Companies

Companies

Pick n Pay starts renovating building after flood damage

Matabeleland North Correspondent TOP supermarket chain, TM Pick n’ Pay has started renovating its Hwange branch premises, some nine months after it was forced to close because of flash floods which entered the building and submerged some of its groceries. Flash floods hit Hwange in January following heavy rains that pounded the coal mining town

Minister Winston Chitando

Bill crafting: Prospectors blast Minister Chitando over segregation

By Staff Reporter MINES Minister Winston Chitando has invited scorn from the Zimbabwe Prospectors after sidelining them in ongoing Mines and Minerals Bill Consultations. Zimbabwe Prospectors Association president Samson Dzingwe slammed Chitando for the segregation. “We are surprised to hear the minister saying nobody will be consulted except ZMF and Chamber of Mines. That is

Concerns raised as Redwing Mine hires artisanal miners

By Manicaland Correspondent Mutasa – Residents of Penhalonga say environmental rights violations by Redwing Mine have worsened after the company subcontracted more artisanal miners who are indiscriminately polluting their surroundings posing a serious health hazard. This came out during a local stakeholders’ engagement meeting to promote implementation of the devolution policy. The event was organised

Businessman Mutumwa Mawere

Mutumwa Mawere’s seized company to sell 43% stake

By Alois Vinga FALLEN asbestos producing giant, Shabanie Mashava Mines Holdings (SMM Holdings) has entered into an agreement to shed off its 43.22 % stake in rubber and chemicals producer, General Beltings Holdings Limited (GB). SMM, formerly owned by South Africa based Zimbabwe businessman Mutumwa Mawere, has since reported plans to dispose of land and

Minister Soda Zhemu

Minister says 6% rural electricity levy not enough

By Staff Reporter ENERGY Minister Zhemu Soda says the current 6% rural electrification levy was not enough in terms of meeting the ambitious programme. Speaking in Silobela at the switching on ceremony in Donsa, Soda said the programme was being hampered by financial challenges. “The rural electrification programme has not been spared from the economic

PRAZ boss Vimbai Nyemba

PRAZ boss on licencing, ethics in procurement processes

By Robert Tapfumaneyi     PROCUREMENT officers and bidders have both been urged to engage in ethical behaviour during procurement processes. Speaking during the Procurement Regulatory Authority of Zimbabwe (PRAZ)’s virtual Summer School Thursday, board chair Vimbai Nyemba said the integrity and professionalisation issues will be completely addressed once the Professionalisation Regulations are Gazetted and this

Peter Mutasa

NSSA halts ZB employees’ demonstrations

By Alois Vinga THE National Social Security Authority (NSSA), a shareholder in ZB Bank, has convinced the latter’s employees to halt plans to stage a demonstration at the former’s premises to allow dialogue to take place. The Zimbabwe Banks and Allied Workers Union (ZIBAWU) had planned to stage the demonstrations at the NSSA headquarters in

MedTech Holdings warns shareholders ahead of transformation plans

By Alois Vinga HEALTHCARE products provider, MedTech Holdings has urged shareholders to exercise caution ahead of the company’s plans to transform into an investment holding company. In an update, MedTech revealed that it was in discussions which involve some transactions that will result in major changes. “Shareholders are advised that discussions which involve a potential

Denford Mutashu

Retailers group warns business against disregarding RBZ exchange rates

By Alois Vinga ZIMBABWE’S mainstream retailers’ group has called on unscrupulous local businesses to desist from pegging prices which are above the stipulated Reserve of Bank of Zimbabwe (RBZ) official exchange rates. The RBZ official exchange rate currently stands at $81.34 against US$1. All companies which are getting access to foreign currency on the foreign

Sable Chemicals to diversify into agro processing

By Staff Reporter FERTILISER producer, Sable Chemicals is set to diversify into agro-processing with an eye on servicing the Midlands province. Speaking at the company’s plant in Kwekwe this week, Sable Chemicals chairperson Shingi Mutasa said the company has decided to diversify into the agro-processing sector. “For a very long time, we looked at Sable

CCAZ president, Lance Mambondiani

CCAZ urges companies to prioritise customer service

By Alois Vinga THE Contact Center Association of Zimbabwe (CCAZ) has appealed to companies to prioritise customer service saying without it, economic growth will be threatened. In his keynote address to mark the 2020 customer service week, CCAZ president, Lance Mambondiani said businesses must place customers at the heart of operations. “The week is a

Pro Plastics Loses $107m Due To Fixed Exchange Rates

By Alois Vinga PREVIOUSLY fixed exchange rates at the now-defunct interbank market have been blamed for the total loss of $107 million posted by piping materials producer, Pro-Plastics in this year’s first six months. The interbank foreign exchange market was launched by the Reserve Bank of Zimbabwe (RBZ) in February 2019 in a bid to

Foreigners Grab Chance To Exit Zimbabwe’s Stock Market

Bloomberg Foreign investors who had been stuck with their holdings in Zimbabwe stocks because of hard-currency shortages have latched onto dollar auctions to exit the market and repatriate funds. The government allowed stock trading to resume on Aug. 3 after a more than five-week halt, with the central bank also freeing up hard currency at

Zimasco resumes production

By Staff Reporter THE country’s biggest ferrochrome producer, Zimasco is set to resume production after the company had temporarily halted production in April this year. Zimasco General Manager (Marketing and Administration) Clara Sadomba confirmed the development in an interview. “We are restarting production for the fourth quarter as demand from our customers in the global

Lafarge completes RBZ registration of US$31 million blocked funds

By Alois Vinga LISTED cement manufacturing giant, Lafarge Cement Zimbabwe (Ltd) says it has completed the registration of US$31 million in blocked funds with the Reserve Bank of Zimbabwe in a development that has reversed exchange rate differences and strengthened the firm’s balance sheet. Blocked funds are cash flows generated by a foreign project that

ICTs key in Ziscosteel turnaround – minister

By Staff Reporter INFORMATION Communication Technology Minister Jenfan Muswere says ICTs played a key role in turning around the fortunes of moribund Ziscosteel. The steel maker ceased production over a decade ago following years of unbridled corruption, mismanagement, gross incompetence and political interference among other ills. Government has since expressed interest to revive the parastatal

African Sun hotels suffers 48% revenue decline during lockdown period

By Alois Vinga ZIMBABWE Stock Exchange listed hospitality concern, African Sun Limited has recorded a 48 % revenue decline in the half year period ended June 30 2020 owing to the Covid-19 containment measures effects. The hotel group’s chairperson, Alex Makamure Wednesday said the promising performance recorded in the first quarter was diluted by the