First Mutual Holdings Limited (FMHL) is seeking shareholder approval to raise $17.25 million through a rights issue to finance the acquisition of a 80.92 stake in Zimbabwe’s largest short-term insurer NicozDiamond.
The leaders of the two factions of the Movement for Democratic Change Morgan Tsvangirai and Arthur Mutambara were ready to reunite the two factions as early as November 2006 but hardliners from the two factions “passionately” resisted the move.
Barclays Bank Zimbabwe reported a 191 percent increase in net income to $9.5 million in the half-year to June from $3.3 million reported in the comparable period last year on increased income.
Zimbabwe’s state owned bank POSB reported an 8 percent decline in after-tax profit to $3.83 million in the six months to June from $4.17 million in the comparable period last year, as the bank’s revenue took a dip.
It must be a sore point for Zimbabwean President Robert Mugabe and his wife Grace that the couple’s two sons show none of the veteran leader’s political instincts.
Spirit and winemaker, African Distillers’ after tax profit more than doubled from $1.11 million last year to $2.76 million in the six months to June, driven by a 13 percent increase in revenue.