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Econet considering debentures to equity conversion

HARARE – Econet Wireless Zimbabwe could be considering a debenture to equity conversion, people with knowledge in the matter have said. This comes after the group issued a cautionary statement to shareholders in which it said it was engaged in discussions and is considering various proposals, which if implemented may have a material impact on the…

Safe banking model but with more aggression says Barclays

HARARE – Barclays Bank of Zimbabwe says it is now hungrier for business, now closer to the markets and therefore more responsive to opportunities that the group was not quite positioned to take advantage of, when it was still a part of the bigger Barclays Plc. Speaking on FinXLive  (https://vimeo.com/286130312), Barclays CEO Sam Matsekete said the group, which will soon…

Growth in unit sales at Farmec and parts sales at Barzem boost Zimplow H1

HARARE – A 100% increase in Farmec’s revenue offset the downturn in Mealie Brand to ensure that Zimplow Holdings reported a 38% growth in turnover in the six months to June 30, 2018. Farmec, which distributes various farming implements brands, reported doubled revenue of $7.7 mln from $3.8 mln after tractors sold increased to 95…

NetOne to embark on 3rd phase of capital expansion project

HARARE Netone will soon embark on the third phase of its capital expansion project at a cost of nearly half a billion dollars, as it emerged it is finalising the second phase where it is investing $218 million. Information Communication Technology, Postal and Courier Services Minister Supa Mandiwanzira said in a recent interview that NetOne…

A cautious cheer for OK after improved F17 performance

A cautious cheer for OK after improved F17 performance HARARE – OK released an improved set of results for the financial year ended March 2017. Revenue went up by 8% while gross margins improved to 16.5% from 16.1% the previous year, Management attributed the increase in gross margins to an improvement in sales mix towards…

Lafarge’s revenue for Q1 down 15% as heavy rains weigh

Lafarge’s revenue for Q1 down 15%  as heavy rains weigh HARARE- Cement producer, Lafarge’s revenue was down 15% as at March 2017 compared to the same period last year. The decline was mainly due to the incessant rains season that weighed down demand for their product. Lafarge, chief executive officer, Amil Tantawi however said the…

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