AfrAsia challenges court’s decision on RioZim

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Losses in Seedco, Meikles and Simbisa saw the main industrials index close in the negative territory today. By the close the main Industrials Index was 0.33% weaker at 197.90 points. This was after Seedco lost 6.18% to 125.25 cents, Simbisa down 2.2% to 20.05 cents. Meikles was the day’s biggest loser down 10.22% to 18 cents following the collapse of talks to buy the company by a Dubai best investments company. There were however more risers on the day  with Proplastics being the top riser up 7.84% to 5.5 cents. Turnover was healthy at $1.5 million. Losses in Seedco, Meikles and Simbisa saw the main industrials index close in the negative territory today. By the close the main Industrials Index was 0.33% weaker at 197.90 points. This was after Seedco lost 6.18% to 125.25 cents, Simbisa down 2.2% to 20.05 cents. Meikles was the day’s biggest loser down 10.22% to 18 cents following the collapse of talks to buy the company by a Dubai best investments company. There were however more risers on the day  with Proplastics being the top riser up 7.84% to 5.5 cents. Turnover was healthy at $1.5 million. – LES

A parliamentary committee has recommended the amendment of Zimbabwe’s indigenous law to insert a requirement that compels mining firms to contribute at least 25 percent of pledges to community share trusts to facilitate their speedy set up. The Parliamentary Portfolio Committee on Indigenization and Empowerment has also recommended inclusion of statutory provisions for application of punitive measures against mining houses that fail to meet legislation by December. – The Herald, 19 July 2019

AfrAsia Bank has filed at the Supreme Court challenging the High Court’s decision to nullify the deed of settlement signed between the bank and mining company RioZim. This comes as the bank lost its bid to force RioZim to settle over $4.5 million in interest charges and loans after it emerged the financial institution could have unfairly bloated interest and bank charges on the debt. In its notice and grounds of appeal, AfrAsia said that the lower court erred at law in refusing to confirm the deed of settlement. – The Herald, 19 July 2019

CBZ Holdings Limited today published a further cautionary statement advising its shareholders that , the regulatory matter which one of the Company’s subsidiary is involved in, is still under discussion and may on finalization have an impact on the value of the Company’s shares, so they are to exercise caution when dealing in the shares of the company until a further announcement is made.  – The Herald, 19 July 2019

Short term credit disbursed to the agricultural sector by local commercial banks went down 23.5% in the first quarter of 2017  as banks tighten screws on their lending to avoid non-performing loans. Data from the First Quarter Digest compiled by the Zimbabwe National Statistical Agency shows short term credit extended to farmers in the first quarter of 2017 at $1.3 bln was lower than the $1.7 bln disbursed prior comparative period. – Daily News, 19 July 2019

Government has dispatched a consultant to Tokwe Mukosi Dam as plans to start developing a mega-irrigation scheme using Zimbabwe’s largest inland dam intensify. The consultant would, among other things, validate the existing irrigation master plan to pave for the development of an irrigation scheme. Swathes of land stretching from southern parts of Chivi and Masvingo districts into Mwenezi and Chiredzi are expected to be transformed into a vast perennial greenbelt through irrigation water from Tokwe-Mukosi. Over 25 000 hectares would be opened to irrigation using the dam that was commissioned by President Mugabe in May this year. Deputy Minister of Agriculture, Mechanisation and Irrigation Development (Cropping) Davis Marapira said development of an irrigation scheme at Tokwe-Mukosi would start once the findings of the consultant are out . – The Herald, 19 July 2019
 

By |July 19th, 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.