Companies

Companies

Peter Zimunya

CBZ CEO Zimunya Retires, Nyazema Takes Over

By Alois Vinga CBZ managing director, Peter Zimunya is set to step down as chief executive after a prolonged career spanning over four decades in the banking industry. In an update, the group legal corporate secretary, Rumbidzayi Jakanani said the top banker will be exiting the institution at year end. “Zimunya will be retiring as

Turnall’s New Automated Plant Reaches Nears Completion

By Alois Vinga LISTED roofing products manufacturer Turnall Holdings Limited (THL) investment in a new plant which will see an automated increase in production and enable migration from cement pipes has reached an advanced stage. Presenting a trading update for the period ended September 30, 2021, THL acting company secretary, Ziggy Bikwa said the new

CBZ Posts $3,1 Million Profit

By Alois Vinga ONGOING government infrastructure projects have availed lucrative opportunities for CBZ Holdings on the back of which the country’s largest financial services institution posted a net profit of $3,1 million. Presenting a trading update for the nine months period ended September 30, 2021, CBZH Group Legal Corporate Secretary, Rumbidzai Jakanani hailed numerous government

Local Companies Have Until Dec To Declare Forex Transactions Or Risk Hefty Fines

Fin24 ZIMBABWEAN companies have until the end of this year to declare sales undertaken in foreign currency or risk rigorous audits and hefty fines – as dollarisation, which remains unmatched by foreign currency tax collections, intensifies across the economy. The local unit of exchange, the Zim dollar, has continued to struggle on official and parallel

Pressure Mounts On Fraud-Accused Matsika To Relinquish Doves Roles

By Staff Reporter PRESSURE is mounting on controversy-ridden tycoon, Farai Matsika, to step down from his roles at Doves Holdings, Doves Funeral Services and Doves Life Assurance director after he was accused of fraudulently trying to take over the country’s largest car dealership, Croco Motors, from his former boss and half-brother Moses Chingwena. It also

Hamish Rudland

Zim’s Wealthy Rudland Family Set To Take Over Tongaat Hulett

By Business Reporter/Agencies A BILLIONAIRE family – the Rudlands are on the verge of acquiring one of Southern Africa’s biggest sugar producers, Tongaat Hulett, by underwriting the company’s US$257 million rights issue. A Mauritius registered company – Magister – owned by Hamish Rudland, recently engineered the consolidation of Zimplow and Unifreight subsidiaries. Zimplow and Unifreight are

Mashonaland Holdings Sees Growth On Back Of Economic Rebound

By Alois Vinga ,LISTED property investment firm Mashonaland Holdings Limited (MHL), hinges the property sector recovery prospects on the anticipated economic recovery growth prospects expected this year. Presenting a trading update for the twelve months ended September 30, 2021, MHL company secretary, Egnes Mhaka expressed hope that the real estate is set to recover on

BAT Hails Exchange Rates As Exports Grow By 44%

By Alois Vinga LISTED tobacco processor, British American Tobacco (BAT) has hailed the prevailing stable exchange rates and easing inflationary pressures fostering stable pricing during the review period where export volumes recorded a 44 % growth. Presenting a trading update for the nine months up to September 31, 2021, BAT chairperson, Lovemore Manatsa said the

Delta Eyes Local US$ Sales Opportunities

By Alois Vinga LEADING beverages manufacturer, Delta Corporation has tabled plans to tap into the country’s huge foreign currency sales potential on the back of firm aggregate product demand obtaining in the market. Presenting financial information for the period ended September 30, 2021, Delta board chairperson Sternford Moyo said there is huge potential to tap

Simbisa Brands Launches Mobile Online Payment ‘InnBucks’

By Leopold Munhende FAST Food giant Simbisa Brands which runs Chicken Inn, Pizza Inn, Bakers Inn, and Creamy Inn has launched a mobile online payment platform, InnBucks. The platform seeks to solve US$ change shortages at its outlets, and also allow customers to purchase food for their families and colleagues from anywhere in the country.

