TONGAAT Hulett South Africa (SA) says a vote on the company’s proposed business rescue plan has been postponed to September, to allow for additional details to be updated. The decision to go into voluntary business rescue came after what the sugar manufacturer termed significant challenges following years of high and increasing debt levels, alleged financial…
EDGARS Stores (Edgars) says its business recovery is premised on improved access to foreign currency through domestic sales to cover import requirements, a stable exchange rate and lower inflation. This comes as Zimbabwe has for some time battled with exchange rate disparities and a surge in inflation, which has negatively impacted business operations. “On the…
MASIMBA Holdings (Masimba) says its revenue for the first quarter of 2023 rose 19 percent to US$11,4 million, underpinned by a firm order book. The chief executive of the group, Canada Malunga, told The Financial Gazette on the sidelines of the company’s annual general meeting that all construction contracts are paid in a mix of…
DIVERSIFIED manufacturer Zimplow Holdings says it is well-placed to take advantage of the growth in the mining, agriculture, and infrastructure development sectors as it expands its business. This comes as the company is undertaking a strategic expansion of its branch network, particularly under its Trentyre business unit. “The Zimplow group is pursuing aggressive expansion plans…
ZIMBABWE’S milk production was up five percent to 30,13 million litres during the four months to April 2023, latest figures from the Agriculture ministry’s Dairy Services Department show. During the same period last year, production was 28,68 million litres. Chairperson of the Zimbabwe Association of Dairy Farmers (ZADF), Ernest Muzorewa, told The Financial Gazette that…
SHAMVA Gold Mine says it is targeting to attain the lowest risk profile to the environment, surrounding communities, and personnel by employing smart sustainable mining activities.
MULTI -franchised motor dealer, Croco Motors has been awarded the ‘Highest Business Growth’ accolade in the region at the Eicher Annual Dealer Conference in Dubai recently. This comes as Croco Motors has grown its market share in the Eicher trucks and buses segment, with a strong focus on delivering aftersales customer service. In a statement…
DRONE Solutions Private says demand for autonomous agricultural technology is on the increase as local farmers have begun warming up to smart initiatives as they seek to enhance yields and improve profitability. In agriculture, drones are being used to fight pests as well as to increase the ability to track the growth of crops and…
ECONOMIC commentators have implored the government to enhance measures that encourage businesses and individuals to use the economy’s official financial system. This comes as other countries are migrating to a cashless society, but Zimbabweans still believe in using hard cash. Economist Prosper Chitambara told The Financial Gazette that only a few Zimbabweans trust local banks,…
BUSINESS says the removal of import controls is promoting excessive hoarding of cheaper basic goods from abroad, amid speculation that the controls might be re-imposed soon this year. Last month, the minister of Finance, Mthuli Ncube, suspended import duty and import value-added tax on 11 basic grocery items. In a position paper on the measure,…
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