Epaper 20 October 2022

BUSINESS TIMES
20 - 26 October 2022
REDEFINING BUSINESS
www.businesstimes.co.zw
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Companies & Markets Inside Politics Sport
ZIMRA wobbles under tax non- Gukurahundi not a political Neymar blasts Ballon d’Or
compliance - PAGE 5 weapon: ED- PAGE 19 after Vinicius Jr snub - PAGE 22
Reprieve for 000 households in the country.

It also accounts for 50% of
agriculture export receipts and
contributes 25% of agriculture’s
Briefs
Time Bank bounces back
Time Bank says it will soon issue a notice on
when it would open after the Reserve Bank of
Zim tobacco
gross domestic product. Zimbabwe (RBZ) allowed the institution to do
In an emailed response, the limited banking activities, 18 years after it was
Tobacco Industry and Marketing closed by authorities. RBZ gave Time Bank the
Board (TIMB) told Business greenlight to reopen after a rigorous pre-opening
Times that the fact that the inspection. “Having regard to the institution’s
tobacco ban is not on the top risk management structures and processes,
agenda in the Cop27 discussions level of capitalisation, corporate governance
means the sustainability push is arrangements, its business plan and the Banking
paying dividends. Act, Time Bank has been authorised to conduct
“TIMB has been working limited banking activities and shall not be
with all growers to re-orient their taking deposits from the public,” RBZ said. A
LIVINGSTONE MARUFU production practices to patterns spokesperson of Time Bank said this week the
Z
that favour sustainability. institution “appreciates RBZ’s authorisation for
imbabwe’s golden “In line with the Tobacco Time Bank to re-commence banking activities”.
leaf will this year Value Chain Transformation - Page 4
have a breather amid
indications that the
Strategy, we are working towards
producing 300m kilogrammes
4% tax hits Zim banks
2022 United Nations Zimbabwe banks are feeling the pinch of the
per annum by 2025,” TIMB said.
Climate Change Conference intermediate money transaction tax (IMTT)
“As a pilot tobacco
(COP27) slated for next month in United States dollars, forcing depositors to
intensification project, TIMB
will not put tobacco growing on shun the financial institutions, the Bankers
is in the final stages of rolling
its main agenda following huge Association of Zimbabwe president, Mehluli
out the centralised tobacco
steps towards the sustainable Mpofu.The objective of the IMTT was to bring
facilities programme. The pilot
growth of the cash crop which untaxed informal businesses under the tax
project will be in Mashonaland
is Zimbabwe’s fourth foreign bracket. But Mpofu, who spoke at the Zimbabwe
West benefitting 40 small-scale
currency earner. Independent Banks and Banking Survey and
farmers.”
There was panic last year Awards ceremony held in the capital yesterday,
Tobacco Research Board’s
following threats by the World said the impact of the tax has put pressure on
newly appointed chief executive
Health Organisation (WHO) the financial institutions.This has had a double
officer Frank Magama told
to ban tobacco production on taxation effect on formal operators.“The 4%
Business Times that the golden
health grounds. cost of transaction in United States dollars, the
leaf is one of the country’s biggest
Annual tobacco export receipts intermediary tax, is hitting the banks,” Mpofu
foreign currency earners hence
hover around US$800m and said. - Page 4
directly supports close to 200  To Page 2 WBCG partners Bak Logistics
The Walvis Bay Corridor Group (WBCG) has
entered into a strategic partnership with Bak
Zim seeks IMF support to clear IFIs arrears

