ASA to offload BNC stake to Zim company

ASA to offload BNC stake to Zim company

By Natalie Chiwomadzi and Tendai Sahondo ASA Resource Group (ASA) has agreed to sell its 74.73% shareholding in BNC to an undisclosed third party based in Zimbabwe, Business Connect can reveal. In a cautionary statement published by, BNC board chairman Muchadeyi Masunda said the stake up taker is a Zimbabwean based mining firm involved in the production of ferrous metals, non-ferrous metals and precious metals. “Shareholders are advised that the ultimate holding company of BNC, Asa Resource Group Plc (currently under Administration), has entered into a Sale and Purchase Agreement…

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Gvt presses on with OFSC setup

Gvt presses on with OFSC setup

By Tendai Sahondo Government is pressing on with plans to set up a robust Offshore Financial Services Centre (OFSC) in the country, finance and economic development minister, Mthuli Ncube has said. Presenting the mid-term review last week, Ncube said the country stands to benefit immensely from the venture as it will attract investment from across the globe. “Government has been exploring the possibility of setting up an Offshore Financial Services Centre (OFSC) as part of efforts to develop the financial service sector, through provision of opportunities for global investment. “…

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Old mutual launches youth innovation hub

Old mutual launches youth innovation hub

Staff Reporter  Financial services group Old Mutual Limited (OML) has unveiled Eight2Five, a value creation competition and co-innovation center in collaboration with the British Council. Launched yesterday, Eight2five seeks to empower, house and finance start up companies and help them create and achieve growth. Speaking at the launch event, OML group chief executive officer, Jonas Mushosho said they believe in the ability to create value. He said as technology and competition is changing, consumers have shifted and the ‘Eight2five value creation challenge’ will nurture the next big enterprises to come out…

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ZACC investigation reports nonsensical: Nzenza

ZACC investigation reports nonsensical: Nzenza

By Natalie Chiwomadzi PUBLIC Service, Labour and Social Welfare Minister Dr Sekai Nzenza says Zimbabweans should refocus their energies on pertinent issues and restrain on dwelling on social media chatter. This comes after social media messages alleged Nzenza has gone into hiding after Zimbabwe Anti-Corruption Commission (ZACC) exhibited interest on investigating her in connection to the NSSA report which sucked in her predecessor Minister Prisca Mupfumira. Speaking at a press conference, Nzenza said she is not aware of the investigations on her and dismissed the social media reports as nonsensical…

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Chamisa still receiving ZINARA salary, benefits, a year after suspension

Chamisa still receiving ZINARA salary, benefits, a year after suspension

By Tendai Sahondo Zimbabwe National Road Administration (ZINARA) Chief Executive Officer (CEO) Eng Nancy Masiyiwa-Chamisa is still receiving her salary and full benefits a year after being suspended, ZINARA board chair Michael Madanha has confirmed. Speaking before a public accounts committee, Madanha said Chamisa resisted a handsome payout which had been offered to her as a way of bringing the matter to conclusion. He was responding to a question by committee chair, Harare East Member of Parliament, Tendai Biti on the rampant corporate governance flaws within ZINARA. “Chamisa is still receiving…

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Look east policy bearing fruit: Mhlanga

Look east policy bearing fruit: Mhlanga

By Natalie Chiwomadzi LOCAL Government, Public Works and National Housing Deputy Minister Jennifer Mhlanga has said the coming in of Her Excellency Ge Huijin (chairman of People’s Political Consultative Conference Zhejiang Provincial Committee) to Zimbabwe is an indication that the country’s Look-East Policy is beginning to yield fruit. Her Excellency Ge Huijin who arrived in the country is accompanied by a high powered business delegation that has not only come to see the economic activities being undertaken by Chinese in the country but also to explore for opportunities and partnerships. …

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Govt, EU join hands for wildlife protection

Govt, EU join hands for wildlife protection

By Natalie Chiwomadzi EUROPEAN Union (EU) says it has partnered with the government of Zimbabwe in a move meant to protect wildlife poaching as well as animal and human conflicts. The partnership is based on three projects which are mainly aimed at protecting and promoting wildlife in the country. Addressing delegates at the launch of the projects, Head of the EU Delegation to Zimbabwe Ambassador Timo Olkkonen said the country’s natural riches are not only for the Zimbabweans to cherish, but they form part of a world heritage which is…

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Meikles can’t commit to US$30 million facelift

Meikles can’t commit to US$30 million facelift

By Malcolm Meja In a statement released on Friday, Meikles group chairman John Moxon said, the group does not consider that it is in a position to commit to the required US$30 million to modernise its prime Harare hotel. Meikles limited is in the process of selling its hotel to a Dubai based company, Albwardy Investment. Dubai billionaire, Ali Albwardy who also owns 3 hotels in Tanzania, owns Albwardy Investment. Group chairman, John Moxon said, initial forecasts suggests up to US$30 million needs to be spent on the hotel, and…

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Zim needs to invest in more rooms: Chidzidzi

Zim needs to invest in more rooms: Chidzidzi

By Natalie Chiwomadzi ZIMBABWE Tourism Authority (ZTA) chief operating officer Givemore Chidzidzi says Zimbabwe need to invest in more room capacity to correspond with increasing tourism traffic. Since the coming in of the new dispensation in November 2017, Zimbabwe has experienced an increase in tourist arrivals as well potential investors. Speaking at the Zimbabwe Property Investment Forum recently, Chidzidzi said the country has a very low hotel stock compared to what is required. “When visitors come to see available attractions, they need accommodation and this is an area we are…

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Econet focuses on strategies that preserve shareholder value

Econet focuses on strategies that preserve shareholder value

Staff Reporter MOBILE Telecommunications giant Econet Wireless Zimbabwe says it is intensifying its focus on strategies that preserve shareholder value owing to the prevailing economic environment. In a statement accompanying the company’s financial results for the year ended February 2019, Econet Zimbabwe chairman James Myers said the strategy is to achieve the intended results in the current economic situation. “Whilst we have always focused on creating shareholder value, the current economic environment has resulted in an increasing focus on strategies that preserve shareholder value,” said Myers The demerge of Econet…

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