wednesday, November 22, 2017
Golden Sibanda The National Social Security Authority is confident it will close a deal with Zimre Holdings to acquire the latter’s 30 percent stake in NicozDiamond next week, setting the stage for consolidation of its investments in the insurance sector. NSSA chairman Robin Vela said negotiations were ongoing, productive and straight...
Business Writer Lafarge released a weak set of results where revenue declined by 13 percent to $23,1 million. In a statement accompanying the results, management lamented over the heavy rainfall in the first quarter of the year which was a drawback for their industry. Some construction projects were delayed which...
Business Writers While the Zimbabwe Asset Management Company (Zamco) has finished acquiring toxic loans from the financial services sector, risk remains abound. Zamco has an obligation to meet periodic coupons, as well as redemption of Treasury Bills worth of close to $1 billion upon maturity. These TBs have been used as...
Business Writers The country is not going back to the 2008 era as the fundamentals then and now are different. About a decade ago Zimbabwe suffered record breaking hyperinflation, which resulted in the total collapse of the Zimbabwean dollar. Many would like to compare that period with what is happening...
The continuous growth in the country’s exports has seen the trade deficit falling significantly, in a move that should ease pressure on foreign currency leaks at a time when government is aggressively targeting to stabilise liquidity. Data for the first eight months of the year released by Zimstats today show...
Business Writers Meikles Limited has disposed of its 70 percent shareholding in financial services arm, Meikles Financial Services as part of ongoing restructuring process. The transaction has however courted controversy as the acquisition was made by a consortium, which is reported to have been fronted by Ben Ward. Ward...
Chris Chenga Abrupt price increments startling consumers, parallel markets for foreign currency spiking premiums, and in the preceding month to all this, a stock market rally, affirmed investors’ fears on the Zimbabwean Stock Exchange. These occurrences exemplified how an economy can be susceptible to currency and pricing shocks, which inevitably...
Martin Kadzere Zimbabwe is looking at extending and staggering the implementation of the Zimbabwe Agenda for Sustainable Economic Transformation until 2040, according to sources familiar with the development. Zim-Asset, the country’s economic blueprint was launched in October 2013 and is due to run until October next year. Sources said the move...
Business writers The appointment of State owned Allied Timbers Zimbabwe chief executive Dr Daniel Sithole has been thrown under the spotlight amid revelations he was thrust to the helm of Zimbabwe’s largest timber processor despite performing dismally in the job interviews. Dr Sithole replaced former chief executive Dr Joseph Kanyakanye, who...
Business Writer Brainworks Limited yesterday announced the launch and pricing of its institutional offering of 27 523 396 ordinary shares at an offer price of R11,50 per share. The firm is a diversified investment holding company with investments focused on Zimbabwe. In a statement, the group said the offer price is...