Reserve Bank releases US$20m for 200,000 tons of wheat imports

ZIMBABWE - The Reserve Bank of Zimbabwe (RBZ) has released US$20 million for importation of wheat from Canada and Germany to supplement the insufficient national wheat stocks. This was as requested by millers following poor harvest in the drought-hit southern African country. The amount will be used to pay for 200,000 tonnes of wheat procured…

Davipel Group invests US$12m in snack facilities

ZIMBABWE - Davipel Group of Companies, an agro-processing firm has invested US$12 million to construct two state-of-the-art snack facilities as it builds mileage in snacking, milling and feed production. Launched by President Mnangagwa, the facilities come handy following the government’s control on imports under Statutory Instrument 64 (SI 64) of 2016, a legislation that requires…

Seed Co Zimbabwe revenue declines 5% on lower sales volume

ZIMBABWE - Seed Co Zimbabwe’s revenue for the year-ended March 31, 2018 declined 5% as a result of production challenges including high disease pressures, drought among other adverse factors. Increase in Other Income from commission based sales and exchange gains saw the profit for the year grow by 5% to US$21.4 million, also reducing finance…

Pure Oil Industries to commission new margarine plant in June

ZIMBABWE - Pure Oil Industries, maker of the renowned vegetable cooking oil brand Zimgold has announced plans to inaugurate state-of-the-art facility for bakers’ fat and margarine in June. The Herald reported the oil manufacturer aims at becoming an integrated oil extraction and processing company as well as a one stop manufacturing company for cooking oil,…

Zimbabwe to import US$200m worth of edible oil to meet local demand

ZIMBABWE - Zimbabwe will import crude edible oil worth US$200 million this year to supplement local production and meet national demand which stands at 300, 000 tonnes for both oil expressers and domestic consumption. The country is reported to have harvested only 50,000 tonnes of soya beans despite of the growing demand and consumption. While…

Zimbabwe Millers to import 150,000tonnes of wheat to supplement stocks

ZIMBABWE - The Grain Millers Association of Zimbabwe (GMAZ) has announced that it will be importing 150,000 tonnes of wheat upto November to avert market shortages that would rather be experienced in a short while. The millers said the country was left with 90,000 tonnes, only enough to provide two months’ supply but more wheat…

Seed Co Zimbabwe invests in improving farmer soyabean yields

ZIMBABWE - Seed Co Zimbabwe has unveiled the Eleven Tonne Plus Club Promotion, a programme targeting commercial farmers for soybean, maize and other seeds in a bid to boost food security. The programme is set to benefit farmers with at least 10 hectares of the firm’s seed varieties grown during the 2017/18 season. Along with…

Dairibord’s revenue up 17% on overall volumes growth

ZIMBABWE - Dairibord Holdings, Zimbabwe’s leading processor of food and dairy has reported 17% growth in revenue in the first quarter ended April as compared to the same period last year. The company indicated that overall volumes grew 8% above same period last year while demand was firm across all categories, reported the Herald. During…

CDC and Standard Chartered Bank announce investments in Zimbabwe’s agric business

ZIMBABWE - CDC Group plc (CDC), the UK’s development finance institution, and Standard Chartered Bank have announced an investment facility that will lend up to US$100 million to growing businesses in Zimbabwe. According to CDC, this risk-sharing agreement provides much needed foreign currency capital for local businesses, allowing them to grow, create jobs and improve…

Zimbabwe’s TN Beverages invests US$1.5m in new beverages plant

ZIMBABWE - TN Holdings’ beverage unit has invested almost US$1.5 million in a new beverage plant that will see increased production with a long term goal of increasing market share for its products. The Herald reported that the funding has also been invested in new equipment at the plant, expanding capacity for its Mr Juicy…