SI64 eases pressure on local players

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Lafarge Holcim Zimbabwe said protection measures introduced by Government against cement imports last year have been instrumental in easing pressure on local players.The introduction of protection measures came after local cement producers had warned of possible scaling down of operations and closures owing to an influx of cheap imported products from Lafarge Holcim Zimbabwe chief executive Amal Tantawi said that the cement manufacturer welcomes competition in the industry but cheap imports had been a threat. The country’s main producers; Lafarge, PPC Cement and Sino Cement last year had installed capacity of 1,85 tonnes against demand of 1,17 tonnes.  Tantawi said the local cement manufacturers have adequate capacity to meet the demand which is the reason why continued investment in improving productivity for the local manufacturers remains important. – The Herald, 20 June  2017

Colcom Holdings Limited today published a cautionary statement advising its shareholders that further to the cautionary statement published on 30 May 2017, the board received notification from its major shareholders Innscor Africa Limited, of its intention to extend offer to minority shareholders for the purchase of Colcom shares in exchange for Innscor shares, so they are to exercise caution when dealing with shares. – The Herald, 20 June  2017

Sugarcane farmers in Mkwasine have threatened to switch to other cash crops if government fails to intervene by finding an alternative miller to Tongaat Hulett Zimbabwe, which they say is giving them a raw deal. Addressing Chiredzi Press Club on Friday last week, chairman of the Mkwasine Sugarcane Farmers Association Retired Colonel Dennis Masomere said the gains of land reform continued to be threatened. He said government should take serious steps to address the Division of Proceeds (DOP) case which has been topical since 2014. DOP is the monetary ratio which the miller charges farmers for processing every tonne of sugarcane into raw sugar. In 2014, Industry and Commerce Minister Mike Bimha set the interim DOP in which the miller received 17%, while farmers enjoyed 83%. The ministry then consulted independent consultant Ernst & Young which concluded that the miller was supposed to get 23%, while 77% goes to the farmer on every processed tonne of sugarcane. This meant farmers had been enjoying a 6% overdraft since 2014, hence Tongaat’s decision to start recovering its money backdating to 2014. – The Herald, 20 June  2017

By |June 20th, 2017|Categories: Headlines|

About the Author:

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.