Nov 02, 2018 SIM.zw | Notice of Changes to the Board

Resignations:
The Chairman of the Board of Directors announces the resignation of Mr. Salim Eceolaza from the Board of Directors effective 28 September 2018. Mr. Eceolaza was the Group Finance Director of the Company having joined the Board in 2015. He has now been appointed the Managing Director of Simbisa Brands Kenya Limited.

Messrs. Leighton Shaw and Manoli Vardas have retired from the Board with effect from 1 July 2018 and 28 September 2018 respectively. Mr Leighton Shaw is an Executive responsible for Commercial Affairs and Mr. Manoli Vardas is an Executive for Operations.

Appointment of new Finance Director
Mr. Baldwin Guchu has been the appointed the Group Finance Director of Simbisa Brands Limited with effect from 1 December 2018.

Acting Finance Director
Mr. Divine Chikobvu was appointed acting Finance Director for the period 28 September 2018 to 30 November 2018.

SIM_Notice_to_Shareholders_-_02_Nov_2018

Nov 01, 2018 RIOZ.zw | Cautionary Statement (Update 1)

Further to the cautionary statement published on the 10th of October 2018, the Board of RioZim Limited would like to update the Company’s shareholders, all other stakeholders and members of the public that, the challenges arising from the Company’s inability to access sufficient foreign currency to support its operations remain an issue. However, discussions on this matter are on-going with the Reserve Bank of Zimbabwe.

In the meantime, the Company’s operations at Cam and Motor Mine, Dalny Mine and Renco Mine involuntarily stopped operations until sufficient foreign currency can be accessed.

In addition to the engagements with the Reserve Bank of Zimbabwe, the Company, directly and via the Chamber of Mines is also engaging the Ministry of Finance, the Ministry of Mines and other key stakeholders in order to resume operations as soon as is possible.

In the interim, the Directors advise the shareholders of RioZim Limited, all other stakeholders and the public to exercise caution and consult their professional advisors when dealing in the shares of the Company.

RIO_ZIM_Cautionary_Update_1_Nov-2018

Oct 31, 2018 PGIN.zw | Completion of Secondary Scheme of Arrangement

Stakeholders of PG Industries (Zimbabwe) Limited ("PG") are advised that the Secondary Scheme of Arrangement of PG was duly registered by the Registrar of Companies on 19 October 2018.

In line with the provision of the Scheme of Arrangement, the various classes of creditors and the shareholders have been paid as follows:

1. Secured Creditors
A total amount of $ 1,643,746.00 was paid to the Secured Creditors.

2. Preferred Creditors
A total of $ 1,183,803.00 was paid to Preferred Creditors.

3. Concurrent Creditors
For payment purposes, Concurrent Creditors have been classified into foreign concurrent creditors and local concurrent creditors.

a) Local Creditors
A total of $ 2,731,472.00 was paid to local concurrent creditors.

b) Foreign Creditors
A total of $ 177,648.00 was paid to foreign creditors.

4. Statutory Creditors
An amount of $ 3,765,659.00 was set aside to pay statutory liabilities.

5. Shareholders

i. Payment of PG Shareholders
A sum of $ 500,000.00 has been transferred to First Transfer Secretaries to pay shareholders as and when they surrender their share certificates and submit their bank details. Shareholders entitled to receive payment are advised to submit their bank details to First Transfer Secretaries in order to receive their payment in terms of the Secondary Scheme.

ii. Cancellation of old PG shares and issuance of new shares to Dewei Investments
Since all creditors in the Secondary Scheme and following transfer of funds to pay all shareholders, First Transfer Secretaries have cancelled all shares held by existing shareholders and are proceeding to issue new shares to Dewei Investments. Dewei Investments will own 100% of "PG" shares.

Accordingly, the Secondary Scheme of Arrangement has been successfully concluded.

PGIN_Secondary_Scheme_Update_31_Oct_2018

Oct 30, 2018 EDGR.zw | Further Cautionary Statement

The Directors of Edgars Stores Limited wish to advise all shareholders that the Company is still engaged in discussions that may result in a transaction which may have a material impact on the value of the Company’s shares.

The Directors therefore advise shareholders to exercise caution when trading their Edgars Stores Limited shares and should consult their professional advisors before dealing in their shares.

EDGR_Cautionary_Statement_-_30_Oct_2018

Oct 26, 2018 FCAZW.zw | Further Cautionary Statement

Shareholders are advised that the First Capital Bank Limited Board of Directors has approved, subject to regulatory and other approvals, including but not limited to the final approval by the Reserve Bank of Zimbabwe, the unbundling of the Company’s non-core banking properties into a separate entity to be listed on the Zimbabwe Stock Exchange. The primary asset included is the Company’s 50% shareholding in a property holding company called Makasa Sun (Private) Limited. Shareholders will be provided with more details in due course.

