CONSTRUCTION & PROPERTY

Afre changes name to First Mutual Holdings Limited

Afre Corporation has changed its name to First Mutual Holdings Limited after an independent consultant told the firm that the current brand has a low visibility in the market and lacks clear associat...

By Business reporter | Published: 10 June 2013

INDUSTRIALS & ENERGY

Delta Corp in the process of complying with Indigenisation

Delta Corporation has said it is in the process of complying with the indigenisation policy and has since submitted its road map to the government.CE Pearson Govero told the Imara Investment Conferen...

By financial express | Published: 10 June 2013

TRANSPORT & TOURISM

Emirates fares starting from $2,550 for travel from Harare to Dubai

Travellers from Zimbabwe are being offered a taste of the highlife with the latest discounts from Emirates in a three-day sale of Business Class tickets this week.Attractive discounts are being offer...

By Staff reporter | Published: 10 June 2013

TELECOMS & TECHNOLOGY

Liquid Telecom acquires Rwandatel

KIGALI - Econet Wireless owned fibre and satellite operator, Liquid Telecom yesterday announced that it has acquired Rwandatel, Rwanda's fixed line network operator. The deal includes Rwandatel's cop...

By Business reporter | Published: 10 June 2013

FINANCIAL SERVICES

Econet reshuffles TN Bank management

Econet Zimbabwe Limited (Econet) has reshuffled the financial institution's top management, which involves the appointment of new executives, including United Kingdom based financial analyst Lance Ma...

By Business reporter | Published: 10 June 2013

MINING & RETAIL

Mining firms urged to go secondary listing

Imara Capital Zimbabwe managing director Sean Gammon yesterday said mining company should consider secondary listings on the Zimbabwe Stock Exchange (ZSE) in a bid  to  boost capital on the...

By Business reporter | Published: 10 June 2013

MINING & RETAIL

Russian fixer handed rich platinum concession in Zimbabwe

MOSCOW - A Russian fixer handed an "exclusive licence" to develop the Darwendale platinum deposits in 2006 has said he is ready to bail-out and sell his shares on the open  market if the multi-m...

By Staff reporter | Published: 10 June 2013

TELECOMS & TECHNOLOGY

Econet settles $85 million of the $137.5 million licence renewal fees

Econet Wireless Zimbabwe's licence was renewed and licence period extended to 20 years while the licence renewal fee was set at $137.5 million, group CEO Douglas Mboweni told an analyst briefing yest...

By Business reporter | Published: 10 June 2013

MINING & RETAIL

RioZim to focus on debt restructuring

RioZim will continue focusing on debt restructuring with the company expecting to generate $8.6 million cash in total and $7.7 million before the end of the year from the sale of reverts of Xstrata, ...

By Business reporter | Published: 10 June 2013

TRANSPORT & TOURISM

Bulawayo Rainbow hotel gets $650,000 facelift

THE Bulawayo Rainbow Hotel is undergoing a  $650 000 facelift. In a statement yesterday, Rainbow Tourism Group (RTG) the hotel was expected to have several of its areas revamped to give it a mor...

By Business Reporter | Published: 10 June 2013

TELECOMS & TECHNOLOGY

Telecel licence will not be renewed

GOVERNMENT says Telecel Zimbabwe should first address its lopsided shareholding by transferring majority stake in the firm to locals before its mobile phone operator's licence can be renewed. Transpo...

By Business reporter | Published: 10 June 2013

TELECOMS & TECHNOLOGY

Econet increase revenue by 14% to $695 million

Econet's revenue for the year ended 28 February 2013 was $694.8 million, an increase of 14% compared to the previous year. Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA)...

By Moyo Roy | Published: 10 June 2013

MINING & RETAIL

Edgars on course to meet $65 million turnover

EDGARS  Stores Limited  is  on  course  to achieve  turnover  of above $65 million by year  end,  following  a  4.8% increase in sales  uni...

By Business reporter | Published: 10 June 2013

FINANCIAL SERVICES

African Development Corporation initiates BancABC takeover offer

African Development Corporation announced that the management and the Supervisory Board resolved to engage in pooling agreements with aligned investors in ABC Holdings Limited, Botswana (BancABC) and...

By Business reporter | Published: 10 June 2013

INDUSTRIALS & ENERGY

Steelnet placed under final liquidation

STEELNET Zimbabwe has been placed under final liquidation and the liquidator has invited tenders from interested parties to purchase operating assets.Steelnet liquidator Mr Christopher Maswi of Fair...

By Mafu sithabile | Published: 10 June 2013

FINANCIAL SERVICES

AfrAsia Kingdom targets $50 million capitalisation

AfrAsia Kingdom Zimbabwe Limited has embarked on initiatives to strengthen the group's businesses in response to regulatory requirements for additional capital and in preparation of an expected econo...

By Business reporter | Published: 10 June 2013

BUSINESS NEWS

Business groups back new BEE regulations

Local business groups and the country's consumer watchdog have backed the recently announced statutory instrument barring foreign investors from setting up business with low capital outlays. Nearly a...

By Business reporter | Published: 10 June 2013

CONSTRUCTION & PROPERTY

Pearl Properties occupancy ratios below budget

Pearl Properties missed the occupancy target  for the first 4 months of 2013 achieving 78.87% against a projection of 83.26%, group MD Francis Nyambiri told the AGM this morning. "We were t...

By Business reporter | Published: 10 June 2013

INDUSTRIALS & ENERGY

BAT volumes down 16% following increase in excise duty

BAT volumes are down 16% following the increase in prices after Treasury raised excise duty on cigarettes, MD Lovemore Manatsa has said. Manatsa told the AGM that owing to the liquidity challenges t...

By financial express | Published: 10 June 2013

TRANSPORT & TOURISM

Air Zimbabwe leases a 50-seater Embraer jet

Air Zimbabwe has leased a 50-seater Embraer jet that is now servicing its domestic routes as it seeks to offer cost-effective services to its passengers. The jet, which is one of the two that will be...

By Business reporter | Published: 10 June 2013

LANDS & AGRICULTURE

Zimbabwe operations boost Tongaat Hulett's earnings

Two Zimbabwe-based operations boosted Tongaat Hulett 's improved operating profits, the company said in a statement. "The two Zimbabwe operations generated operating profit of R630m up from R62...

By Business reporter | Published: 10 June 2013

FINANCIAL SERVICES

Restructuring of POSB begins

Restructuring of the People's Own Savings Bank has started, following the engagement of legal and financial advisors to facilitate the transaction, Parastatals and State Enterprises Minister Gorden M...

By Business Reporter | Published: 10 June 2013

TRANSPORT & TOURISM

Air Zimbabwe unveils its Airbus A320

Air Zimbabwe has introduced a leased Airbus A320 to its fleet to  service the Harare - Johannesburg route.The plane has been in South Africa for mandatory safety tests and is one of the two Airb...

By New Ziana. | Published: 10 June 2013

CONSTRUCTION & PROPERTY

Turnall to open plant in Bulawayo

Asbestos products manufacturer Turnall Holdings last week said low product demand in the first four months of the year resulted in a 10 percent slump in turnover compared to the same period last year...

By New Ziana. | Published: 10 June 2013

FINANCIAL SERVICES

IFC snaps about 10.3% stake in ABC Holdings

THE International Finance Corporation has snapped about 10,3 percent stake in ABC Holdings after exercising an option to convert a 78 million pula (US$9,2 million) loan to the banking group into equi...

By Business Reporter | Published: 10 June 2013

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