Feb 15, 2019 RIOZ.zw | Press Release: Resumption of Operations at all Gold Mines

Further to the Board’s Press Statement published on the 8th of February 2019, RioZim Limited wishes to notify all of its stakeholders that the Company’s gold operations have resumed full production as normal. This development follows the fruitful discussions held with the Reserve Bank of Zimbabwe which facilitated the clearance of all arrear payments thus allowing the Company to resume its normal operations.

RIOZ_Notice_to_shareholders_15_Feb_2019

Feb 15, 2019 BIND.zw | Further Cautionary Statement

Shareholders are referred to the Cautionary Statements published on 19 December 2018 and 18 January 2019 respectively, advising that the ultimate holding company of BNC, Asa Resource Group Plc (currently under Administration), has entered into a Sale and Purchase Agreement (“SPA”) with a third party in relation to the 74.73% shareholding in BNC. The conditions of the SPA include various regulatory approvals and other conditions as expected with a transaction of this nature. The third party is a UK based nickel company with complementary interests in Southern Africa.

Shareholders are advised to continue exercising caution when dealing in the Company’s securities until a full announcement is made.

BIND_Cautionary_Statement_-_15_Feb_2019

Feb 14, 2019 AFDS.zw | Unaudited Financial Results HY19

Financial Highlights:
- Revenue $ 25 868 065
- Gross profit $ 14 748 778
- Operating income $ 9 305 753
- Profit before taxation $ 9 706 984
- Profit for the period $ 7 082 859
- Dividend per share $ 0.03
- Total comprehensive income for the period $ 7 082 859
- Attributable earnings per share 6.08 US cents
- Headline earnings per share 6.08 US cents
- Diluted earnings per share 6.02 US cents

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Feb 14, 2019 AFDS.zw | Dividend Announcement

Details:
- Date Announced :Thursday, 14 February 2019
- Dividend declared for the period :31 December 2018
- Dividend Amount per share :3 US cents
- Dividend Record Date :1 March 2019
- Last day to trade cum-dividend :26 February 2019
- Dividend ex-date :27 February 2019
- Dividend Status :Declared
- Dividend Payment Date :25 March 2019
- Tax Status :Gross
- Withholding tax :10%
- Scrip Dividend Offer :Nil
- Scrip Dividend Offer Term :Nil

Feb 08, 2019 RIOZ.zw | Notice to Shareholders and Stakeholders

The purpose of this press release is for the Board of RioZim Limited to update all shareholders and stakeholders of the status of the Company following the withdrawal of the Cautionary Announcement dated 10 October 2018.

The withdrawal of the Cautionary Announcement was premised on the commitment by the Reserve Bank of Zimbabwe made in November 2018 to provide the Company with adequate foreign currency to meet the its operational requirements and to enable the Company to resume operations after an involuntary stoppage in October 2018. As part of the commitments made to gold producers in November 2018 to support their operations, the Reserve Bank of Zimbabwe undertook to allow all gold producers to maintain 55% of their export earnings in their foreign currency nostro accounts and to increase export incentives on all minerals. Notwithstanding these commitments, the Board of RioZim Limited regrets to advise that the Reserve Bank of Zimbabwe through its wholly owned subsidiary Fidelity Printers and Refiners (Private) Limited has been failing to meet these commitments. As of date, the Company has experienced significant and persistent delays in payment of its foreign currency allocation for deliveries made to Fidelity Printers Refiners (Private) Limited since December 2018 and this has severely affected the viability of the Company’s operations and consequently, the Company has been recently forced once again, to involuntarily suspend operations across all three of its gold mines pending full payment of its foreign exchange proceeds which it requires in order to procure the necessary consumables needed to keep the gold operations running. As at the Company’s reviewed half year financial statements, the gold business contributed circa 90% of the Company’s total revenue. Therefore, the current stoppage in production has a material impact on the Company’s performance.

In the interim and as a result of the above, the Company is currently engaging the Reserve Bank of Zimbabwe, the Chamber of Mines and other authorities on how to expediently resolve this matter. In the event that these engagements are unable to yield any positive resolution to the matter at hand within the immediate future and production at all three gold mines remains suspended indefinitely, the Board shall proceed to duly notify all shareholders and the investing public by way of a formal cautionary announcement.

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Feb 06, 2019 MEIK.zw | Notice to Shareholders

Further to the notice to shareholders published on 8 January 2019 and subsquent re-advertisement by LM Auctioneers on behalf of the Sheriff (Herald 25/01/19), of an intention to auction the assets of the company on 1 February 2019, the Directors of Meikles Limited would like to advise shareholders that the matter between Wide Free Investments Private Limited t/a Core Solutions and Meikles Limited (HC 530/19) was resolved to finality.  The auction that had been scheduled for
1 February 2019 did not materialise.

