EDGARS Stores (Edgars) says it seeks to expand its geographic footprint through the opening of new stores in strategic locations. The apparel retailer said it continues to remodel the business to capitalise on opportunities that arise in the very uncertain operating environment. The chairman of the group, Thembinkosi Sibanda, said the recovery of the business…
FIRST Capital Bank (First Capital) says it has had to temporarily resort to historical accounting only after failing to comply with the international accounting standard that pertains to hyperinflation reporting, due to Zimbabwe’s recent adoption of a blended consumer price index (CPI) as the official inflation benchmark. It comes as reporting companies in the country…
KUVIMBA Mining House (Kuvimba) has engaged a consulting company to drive the resuscitation of Zimbabwe Iron and Steel Company (Zisco). Speaking after a cabinet meeting this week, Information minister Monica Mutsvangwa said Strategen Company has been engaged by Kuvimba as the lead consultancy for the steel-making plant revival. “The nation will recall that in March…
THERE has been a low default rate on the repayment of loans under Zimbabwe’s Belarus-sponsored farm mechanisation programme, a government official has said. The programme has so far seen the deployment of equipment worth more US$60 million. The director of agricultural engineering, mechanisation and soil conservation in the ministry of Agriculture, Edwin Zimunga, recently told…
WEST Properties Holdings says Zimbabwe’s infrastructure landscape needs to be reorganised to accommodate and encourage investments in large projects. Speaking at the company’s Victoria Fall Stock Exchange (VFEX) listing ceremony held in Harare last week, chairperson, Michael Louis said commitment and support were required from both the private sector and the government. “It can only…
HWANGE Colliery Company (Hwange) says it plans to grow its market share of coking coal sales in neighbouring countries this year. The coal miner, currently under administration, previously said it is increasing inroads in regional markets such as Zambia, DRC, Malawi, Mozambique, Botswana and South Africa, which is however negatively affected by poor logistics. “Advanced…
GOVERNMENT says agriculture mechanisation investments will help transform the country’s farming landscape and contribute to economic growth. In January this year, a total of 1 635 tractors, 16 combine harvesters and other farming implements, including boom sprayers, valued at US$66 million, were commissioned in Harare by President Emmerson Mnangagwa and his Belarusian counterpart Aleksandr Lukashenko.…
CFI Holdings (CFI) says sales at its subsidiary, stockfeed manufacturer Agrifoods, dropped four percent during the five months ended February 28, 2023, indicating that consumers are reducing spending in reaction to low disposable incomes and rising inflationary pressures. As consumers struggle to afford basic products, their spending and shopping habits are changing. “Agrifoods’ performance was…
ZIMBABWE’S only exchange-traded Real Estate Investment Trust (REIT), Tigere Property Fund, says it expects increased hard currency collections, which will result in a higher proportion of US dollar dividends. During the first quarter ended March 31, 2023, the REIT, which was listed on the Zimbabwe Stock Exchange in November last year, declared an interim dividend…
CALEDONIA Mining Corporation (Caledonia) says it expects gold production to be between 75 000 and 80 000 ounces at Blanket Mine this year. The miner maintained its production guidance despite a 13 percent decrease in gold output to 16 036 ounces for the quarter ended March 31, 2023, due to plant failures and logistical issues,…
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More