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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…

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High taxes weigh down Zimplats’ F18 

HARARE- Zimplats’ net profit for the year was negatively affected by the impact of the change in tax rate on deferred tax following the migration from a special mining lease to the mining lease tax regime. The company said a deferred tax charge of approximately $95, 4 million was recognised in F18 arising from the…

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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…

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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…

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Seed Co to seek a review of BSE fungibility conditions

HARARE – Seed Co will seek for a review on its share fungibility status as the current approvals for fungibility were done before Government made changes to the Indigenisation Act.  This comes as shareholders yesterday approved the partial unbundling, capital raise and separate listing of Seed Co International on the Botswana Stock Exchange. In terms…

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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…

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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…

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Ariston Holdings interim revenue down 8% but eye recovery during the second half

Ariston Holdings interim revenue down 8% but eye recovery during the second half HARARE – Ariston Holdings revenue for the half year ended 31 March 2017 was down 8.17% at $3.47mln y-o-y. The decline was mainly attributed to the late commencement of the macadamia harvesting. The company however anticipates reversing the decline in the second…

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Nicoz Diamond’s GPW up 1% to $15.7 mln in four months to April

Nicoz Diamond’s GPW up 1% to $15.7 mln in four months to April  HARARE- Nicoz Diamond Insurance’s revenue for the four months to April 2017 grew a marginal 1% with Gross Premium Written (GWP) for the period at $15.7mln compared to $15.6mln reported in the same period last year. Group managing director Grace Muradzikwa giving…

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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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