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Feb 05, 2019 PPC.zw | Operational Update for 9 months to December 2018

SOUTHERN AFRICA CEMENT

Despite difficult trading conditions, average cement prices in Southern African (including Botswana) increased by 1.0% - 2.0% for the period. Cement volumes were down 2.0% - 3.0% up to December 2018, against the backdrop of estimated market contraction of 4% - 5%. An uncharacteristically weak December retail segment and subdued construction activity contributed to the contraction. Total cement imports increased by 80% for January 2018 - November 2018 compared to the prior comparable period, with imports into Cape Town increasing by 48% to ~209,000 tonnes, although still substantially lower than the majority of imports into Durban which increased by 84%. The Western Cape, has seen a marginal recovery in volumes post the drought.

Price increases of between 8% - 12% were implemented on the 15th January 2019 in certain regions. The “SURERANGE” product line continues to gain traction and has positioned PPC well against blended product and imports. The business continues to focus on achieving its R70/tonne profitability initiatives.

MATERIAL BUSINESS

The lime business has shown resilience in terms of profitability, whilst the aggregates and ready mix business remains under pressure from a demand and pricing perspective. As stated previously the ready mix business remains an important channel to market.

REST OF AFRICA

ZIMBABWE

Volumes grew by low single digits compared to the prior year for the same period, due to operational challenges experienced in the third quarter of the financial year. Pricing has been aligned with local inflationary increases. Nonetheless, recent policy announcements regarding fuel price increases has placed consumers in Zimbabwe under strain. The impact of fuel increases and cost of living increases afforded to PPC Zimbabwe employees is expected to impact EBITDA margins by 1 – 2%. However, it is envisaged that cost saving measures will ensure that EBITDA margins remain within previously guided ranges.

PPC Zimbabwe management is implementing a number of initiatives to mitigate the impact of inflation and liquidity constraints on the business and on the broader PPC Group.

Liquidity management and cash preservation measures include:

  • Focus on local procurement, with 90% of input costs sourced locally
  • Increasing exports to neighbouring countries
  • Continuing clinker imports from South Africa
  • Share buy-back of PPC shares listed on the ZSE though subsidiary PPC Zimbabwe Limited.

Despite the challenging trading environment, the Group remains positive about its operational strength and customer support for its brand.

DRC

In the DRC, PPC Barnet continues to operate in a challenging environment, impacted by the elections in December 2018, as infrastructure demand was still subdued. The business continues to execute on strategic plans to maximise EBITDA and free cash flow generation in order to minimize capital requirements from the centre. PPC is engaging with its lenders to re-structure the debt in the DRC and put in place a more sustainable capital structure.

Rwanda

In Rwanda, Cimerwa has improved its production output in line with expectations, post the debottlenecking of the plant. Increased capacity utilisation coupled with stable pricing has resulted in the 2nd half EBITDA performance to date exceeding that of the 1st half of the financial year.

Ethiopia

Habesha has been able to steadily increase market share toward its market share capacity of 10%, with capacity utilisation above 40% for the last 12 months. Further plant optimisation and efficiency improvements are required to get the plant to the target capacity utilisation. Political instability has detracted from the performance for the period, however management is responding by prioritizing plant optimisation and route to market strategies. PPC endeavours to have a controlling holding in the business, in order to consolidate Habesha going forward.

GROUP BALANCE SHEET

Group gross debt has been maintained at similar levels to those reported for September 2018. PPC is continuously pursuing avenues to optimise its capital structure and bolster its balance sheet.

OUTLOOK

In South Africa, PPC intends to maintain price increases implemented. The company is engaging the authorities with regard to imports to ensure industry sustainability and also market stabilisation. PPC Zimbabwe remains focused on cash preservation. In the DRC, the business continues to entrench route to market strategies to increase volumes and prices. In Rwanda, the Cimerwa business continues with business optimisation in order to achieve optimal capacity.

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Jan 31, 2019 TSL.zw | Dividend Announcement

Details:
- Date Announced :Thursday, 31 January 2019
- Dividend declared for the period :31 October 2018
- Dividend Amount per share :0.70 US cents
- Dividend Record Date :15 February 2019
- Last day to trade cum-dividend :12 February 2019
- Dividend ex-date :13 February 2019
- Dividend Status :Declared
- Dividend Payment Date :25 February 2019
- Tax Status :Gross
- Withholding tax :10%
- Scrip Dividend Offer :Nil
- Scrip Dividend Offer Term :Nil

Media Centre

Feb 05, 2019 FALG.zw | Statement by the Zimbabwe Stock Exchange

05 February 2019

The Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies the investing public of the voluntary suspension...

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