Zimbabwe Tea producer Tanganda to relist on ZSE after 14-year hiatus

ZIMBABWE – Zimbabwean dominant conglomerate Meikles Limited, is seeking to unbundle its agro-business operation, Tanganda Tea Company Limited and separately re-list it on the Zimbabwe Stock Exchange (ZSE). The relisting of the country’s largest producer, packer and distributor of tea comes 14 years after it voluntarily delisted from the ZSE in 2007, following the merger of its parent company and Kingdom Bank to form Kindom Meikles. The merger only lasted for barely 3 years as both businesses went separate ways in 2010. The blue-chip company has indicated that Tanganda’s listing…

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Milk production in Zimbabwe plummets on back of poor producer prices

ZIMBABWE – Zimbabwe has been hit by a serious milk shortage, with dairy farmers citing viability challenges emanating from poor producer prices. Zimbabwe Association of Dairy Farmers (ZADF) chairperson Kudzai Chirima told Standard Business that prices offered by milk processors to farmers were not viable, making some of them divest from the venture and engage in other farming activities. “We have a milk shortage in the country. Farmers realized that it’s not viable to produce milk at the moment because of the prices that are being paid by processors. The…

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Launch of Zimbabwe’s commodity exchange draws nigh to first focus on non-strategic grains

ZIMBABWE – The much-anticipated Zimbabwe Mercantile Exchange (ZMX) will be launched on April 30, an extension by one month from the initially slated date of March 31. The extension according to The Herald, is aimed to give allowance for the requisite approvals and promulgation of statutes. The commodity exchange has been developed through a Public-Private Partnership between the government, Financial Securities Exchange Limited (FINSEC), TSL Limited and CBZ Holdings Limited. “This change will allow for the completion of final lawful approvals as well as enactment of statutes relevant to the…

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Zimbabwe’s Delta Corporation invests US$1.1m in sorghum production to meet rising beer demand

ZIMBABWE – Delta Corporation Limited, leading manufacturer and marketer of both international and locally produced beverages has invested US$1.1 million into sorghum planting under a strategy to secure inputs for its massive operation. The Zimbabwe Stock Exchange listed blue-chip, has recently been making fresh forays into domestic and foreign markets, unlocking opportunities for growth and higher demand for beer. The US$1.1 million injection, according to Zimbabwe Independent, will be channelled production of 13, 425 tonnes of sorghum to quench up the thirst of beer lovers as demand rises. “We have…

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Innscor Africa reports 45% growth in half year revenue boosted by improved performance across most categories

ZIMBABWE – Innscor Africa Limited, an expansive manufacturing and retail conglomerate in Zimbabwe, has reported 45% growth in half year revenue for the six months to December 2020. The rise from ZWL 19.1 billion (US$52.7m) of the corresponding period in 2019 to ZWL 27.7 billion (US$76.5m) was driven by strong volume performance across most units, the removal of subsidized pricing on certain core product categories, and pricing policies that were implemented to secure inventory replacement. According to the company’s financial statement, the operating environment was characterized by fragile macro-economic environment…

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Simbisa Brands showcases stellar performance recording triple digit rise in revenue

ZIMBABWE – Simbisa Brands, Zimbabwe’s largest fast-food restaurant operator has reported a 101% rise in the group’s half year revenue for the period ended 31 December 2020 to ZWL 8 billion (US$22.1m) from ZWL 3.9 billion (US$10.7m) of the corresponding period in 2019. The growth in earnings was reflected in its home country Zimbabwe, recording a 44% rise in revenue mainly driven by a 56 percent increase in average spend despite customer counts falling by 7% year on year. Its overall operating profit increased by 75% while profit attributable to…

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Delta Corporation Limited undertakes Executive restructuring following CEO scheduled retirement

ZIMBABWE – Zimbabwe Stock Exchange-listed beverages producer, Delta Corporation has announced the retirement of its CEO Mr Pearson Gowero with effect 30 June 2021, after eight years at the helm. Drawing to a close a distinguished career with the Group spanning nearly 25 years, Mr Gowero will be succeeded by Mr Matlhogonolo Valela, the Group Finance Director who will takes over the reins from July 1. Pearson was appointed as the Chief Executive Officer in June 2012, having joined the Group in March 1997. He started at Chibuku Breweries in…

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Zimbabwe agri-tech startup bags grant funding from Hult Prize for expansion

ZIMBABWE – Zimbabwean agri-tech startup Farmhut has secured US$100,000 in grant funding after being selected as one of the winners of the Hult Prize competition. Hult Prize, is an annual, year-long competition that crowd-sources ideas from university level students after challenging them to solve a pressing social issue around topics such as food security, water access, energy, and education. Farmhut received the award courtesy of its AI-powered marketplace connecting farmers to markets that pay fair prices for their produce. It enables farmers to grow their business fast throughout the year,…

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EU invests US$5.9M in Zimbabwe’s climate-smart livestock production

ZIMBABWE – The European Union (EU) in collaboration with the government of Zimbabwe has unveiled a US$5.9M project aimed at increasing the adoption of climate-smart innovations in livestock production systems in the country. The project dubbed, Livestock Production Systems in Zimbabwe (LIPS-Zim) has been launched in Buhera District, Zimbabwe and is designed to identify, pilot and upscale measures for improved productivity in livestock production. LIPS-Zim has the overall objective of increasing agricultural productivity in Zimbabwe’s semi-arid agro-ecological regions IV and V, contributing to the government’s agricultural transformation agenda. These areas…

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Zimbabwe’s National Foods reports 25% rise in volume on back of reduced inflation

ZIMBABWE – National Foods, one of Zimbabwe’s largest food manufacturer has reported a 766% rise in half year revenue to ZWL 12.682 billion (US$35m) in historical terms, for the period ended December 2020. According to the company, the period saw a significant stabilisation in the economic environment, mainly brought about by reduced inflation following the introduction of the foreign currency auction. Volumes for the period increased by 25% to 264,000 tons compared to the prior period, reflective of the company’s pricing strategy as well as the improved consumer purchasing ability…

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