Accordingly, shareholders and the investing public are advised to exercise caution and should consult their professional advisors when dealing with the Company’s shares.

FCAZW_Cautionary_Statement_-_26_Oct_2018

Oct 23, 2018 PGIN.zw | Update on Secondary Scheme of Arrangement

Scheme Members are hereby advised that the PG Industries (Zimbabwe) Limited Secondary Scheme of Arrangement (the Scheme) was registered by the Registrar of Companies on 19 October 2018.

In terms of the Scheme, payments to Scheme members and creditors will be made within five days after fulfillment of the last Condition Precedent. Registration of the Scheme by the Registrar of Companies is the last condition to be fulfilled.

The Company is now proceeding to make payments based on amounts owing as at 31 December 2015 as per Scheme terms. Payments will be made as approved at the Scheme meetings on 15 September 2016 as follows:
i Shareholders will be paid 0.0058 cents per share.
ii Secured Lenders will be paid amounts owed as at that date less a 10% discount.
iii Preferred Creditors will be paid 100% of the stated amounts.
iv Concurrent Creditors will be paid 19.7575 cents per dollar owed as at 31 December 2015 as full and final settlement of amounts owed as at that date.

Shareholders are referred to the Notice to Shareholders published together with this Update for payment procedures.

PGIN_Secondary_Scheme_Update_23_Oct_2018  PGIN_Notice_to_shareholders_23_Oct_2018

Oct 11, 2018 DLTA.zw | Trading Update

Delta Corporation Limited issued the following trading update:

"The Company today issues an update for the second quarter and the half year ended 30 September 2018. The business performance reflects the relative impact of the import content requiring hard currency in each business segment. Consumer demand has been firm due to increased economic activity in mining and agriculture, expansionary fiscal and monetary policies and the election related spending. The Company has maintained stable retail prices since 2013.

Post the end of the reporting period, the fiscal and monetary policy pronouncements have been dampened by the currency policy statements which seem to contradict the previous undertakings by the Reserve Bank of Zimbabwe on the multicurrency framework. In addition the 2% transaction tax took both business and consumers by surprise, raising policy risks and undermining market confidence.

Government and regulators are urged to engage stakeholders ahead of major policy pronouncements in order to maintain market confidence.

Lager beer volume grew by 52% over prior year for the quarter and is up 54% for the six months. The business has responded well to the surge in demand, with volume outturn surpassing historical peaks. There are some frictional shortages of brands and packs occasioned by the limited production capacity and raw material supply issues.

The Sorghum beer volume in Zimbabwe grew by 9% above prior year for the quarter and 2% for the six months. There was an improvement in the supply of packaging materials for Chibuku Super. The production capacity for Chibuku Super is now fully extended whilst that for standard Chibuku is limited by the shortages of Scud bottles.

National Breweries Plc - Zambia (Natbrew Plc) recorded a volume growth of 13%, in response to the volume recovery initiatives which focus on packs and competitive pricing.

The Sparkling beverages volume declined by 14% compared to prior year for the quarter and grew by 3% for the six months. The category was adversely affected by the challenges in securing imported raw materials, leading to extended periods of production stoppages and out of stock situations.

Group revenue increased by 33% (30% organic growth) for the quarter and 37% for the half year driven by the volume growth in the beer businesses. The growth in revenue has positively impacted on profitability and cashflows.

The half year results are expected to be published on 8 November 2018.

The Group’s previous financial statements are available on the website www.delta.co.zw.

All standard legal disclaimers apply.

REMINDER ON CAUTIONARY STATEMENT
Shareholders are reminded that the Company is trading under a cautionary issued with respect to the notice received from The Coca-Cola Company (TCCC) advising of an intention to terminate the Bottler’s Agreements with the Group entities (Notified Intention). This followed the merger of AB InBev and SABMiller Plc in October 2016 and the subsequent agreement in principle reached between TCCC and AB InBev to explore options to restructure the bottling operations in a number of countries. The discussions amongst the parties are ongoing…"

DLTA_Trading_Update_-_11_Oct_2018

Oct 11, 2018 DLTA.zw | Dividend Announcement

Details:
- Date Announced :Thursday, 11 October 2018
- Dividend declared for the period :30 September 2018
- Dividend Amount per share :2.50 US cents
- Dividend Record Date :26 October 2018
- Last day to trade cum-dividend :23 October 2018
- Dividend ex-date :24 October 2018
- Dividend Status :Declared
- Dividend Payment Date :6 November 2018
- Tax Status :Gross
- Withholding tax :10%
- Scrip Dividend Offer :Nil
- Scrip Dividend Offer Term :None

Oct 10, 2018 HCCL.zw | Press Statement

The Scheme Chairperson of Hwange Colliery Company Limited issued the following press statement:

"The Company produced 215 564 tonnes in August 2018 of which 169 520 tonnes were sold. Of the mined product, 34 579 was from underground mine operations.

