Companies

Companies

Only Four Funeral Assurers Capitalised – IPEC

By Alois Vinga ONLY four funeral assurers in Zimbabwe are meeting the prescribed capitalisation thresholds, the Insurance and Pensions Commission (IPEC) Funeral Assurance Report for the first quarter of 2021 shows. The insurance regulator reported that as of 31 March 2021, four were compliant with the regulatory minimum capital requirement of $62.50 million as prescribed

ZITF Says Bookings Hit 90% Mark

By Alois Vinga ZIMBABWE International Trade Fair (ZITF) has confirmed its bookings for this year’s edition have hit a 90% mark amid optimism the event will proceed safely and as planned despite the ongoing Covid-19 containment measures. The event will be held from 20 to 23 July at the ZITF Grounds in Bulawayo. In an

RBZ Penalises Nat Foods, 17 Companies For Violating Auction Rules

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) is set to penalise 18 companies, including food processing giant National Foods, for violating the Foreign Exchange Auction regulations. The move comes amid plans to stamp out all forms of indiscipline choking the recovery of the economy. The development comes shortly after President Emmerson Mnangagwa issued

Germany-Based Amatheon Agri Receives Approval To Grow Medical Cannabis In Zimbabwe

Accesswire BERLIN, GERMANY: THE Ministry of Health of Zimbabwe has approved Amatheon Agri’s license to produce cannabis for medical and scientific use The company now embarks on an assessment and planning phase for growing and producing an assortment of cannabidiol (CBD) products The global medical cannabis industry was estimated to be worth around US$21 billion

Crocodile-Skin Firm to Raise Funds With New Listing

Bloomberg  A Zimbabwean supplier of Nile crocodile skins for luxury handbags and shoes is planning to sell shares on the country’s new foreign-currency denominated stock exchange to raise capital for expansion. Padenga Holdings Ltd., one of the world’s largest suppliers of the skins, will terminate its listing on the main exchange in Harare and re-list

Access Forex Pledges Free Bread To Zim Families

By Leopold Munhende ZIMBABWEAN owned Access Forex, a money transferring platform operating in the UK, South Africa and locally, has pledged 10 loaves of bread for every family whose member sends them money from UK. In a statement Friday, Access Forex Head of Sales and Marketing Shingai Koti said the initiative was meant to complement

African Sun Moves To Take Over Dawn Properties Absolute Ownership

By Alois Vinga LISTED hotelier, African Sun Limited (ASL) has announced its intentions to take full control of the business concern from Dawn Properties shortly after acquisition. Recently, the entire issued ordinary shares of Dawn were acquired in exchange for the issuance of the African Sun Limited ordinary shares listed on the Zimbabwe Stock Exchange

OK Zimbabwe Declares 54 Cents Per Share Dividend

By Alois Vinga LEADING supermarket chain, OK Zimbabwe has declared a dividend of 54 cents per share after a profitable full-year performance attributed to economic recovery. Presenting performance results for the period ended March 31, 2021, the group chairperson, Herbert Nkala announced a final dividend payout. “The directors declared a final dividend of 54 cents

Truworths

Truworths Minimises Credit Sales Due To Hyperinflation

By Alois Vinga LISTED clothing retailer, Truworths Limited has cancelled credit sales due to hyperinflationary pressures Zimbabwe is going through, and protect the company from value erosion. Presenting the half-year financial performance of the firm, the company’s chief executive, Bhekithemba Ndebele said they were forced to push to sales on a cash-in-advance basis only to

Biggest Chiadzwa Diamond Miner Sees Output Rising 30% In 2021

Bloomberg THE biggest diamond miner in Zimbabwe said it will be able to increase production of rough gems by about 30% to 3 million carats this year thanks to improved mining methods. Zimbabwe Consolidated Diamond Co’s mines in the east of the country have so far met monthly targets of 200,000 carats, chief executive Mark

Art Corp Profits Down 8%, Bemoans Policy Inconsistencies

By Alois Vinga ZIMBABWE Stock Exchange (ZSE)-listed diversified industrial group, Art Corporation has seen operating profit going down by 8% amid concerns of policy inconsistencies choking the smooth flow of exports. Presenting the firm’s performance for the half-year ended March 31, 2021, the board chairperson, Thomas Wushe said operating profit registered a significant decline. “The

ProPlastics Export Volumes Grow To 71 %

By Alois Vinga LISTED plastics and pipe maker concern, Proplastics has recorded a 71 % export volumes growth amid strong sales volumes performance in the quarter ended March 31, 2021. In an update, the company’s chairman, Gregory Sebborn said the positive growth in exports contributed significantly towards revenues. “Exports grew by 71%, contributing 7% to

Edgars Suffers Sales Volume Declines Across Units

By Alois Vinga LISTED middle to upper income group classical and commercial fashion stores, Edgars suffered major sales volume declines in most of its units attributable to Covid-19 lockdown closures of physical stores. The group’s chief executive officer, Tjeludo Ndlovu said the measures prompted the stores to close for more than seven weeks of the

Grace Muradzikwa

IPEC Bemoans Slow Progress In Resolving Hyperinflationary Era Insurance Losses

By Alois Vinga THE Insurance and Pensions Commission (IPEC) has bemoaned the slow progress in the resolution of losses incurred by pensioners during the country’s pre-2009 hyperinflationary era. Pensioners lost their investments during the hyperinflationary era after insurance companies claimed that a substantial proportion of investments they made was eroded when the country’s economy hit

Strive Masiyiwa

Strive Masiyiwa Named Britain’s First Black Billionaire

Daily Mail  A TELECOMS tycoon whose family fled unrest in Zimbabwe, who took on Robert Mugabe in order to start his businesses, and who is now helping to provide Covid vaccines to Africa, has been named as Britain’s first black billionaire. London-based Strive Masiyiwa, 60, has clinched the accolade, according to the Sunday Times Rich

NetOne Honoured As Best Service Provider In CCAZ Awards

By Bulawayo Correspondent ONE of the top three mobile network operators, NetOne has won the Contact Centre Association of Zimbabwe (CCAZ) organised Best Service Award in the telecommunications sector for the southern region. The state-owned company was announced winner during the recently held Southern Region Service Excellence Awards. The prestigious awards recognise, promote and reward

An artist impression of Egodini Mall

Egodini Mall’s First Phase Completion Set For August

By Bulawayo Correspondent THE completion of the first phase of the multimillion-dollar Egodini Mall project in the Bulawayo central business district is now expected next August after several missed deadlines. In 2016, the Bulawayo City Council awarded Terracotta Trading Limited (TTPL) a US$60 million tender for the redevelopment of the Basch Street terminus popularly known

CBZ To List On Victoria Falls Stock Exchange 

Bloomberg CBZ Holdings Ltd., the biggest bank in Zimbabwe, plans to list on the US dollar-denominated stock exchange in Victoria Falls, as part of efforts to ignite foreign interest in the lender. The firm is “actively exploring” a listing, which could address concerns for foreign investors of having funds stuck in the country, Chief Executive