Hospitality and retail group Meikles Limited will open up to new investors its hospitality, agriculture and stores divisions as the group restructures to improve operational efficiency, Chairman John Moxon said today.
Shortages of cooking oil in Zimbabwe are imminent following a cut in foreign currency allocations to manufacturers by the central bank. The Reserve Bank of Zimbabwe (RBZ) tightly controls foreign currency which is in short in the southern African country. Oil Expressers Association of Zimbabwe (OEAZ), a grouping of seven firms which supply up to 95 percent of the edible oils consumed in the country said in a statement their “credit lines for raw materials have reached maximum levels and members can no longer access raw materials on credit from their foreign suppliers as they normally do”.
Command agriculture – a major, private-sector-backed subsidy programme implemented by the Government of Zimbabwe – has been hailed as a massive success, especially following the huge maize harvest reaped this year.
Old Mutual is trading three times higher on the Zimbabwe Stock Exchange compared to its primary listing on London Stock exchange (LSE), indicating that local assets are overvalued as punters seek to maximise value in Zimbabwe’s currency chaos.
Defence Minister Sydney Sekeramayi and Health Minister David Parirenyatwa have sued singer and businessman Energy Mutodi for defamation following a facebook post in which he accused the two of poisoning Vice-President Emmerson Mnangagwa.
Construction and engineering group Masimba Holdings recorded a 23 percent increase in after tax profit to $137 422 in the half year to June from $111 477 in the comparable period last year on improved revenue coupled with overhead efficiencies.