Logistics in which the two parties seek to drive
volumes on the import and export of goods
from Zimbabwe via the Namibian port. The
partnership comes as the WBCG has been on a
NDAMU SANDU meetings that Zimbabwe has monitored programme [SMP] to implement a normal IMF- cases, for repeat use of emergency marketing drive to lure local firms to use the port
engaged the two IFIs to resolve which will clear us to access supported programme, for assistance. of Walvis Bay. It comes after WBCG found it “not
Zimbabwe is eyeing an IMF- the debt crisis before it deals with resources from a sponsor who reasons that may include limited Zimbabwe has an external debt necessary” to set up a local office in Zimbabwe
supervised economic reform the Paris club creditors. will help us with bridge funding institutional capacity, domestic of over US$14.4bn which has like what they did in Johannesburg, Lubumbashi,
programme as it paves the way for Zimbabwe owes World to clear the arrears of the World fragility or instability, or absence prevented the Southern African Zambia and Brazil, according to CEO Mbahupu
the clearance of arrears to three Bank Group US$1.4bn, AfDB Bank, AfDB and the EIB,” Ncube of financing assurances. country from accessing cheap Hippy Tjivikua. “We are forming a strategic
international financial institutions US$681m and the US$344m to said. SMPs can help these member lines of credit from the IFIs. partnership where they [Bak Logistics] become
(IFIs) in a bid to normalise the European Investment Bank An SMP is an informal countries establish or re- It has appointed AfDB our face in Zimbabwe and we become their face
relations with its creditors. (EIB). It also owes the 17 Paris agreement between country establish a track record of policy president Akinwumi Adesina as in Namibia. We complement one another. We
Finance and Economic Club members. national authorities and IMF implementation that can pave the champion to lead the arrears will share information and probably increase
Development minister Mthuli “IMF staff will be in Zimbabwe staff to monitor the authorities’ a way for an IMF financial clearance process. The process has our market share and also ensure that we create
Ncube told journalists at a press in December for the Article IV economic programme. arrangement or for the resumption received support from the United efficiencies in the supply chain,” Tjivikua told
conference on the sidelines of visit. As we go into Q1, Q2, we An SMP is used in cases of a financial arrangement that Business Times this week. - Page 5
the IMF/World Bank annual will have discussions on a staff where a country is not yet able has gone off-track, and in some  To Page 2
China, Stanbic job
fair oversubscribed
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World Markets The China-Stanbic Job Fair attracted over 1 800
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All Share 14,066.62 +1.25% NAT GAS 5.492 -0.253 -4.4
and company representatives with around 20%
Top 10 8,332.88 +1.55% GOLD 1,633 -22.8 -1.38
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2 Business Times 20 - 26 October 2022
News BT
Businesses, farmers lose

in the country and this has persisted
for longer than is usual, a possible
indication of shifts in seasons due to
US$1.2m to inferno
climatic change,” she said.
EMA said the focus still remains
on awareness raising and capacity
building on veld fire management
targeting communities that are at
risk of veld fires.
The campaign for veld fire
management has remained consistent
since its launch in the second week
LIVINGSTONE MARUFU worth US$800 000 and 16 people 497.73ha were recorded. A total climatic belt characterised by dry least areas burnt for rural provinces. of May running under the banner,
L
were burnt with veld fires. of 6 042 incidences have so far and cold winters and hot and wet Plantations in Manicaland have ‘prevent veld fires-protect the harvest
ocal businesses and The Environmental Management been recorded as compared to 3 summers. strengthened firefighting capacity by ‘.
farmers have so far lost a Agency (EMA) environmental 673 incidences recorded in 2021 Sidange said the summer construction of fireguards, provision The agency, working together
total of US$1.2m to veld education and Publicity manager indicating a 64.5% increase. conditions before the onset of the of firefighting equipment and with several other key entities, will
fires since July 2022 more Amkela Sidange told Business Times “The average burnt area per rainy season are very favourable training of staff in collaboration with keep on facilitating more awareness
than double the losses that the effects of climate change are incident in 2021 during the same to outbreaks of veldfires hence EMA and other key stakeholders. programmes and monitor veld fires
incurred during the same period last giving EMA a torrid time as they period was 234 hectares while in the increased focus on veldfire This has resulted in reduced fire up to the end of the fire restriction
year due to fierce winds that have disrupt the body’s fire management 2022 average area burnt now stands prevention in the country to protect incidences in the plantations thus period.
exacerbated the fire in the past week. schedule. at 253.48 hectares,” she said. the environment, property and lives. also a reduction in fire incidences It is a punishable offence in
The cumulative burnt area went “So far, the country has lost “This increase in the average area The 2022 fire restriction period and loss due to fires in that Province. Zimbabwe to start a fire outside
up 80% to 1531 497.73 hectares around US$1.2m worth of property burnt can be attributed to heavy will end on November 30 2022 Sidange said the agency was either residential or business premises
as of October 13 2022 from 846 and precisely infrastructural losses winds that were experienced during to cater for the impacts of climate confident that it will manage veld during the fire restriction period.
707.32 hectares recorded during the including the two lodges, farm the past week hence wind becoming change on shifts in seasons. fires but a shift in winds in the past So far 25 people have been
same period last year due to heavy equipment and crop,” Sidange said. a major catalyst in veld fire outbreak Mashonaland West followed by week has swiftly changed the veld prosecuted since the start of the fire
winds that the country experienced “Cumulatively, since the beginning and indicating a possible shift in Matabeleland North provinces have fire management bid. season with the minimum sentence
during the past week. of the fire restriction period, a total seasons due to climate change.” the highest total burnt areas while “This is attributed to the dry and being one year in prison.
The development comes as wheat of 6 042 incidences burning 1 531 Zimbabwe is in the Savannah Manicaland and Masvingo have the windy conditions that are prevailing
Chaos at ZIMRA
next year. introduced in 2015 as part of plans expire at the end of each year.
“We have acute challenges with to ease tax compliance by enabling A tax clearance certificate is one
our e-filing platform,” Chinanayi one to register with ZIMRA and of the most critical documents to
said. submit returns online from the have, as most businesses will not pay
He added: “We have a new system comfort of their offices and homes. invoices from suppliers without a
which will be rolled out next year. This system was supposed to make current document.
PHILLIMON MHLANGA last week said it was a nightmare Apparently, ZIMRA would classify We hope we can have e-filing system tax compliance easy. Consequently, everyone scrambles
submitting returns or even checking such companies as tax dodgers. of returns again.” However, the opposite is to get their tax clearance certificates
The Zimbabwe Revenue Authority the status of their accounts after Consequently, some companies Chinanayi said ZIMRA was happening as businesses struggle every new year meaning there is
(ZIMRA) has been plunged into ZIMRA’s e-filing system collapsed would have their accounts raided working flatout to deal with the to renew their tax clearances which always congestion at ZIMRA offices.
chaos after its electronic filing system several months ago. through garnishee orders. problem manually.
became dysfunctional, Business Times This, they said, has inconvenienced Apart from that, after failing to get He said a dedicated team under
can report. them as they are now forced to online tax clearances the companies the administration department
The latest development has forced submit their returns via e-mail or are incurring losses because 10% was now in place to deal with the
thousands of business clients to physically visiting ZIMRA offices. will be deducted from their invoices capturing of the returns.
invade ZIMRA offices, causing a lot However, the captains of industry for lack of current tax clearance “We have now employed a
of havoc. said their returns submitted via certificate. manager in that department to
Business leaders who spoke at e-mails or dropped physically at ZIMRA’s head of technical ensure that these are captured as they
the KPMG International Financial ZIMRA offices were not being services, Mathias Chinanayi, are supposed to be.
Reporting Standards (IFRS) and captured and will only discover it confirmed the problem adding that a So, we will double check if they
Business meeting held in the capital when they apply for tax clearance. new system will be rolled out in June are still having such a problem,”
Chinanayi said.
The e-filing system was
CEO Africa Roundtable,

