BizDay Zimbabwe
BizDay Zimbabwe

Zimbabwe's leading authority on business, finance and investment news.

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BizDay Zimbabwe

Companies

Stanchart cancels use of international VISA cards

Standard Chartered Bank’s Zimbabwean unit on Tuesday cancelled the automatic use of its VISA cards internationally in response to a deepening shortage of US dollar notes in the country. “We regret to advise that we have cancelled the automatic use of your VISA debit card outside Zimbabwe with immediate effect,” said the bank in a statemen…

The Source

Zesa mulls Eskom debt clearance plan

ZESA Holdings is in the process of mobilising funding to whittle down its debt to South Africa’s Eskom after the value of power imports under a Government guarantee reached the limit of 500 million rand.The situation has presented challenges for ZESA, which has been struggling to make foreign payments due to the foreign currency situation…

Herald Zimbabwe

Finsec turnover down 86pct in January

Zimbabwe’s alternative trading platform (ATP), Financial Securities (Finsec) recorded an 86 percent decline in turnover for January from $553,589 in December to $75,883 as analysts decry lack of investment alternatives on a market that has one company listed. The ATP, which was designed to broaden and deepen capital market participation b…

Tapiwa

AfrAsia Bank assets go under the hammer

The Deposit Protection Corporation has put assets of the collapsed AfrAsia Bank Zimbabwe under auction to recover creditors money but said cash shortages were affecting the liquidation process. Liquidator Reggie Saruchera of Grant and Thornton on Wednesday said a second dividend was paid to preferent creditors in November last year but di…

The Source

Zimplats sells 10pct stake to employees for $95mln

Zimbabwe’s largest platinum miner, Zimplats on Tuesday said it had transferred 10 percent of its equity to its employees for $95 million. Government approved the plan in September, 2015 as part of a 2013 agreement to sell a majority stake to local black investors for $971 million to meet black ownership targets set by President Robert Mug…

The Source

Econet asked to defer EGM

Econet Wireless Zimbabwe has been asked to defer its extra-ordinary general meeting set for tomorrow until it has addressed technical issues relating to its proposed rights issue. Econet intends to raise $130 million through a rights offer and linked debentures sale in order to facilitate the servicing of its foreign debt. Under the propo…

Herald Zimbabwe

OK’s Zireva calls it a day

OK Zimbabwe Limited chief executive Mr Willard Zireva is set to step down on March 31 this year after serving the leading supermarket chain for over three decades. OK Zimbabwe finance director Mr Alex Siyavora will become the chief executive with effect from April 1 this year, said Mr Zireva in internal memo to staff announcing his depart…

Herald Zimbabwe