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Barclays Plc officially announces sale of stake to FMB

00Barclays Plc officially announces sale of stake to FMB HARARE -Barclays Bank PLC (BBPLC) has today announced the sale of its majority shareholding in Barclays Bank of Zimbabwe Limited (BBZ) to FMB Capital Holdings PLC (FMBCH). Completion of this transaction is subject to regulatory approvals, and is currently expected to conclude by the end of…

Increased battery sales lift Art in F17

00Increased battery sales lift Art in F17 HARARE – Profitability across Art Corporation’s business units lifted the Group’s overall performance for the half year ended 31 March 2017 with the topline rising 7.60% above prior year to $15.20mln. Group chairman Thomas Wushe, in a statement accompanying the interim financials, said revenue was mainly driven by…

Local Banks holding 2 % cash reserves

00Local Banks holding 2 % cash reserves HARARE- Local banks hold 2% cash reserves in vaults as the bond notes flight persists amid revelations that the surrogate currency is now found in neighbouring countries, a central bank official has said. Deputy Reserve Bank Governor, Kupukile Mlambo at a retailers Indaba in Harare highlighted how cash…

Masimba records 70% growth in Q1

00Masimba records 70% growth in Q1 HARARE- Masimba Holdings has decided to dispose of its 50% shareholding in Reinforcing Steel Contractors of Zimbabwe (RSCZ) to focus on the construction growth prospects currently supported by a $23mln confirmed order book. Kosto Holdings Limited of Mauritius holds the remainder 50% shareholding, RSCZ net assets position as at…

Zimplow units in improved sales growth in 4 months to April

00Zimplow units in improved sales growth in 4 months to April  HARARE –Firm producer prices for maize, cotton and wheat announced by Government have positively affected Zimplow Holdings as this has improved disposable income among smallholder farmers and commercial farmers. Group CE Mark Hulett told the AGM that turnover for the year to April was…

NMBZ to pursue growth strategy

00NMBZ to pursue growth strategy HARARE- NMBZ CE, Benefit Washaya told the company’s Annual General Meeting this morning that, operating income plunged 8% at US$12,6 million during the first quarter of 2017 largely due to constrained lending on the back of growing liquidity challenges. However when compared to month on month performance, the April 2017…

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