Zimbabwe

South African retailer Edcon sells stake in Edgars to Mauritian incorporated entity

November 12, 2019

ZIMBABWE – South African retail giant, Edcon has completed the disposal of its shareholding in Zimbabwe-based clothing chain Edgars Stores Limited to Mauritius incorporated entity SSCG Africa Holdings, as the group realigns operations to remain sustainable. Edcon controlled a 41 percent stake in Edgars Zimbabwe, which has 25 branches across the country as well as […]

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Zimbabwe’s Twenty Third Century Systems secures utilities deal in Kenya

November 11, 2019

KENYA – Zimbabwean tech firm Twenty Third Century Systems (TTCS) has inked a deal to install digital smart metres at Kiambu’s Tatu City to enable residents to monitor their water and power consumption. The integrated smart city technology platform will enable collection and analysis of utility consumption data. It will also provide diagnosis and allow […]

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Workz Group and Econet successful trials virtual SIM in Zimbabwe

November 7, 2019

ZIMBABWE – Mobile and IOT solutions provider Workz Group and Econet Zimbabwe have announced a deal that will provide Zimbabwean subscribers with network connectivity via embedded SIM devices such as the iPhone XS/XR/11 and Microsoft Surface Pro X. In a statement issued by the companies, a market launch can be expected “in the coming months”, […]

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Mobile network operator partners with HIT to promote innovation in Zimbabwe

November 7, 2019

ZIMBABWE – Zimbabwe’s second largest mobile network operator by subscriber base, NetOne, has partnered Harare Institute of Technology (HIT) to promote game changing innovations through research and development. The mobile company’s chief executive officer, Lazarus Muchenje, said this partnership will unlock opportunities for both entities as it has the potential to commercialise and monetise the […]

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Mimosa Mining Company invests US$10m in new processing plant

November 5, 2019

ZIMBABWE – Zimbabwe’s second largest Platinum Group of Metals (PGM) Mimosa Mining Company, has invested in a new processing plant worth US$10m that is expected to shore up processing capacity and consequently production. The company has since secured a processing plant from South Africa to address production inefficiencies, managing director, Mr Fungai Makoni, said in […]

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Gwanda solar project receives US$14m funding from ATC Holdings

November 5, 2019

ZIMBABWE – The 100 megawatt (MW) Gwanda solar project has received fresh impetus after a local infrastructure fund, African Transmission Corporation (ATC) Holdings, agreed to extend US$14 million to finance the first 10MW of the project under a phased construction model. ATC financed the 2.5MW Phase One of the 25MW Centragrid Photo Voltaic project in […]

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Caledonia Mining to invest in solar plant to boost power production

October 18, 2019

ZIMBABWE – Caledonia Mining Corporation PLC has confirmed plans to invest in alternative sources of power, as the company seeks to reduce interruptions to production at its Blanket Mine in Gwanda. The gold producer has not been spared from power supply challenges facing the country, hence proposals for the company to build a solar plant. […]

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Equity Bank on course to takeover Zimbabwean lender BancABC Bank

October 16, 2019

KENYA – Equity Bank, a financial service provider is on course to takeover of the Zimbabwean lender BancABC Bank that serves as both corporates and retail as it establishes a presence in 10 African countries. A cautious entry into Zimbabwe, a country currently weighed down by a volatile exchange rate and hyperinflation was part of […]

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Investor to purchase all assets of Zimglass to enable its revival

October 8, 2019

ZIMBABWE – Zimbabwe Glass Industries Limited (Zimglass), has received an offer for the purchase of all its assets, which could lead to the revival of the sole glassmaker, reports News Day Zimbabwe. Zimglass, a subsidiary of the Industrial Development Corporation (IDC), has been insolvent since 2010 and voluntarily applied for judicial management in 2014 citing […]

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Zim insurer Zimnat recieves RBZ’s approval for offshore investment

October 4, 2019

ZIMBABWE – Zimnat, an insurance company, has received exchange control permission by The Reserve Bank of Zimbabwe (RBZ) to invest policyholder’s funds contributed in foreign currency in offshore financial markets. The exchange control approval relates to Zimnat Life Assurance’s Diaspora Funeral Cash Plan (DFCP), which is designed for Zimbabweans living and working in the diaspora. […]

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