Econet boss Strive Masiyiwa was yesterday reported to have pumped$100 million into his Zimbabwean operation after a $130 million rights offer only got 25 percent support from investors.
Zimbabwe’s largest milk processor, Dairibord made an operating loss of $3.99 million from a $3.97 million operating profit recorded in the previous year on the back of high overhead costs, chief executive Anthony Mandiwanza told analysts yesterday.
Econet Wireless Zimbabwe’s $130 million rights issue was undersubscribed by over 75 percent, mirroring the depth of the country’s liquidity crunch, with the underwriter pumping in $100 million.
The United Nations today said it had raised $403 million from donors for Zimbabwe in 2016, surpassing its money mobilisation target for 2016 by $77 million.
State-run pension fund, the National Social Security Authority (NSSA), says it is investing $18 million to revive struggling Cold Storage Company (CSC), with the deal expected to begin this year.
The proposed Corporate Governance Bill for Public Enterprises will bar the president and government ministers from appointing management of State enterprises, leaving this to members of the board, Finance Minister Patrick Chinamasa said yesterday.