Stories

A potential Malawian investor has set up a fund to inject $10 million into the country’s sole packaging glass manufacturer, Zimglass  and negotiations for its takeover have reached advanced stages, its judicial manager has said.

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Chinese energy company Chint Electric Company through its local partner Intratrek Zimbabwe says it expects to start work on its $750 million solar project in Gwanda in the second half of the year, an official has said.

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Zimbabwe’s tobacco industry regulator has given players up to end of day today to submit presentations on how to reduce the wide discrepancy between contract prices and auction prices as concerns mount over the current pricing model of the golden leaf.

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NMBZ Holdings has posted a $1.6 million net profit for the full year to December compared to a loss of $3.3 million reported in prior year, buoyed by cost cuts and a good loan book despite a slight decline in interest income.

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An auction of assets belonging to the country’s sole manufacturer of knitting yarn, Karina Textiles, which was placed under provisional liquidation two years ago after failing to raise new investment, failed to take off with no takers for the equipment, the liquidator has said.

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Cement maker Sino-Zimbabwe will spend up to $5 million in capital expenditure this year to double its output from the current 300 000 tonnes annually by year end, a company official has said.

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Zimbabwe government’s domestic borrowing jumped 52 percent to $544.03 in January year-on-year from $358.80 million in the same period a year ago, the central bank said on Thursday.

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Crocodile breeder Padenga has reported a 21 percent growth in profit after tax to $6 million for the full year ended December 2014 driven by raw skin sales, the company said on Thursday.

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President Robert Mugabe yesterday set 10 June as the date for the by-elections to fill the seats lost by legislators from the Movement for Democratic Change Renewal Team after the MDC-Tsvangirai recalled the seats because the legislators were elected on an MDC-T ticket but had crossed the floor when they joined the United Movement for Democratic Change.

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Brick-maker Willdale has recorded $3.6 million growth in revenue for the five months to February this year, up from $2.9 million achieved during the same period last year driven by increased output, the company’s chief executive said yesterday.

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