ZSE state position on CFI saga

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ZSE today published a notice saying it has not been formally advised that ,Messina Investments and any other parties it is acting in concert with, has passed the 35% threshold which compels them to make an offer to the minorities in terms of the ZSE Listing Requirements. ZSE views the notice by Messina to buy shares at 46c, exclusive of charges as an unsanctioned informal offer to minorities and there non-compliant with ZSE Listing Requirements. ZSE ATS Trading Rules do not allow off the market transaction in order to promote transparency in the trading of listed securities. – The Herald, 28 July 2017

The Minerals Marketing Corporation is directly engaging foreign chrome ore buyers to achieve premium prices and better returns for small-scale producers in a bid to cushion them from middlemen who are taking advantage of low global prices and profiteering at the miners’ expense.While global chrome ore prices have plummeted to around $50 per tonne from about $180 per tonne six months ago, MMCZ, a Government agency charged with supervising the sale of all minerals produced in Zimbabwe except gold and silver, said it had been able to negotiate and achieve higher prices of $80 per tonne. – The Herald, 28 July 2017

Government is building diamond and gold reserves to back the local currency upon its re-introduction in future, Vice-President Emmerson Mnangagwa has said. VP Mnangagwa refused to disclose when the local currency would be re-introduced, but said it would only come back when mineral reserves reached desired levels. He was speaking during an advocacy meeting on the new Constitution that was organised by the Ministry of Justice, Legal and Parliamentary Affairs in Chiredzi. VP Mnangagwa oversees the Justice Ministry. Responding to questions on the prevailing cash shortages, the Vice President said government was working on ways to stem the shortages – The Herald, 28 July 2017

The Confederation of Zimbabwe Industries (CZI) reviewed its capacity utilisation target for the year downwards to between 50 and 60% from the projected 65% by year-end due to a shortage of foreign currency to buy critical raw materials. Last year, capacity utilisation, which is a measure of industry’s use of installed productive potential, rose to 47.4%, up from 34.3% in 2015 due to the positive impact of import management programme. CZI president Sifelani Jabangwe said they had settled for 65% basing on the success Command Agriculture Scheme. “We have initially pegged our capacity utilisation to 65% this year due to economic measures put in place by government and the success story of the command agriculture scheme. But due to the shortages of foreign currency and delays in telegraphic transfer payments for critical raw materials we expect capacity utilisation of the manufacturing sector to between 50% and 60%. We believe that the 65% capacity utilisation levels could be achieved if the foreign currency issue is addressed. – The Herald, 28 July 2017

Finance and Economic Development Minister Patrick Chinamasa was yesterday forced to suspend debate on the nomination of Industrial Development Corporation chief executive Mike Ndudzo as new Auditor-General to allow him to further consult after legislators from across the political divide rejected the planned appointment. Members of the National Assembly shot down the nomination of Ndudzo to replace Mildred Chiri, arguing that all the firms that he had managed were either ailing or were insolvent. Chinamasa had in terms of Section 310 (1) of the Constitution sought Parliament approval for the appointment of Mr Ndudzo by the President following the expiry of Chiri’s tenure in February last year. Legislators asked why Chinamasa had failed to involve Parliament and in particular the Public Accounts Committee or to hold public interviews to select a new Auditor-General. Zvishavane-Ngezi MP John Holder (Zanu-PF) said despite Ndudzo’s illustrious curriculum vitae, the firms that he had superintended over were almost bankrupt, thereby casting aspersion on his abilities. – Daily News, 28 July 2017

Brainworks Capital Management has been garnisheed by the Zimbabwe Revenue Authority over failure to pay a $6 mln tax debt, it has emerged. The Mauritius-based private equity firm – seeking to raise $25 mln through floatation on the Johannesburg Stock Exchange – has since approached Finance minister Patrick Chinamasa for intervention in the matter, asking the Treasury chief for a stay of execution against the garnishee order, fearing this will affect its mooted listing. – Daily News, 28 July 2017

Turnall today announced that it has received a request for a response from the Securities and Exchange Commission of Zimbabwe pertaining to the complaint made against FBC Holdings Limited by Noel Hayes who is a non-executive director and shareholder in Turnall. The board is in the process of studying the complaint and is taking independent advice regarding the issues raised with a view to responding to the SECZ as soon as practically possible. – The Herald, 28 July 2017

Zimbabwe’s biggest bank, CBZ has set new withdrawal limits for its international Visa card holders will also now be required to funds their accounts with physical cash before travel. The card holders will now be restricted to $200 per day on ATMs and $1,000 for International Point Of Sale machines and online transactions. In January this year, the bank banned all its VISA customers from using their cards to make local payments as the country grappled with a shortage of bank notes. “In line with market developments we would like to advise that effective 01 August 2017 we have reviewed the terms and conditions of the international visa cards,” CBZ said in a correspondence to Visa card holders. The bank said although the cash and foreign currency shortages remain unabated while credit remained constrained, it had responded by strengthening market presence and synergies.– Source (Online)

By |July 28th, 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.