TM Pick’n Pay Suffers 21% Sales Volumes Decline

By Alois Vinga GROCERY retailer, TM Pick ‘n Pay suffered a 21 % sales decline, prompting management to devise strategies to keep the entities on the profitable margin. Presenting an annual report for the year 2021, Meikles Limited’s (the holding company) chairman, John Moxon, said the Covid19 pandemic had a negative impact on sales performances. “Sales

Border Timbers Production Slows Down

By Alois Vinga TIMBER milling and manufacturing firm, Border Timbers recorded a slow-down owing to Covid-19-induced logistical challenges. Presenting the financial performance for the year ended June 30, 2021, the company’s judicial manager, Peter Lewis Hailey said production of the transmission poles at 6 195 was far lower than the 11 300 poles produced in a comparative

Zimplats Plans US$1.8b Investment In Mine Expansion

Fin24 IMPLATS’ Zimbabwe-based unit Zimplats on Thursday announced plans to invest a total of US$1.8 billion over the next seven years towards mine expansion, as well as the establishment of a base metal refinery. The bulk of the funds, amounting to US$386.2 million, will go towards the development of Mupani mine, while the base metal

Miners Losing 20% Export Proceeds To Exchange Rate Distortions: Report

Reuters ZIMBABWE’S miners are losing 20% of their export proceeds due to a widening gap between the official and black-market currency exchange rate, an industry report showed on Wednesday. The Zimbabwe dollar is trading at 93 to the United States dollar on the official market, but is quoted as low as 180 against the greenback

Batsirai Matiza

Investors US$24 Million Into Argus

By Staff Reporter YOUNG Zimbabwe businessman Batsirai Joel Matiza has attracted the interest of international investors after spearheading successful acquisitions of Cobalt mining companies based in the Democratic Republic of the Congo. Matiza, using off-shore based Argus Group as the special purpose vehicle, has entered into deals which will see him partnering with international companies

Finance Minister Mthuli Ncube

Mthuli To Set Offshore Financial Centre In Vic Falls

By Alois Vinga FINANCE Minister, Mthuli Ncube has begun the process of establishing an Offshore Financial Services Center (OFSC) in the resort city of Victoria Falls amid expectations that the development will go a long way to attract investments. Addressing delegates at the Victoria Falls Commodities Exchange workshop Monday, Ncube said the government is working

Econet founder Strive Masiyiwa

Continued Power Cuts Increase Econet’s Operation Costs

Bloomberg ECONET Wireless Ltd., the biggest telecommunications operator in Zimbabwe, said an erratic power supply has led to an increase in carbon footprint and the cost of doing business. The company is reliant on emissions-heavy diesel generators to supplement what it can draw from the national grid, chairman James Meyers said in the annual report.

African Sun Moves To Snap Remaining 8,9%  Stake In Dawn Properties

By Alois Vinga AFRICAN Sun Limited has floated a second offer for Dawn Properties Limited shareholders to surrender the remaining 8,9% shares as the hotel group sustains efforts to snap up a 100% stake in their new acquisition. The hotel group acquired Dawn Properties last year in exchange for shares in the hotelier. A squeeze-out

ZSE Lifts CFI Trading Suspension

By Alois Vinga THE Zimbabwe Stock Exchange (ZSE) has lifted the four-year-long suspension trading of CFI Holdings Limited’s shares in a development that will spur the company’s growth. Four years ago, the ZSE suspended CHL over non-compliance with listing requirements around the free float threshold, appointments of a substantive board chairperson, chief executive, and financial

RioZim Diamonds Production Down 4%

By Alois Vinga DIVERSIFIED mining group RioZim diamonds production went down by 4% due to technicalities associated with migration of mining activities in the half-year ended June 30, 2021. Presenting the group’s half-year results, RioZim chairperson Saleem Beebeejaun said the lowered production also prompted the widening of losses. “The group’s associate produced 240 000 carats