PPC CEO, Board chair resign

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PPC’s CEO Darryll Castle has resigned less than a week after Tito Mboweni stepped down from the board. According to Business Day, Mboweni allegedly quit over irreconcilable differences  about the strategic direction of the company and its proposed merger with Afrisam.  PPC’s CEO Darryll Castle has resigned less than a week after Tito Mboweni stepped down from the board. According to Business Day, Mboweni allegedly quit over irreconcilable differences  about the strategic direction of the company and its proposed merger with Afrisam. Castle will be available to PPC to ensure a smooth handover for a period of six months, the company said in a statement.Chairman of the board Peter Nelson said that the Nominations Committee will commence the process to appoint a permanent CEO immediately. In the interim Johan Claassen, the Managing Director of the South African cement business, has been appointed as CEO of PPC. – CNBCA (Online)

Creditors who are owed money by six failed banks have slim chances of recovering their dues as it has emerged the financial institutions have an aggregate net liability of over $200 million. The now defunct AfrAsia, Allied, Interfin, Royal, Trust and Genesis Investment banks are unable to pay the bulk of their creditors given that their liabilities of US$350 million far outweigh their US$139 million worth of assets. – Sunday Mail, 23 July 2014

The cost of fiscal tax registers are falling as competition rises following Government’s approval of more suppliers of the devices. Among the suppliers is the tax collector, the Zimra, which has imported at least 10 000 fiscal devices and is selling them. There is huge demand for fiscal devices following Government’s directive last year that all value added tax-registered businesses generating more than US$60 000 per year should have them by January 1, 2017 as per Statutory instrument 104 of 2010. – The Herald, 24 July 2017

The country’s leading mobile telecommunications provider, Econet Wireless Zimbabwe, says it has agreed to share its fixed infrastructure as long as its competitors are prepared to foot maintenance costs on an equal basis. Since last year, government has been urging telecommunications companies to eliminate “unnecessary duplication of telecommunication infrastructure” by maximizing the use of existing and future telecommunications infrastructure. Econet chief executive officer, Douglas Mboweni said his company’s offer to share infrastructure in 1998 was rejected by its competitors, who viewed possession of infrastructure as a competitive tool. – NewsDay, 24 July 2017

Simbisa Brands Limited today published a cautionary statement advising its shareholders the board has approved, subject to the Reserve Bank of Zimbabwe, other regulatory approvals and shareholders approval, the application for a secondary listing of Simbisa’s Ordinary Share Capital on the London Stock Exchange Alternative Investments Market (AIM) in order to access additional funding for the Company’s expansion. They are to exercise caution when dealing with shares.  – Daily News, 24 July 2017

By |July 24th, 2017|Categories: Headlines|

About the Author:

Kudzanai Sharara
Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.