The company has fallen behind by two (2) months in the payments ($ 4.6 million) due to employee creditors under the Company's creditor's scheme of arrangement. While this is disturbing the Company assures its creditors that this is a temporary setback which is resolvable.

The Company has fallen behind on the payment of interest ($ 3 million) on Class A debentures that should have commenced on the anniversary of sanctioning of the scheme by the High Court on 10 May 2017.

The Company has accumulated a coal stockpile of about 345 000 tonnes ($13 million) being 1,5 months coal under the supply agreement with Zimbabwe Power Company that requires delivery before payment will be made.

The Company has suspended the responsible senior management in an effort to deal with unsatisfactory work performance and enforcing a culture of performance.

In the meantime, the Company is currently engaging its customers for payments to enable it to meet its short term obligations"

Oct 09, 2018 RIOZ.zw | Cautionary Statement

The Directors of RioZim Limited wish to advise the Company’s shareholders and members of the public that the Company is currently facing severe challenges arising from the Company’s inability to access its foreign currency earnings that are required to fund its operations and sustain its growth. Whilst the Central Bank’s policy from April 2016 to September 2018 was that gold producers were entitled to access 50% of their receipts in foreign exchange automatically in their nostro account and the balance 50% by application (this policy has changed to 30% with effect from 1 October 2018), the Company has not received even the first 50% let alone the balance as per the Directives issued by the Central Bank in respect of its foreign exchange allocation. Since 2016 to date, the Company has only been allocated an average of circa 15% of the foreign currency that it has generated. The Company is required to deliver all gold produced to Fidelity Printers and Refiners (Private) Limited (“Fidelity Printers”) who in turn, credit the Company through the local RTGS system notwithstanding the fact that they have a contractual obligation to pay in foreign currency. The impact of this on the Company’s operations has been that the Company is unable to pay its external suppliers and consequently, the Company’s costs have escalated as the price of locally available consumables and spares has increased exponentially when compared to the prices quoted by external suppliers for the same products. In some cases, the prices quoted by local suppliers is more than 300% the prices quoted by their international counterparts. Furthermore, the effect of the Central Bank’s inability to allocate the Company adequate foreign currency is that the Company has in effect been receiving a fraction of the true value of the international market price of the gold that it has been delivering to Fidelity Printers. The situation is thus unsustainable and prohibits the Company’s ability to operate viably and maintain its production.

In addition, the gold business requires access to foreign currency in order to fund very important sustaining capex projects. For example, the Company needs to establish a Biological Oxidation Plant at Cam & Motor Mine which is required to treat refractory ore as the near-surface oxidized ore was already depleted at the end of last year. Unless the Company is allowed to access adequate foreign currency to fund this project, it will not be able to build this plant thereby adversely affecting the viability of the mine. There are other similar capex projects which are absolutely critical for the Company to sustain and grow its current production which have not been triggered as a result of foreign currency not being available.

The lack of foreign currency has also started to have a significant negative impact on the Company’s ability to meet its projected targets. The challenge which the Company faces is that its revenues have shrunk leading to a severely depressed production whilst its cost base continues to fluctuate and like most mining companies, the Company’s costs are largely fixed and the Company can only benefit from increased production. Costs in local currency have increased exponentially.

The Company has engaged the Central Bank on numerous occasions over the issue and minimal progress has been made in improving the situation. Therefore in addition to the other measures that the Company is considering to address the situation, the Company has proceeded to formally serve the Reserve Bank of Zimbabwe with its notice advising it of its intention to file legal proceedings against the Reserve Bank of Zimbabwe for a claim demanding that the Central Bank complies with its directives and policies, and also, for compensation for any losses that the Company has suffered as result of the Central Bank’s non-compliance with its directives from 2016 to date.

The Company continues to engage the Reserve Bank of Zimbabwe on the matter and the Board is also closely monitoring the situation.

These developments and the consequences thereof may have a material impact on the Company’s performance and therefore, in the interim, the Directors advise the Shareholders of RioZim Limited, and the public, to exercise caution and to consult their professional advisers when dealing in the shares of the Company.

RIOZ_Cautionary_Statement_-_09_Oct_2018

Oct 05, 2018 BARC.zw | Further Cautionary Statement

Shareholders are advised that the Barclays Bank of Zimbabwe Limited Board of Directors has approved, subject to regulatory and other approvals, including but not limited to the final approval by the Reserve Bank of Zimbabwe, the unbundling of the Company’s non-core banking properties into a separate entity to be listed on the Zimbabwe Stock Exchange. The primary asset included is the Company’s 50% shareholding in a property holding company called Makasa Sun (Private) Limited. Shareholders will be provided with more details in due course.

Accordingly, shareholders and the investing public are advised to exercise caution and should consult their professional advisors when dealing with the Company’s shares.

BARC_Cautionary_Statement_-_05_Oct_2018

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