American firm sign mega deals Reprieve for exporter in terms of exported
quantities (173,599mt) after Brazil,
Belgium, China and India.
Zim tobacco
The country is getting fair prices as
PHILLIMON MHLANGA CEO Africa Roundtable also Mnangagwa, with the view to make compared to other leading exporters
signed another MoU with the same him the guest of honour. such as India, Malawi, Belgium and
CEO Africa Roundtable and organisation,” Gundani said. Gundani said at least 200 China.
American firm, Global Trade He added: “Some will establish delegates have so far registered to In November last year, WHO
Finance, have signed two deals joint ventures, while others will get attend the annual conference. carried out a Conference of the
 From Page 1 scale growers adopting fruit tree Parties (COP) to discuss the ban,
worth millions of dollars to finance loan finance. However, Gundani said CEO production and TRB is contributing
several sectors in Zimbabwe, Business “The targeted sectors are energy, Africa Roundtable was targeting under the theme, “The end of the
means and methods to sustain its to the success of these ventures by tobacco pandemic”.
Times can report. manufacturing, housing, technology, about 300 delegates. carrying out research to optimise the
growth should be intensified. With Covid-19 ravaging
The CEO Africa Roundtable tourism, financial institutions, health “The CEO Africa Roundtable local production of planting material
“It is a fact that the TRB and the economies in the world, the WHO
CEO,Kipson Gundani and board and mining, among many others. is an annual platform for genuine through tissue culture, Magama said.
tobacco industry at large are actively is pushing the narrative that tobacco
chairman, Oswell Binha, recently Meanwhile, Gundani told Business CEO. It’s a platform to sell your Local production of planting
involved in ensuring tobacco is causing respiratory problems
led a delegation of executives on a Times that preparations for the CEO business hinging on relationships. material (plantlets) is important for
value chain sustainability for the and worsening Covid-19 effects on
tour of the United States of America. Africa Roundtable conference, We will have B2B rooms,” he said. import substitution and will most
Zimbabwean crop. This is through people.
Gundani revealed yesterday that to be held in Victoria Falls from “Focus will be on bigger issues likely ensure the material is availed
ensuring that the crop is produced According to WHO, tobacco
ZB Financial Holdings signed a November 2 to 5, 2022 were at an under the Big Debate platform. “We to local farmers at a reasonable cost.
using sustainable practices that remains the only consumer product
US$100m funding agreement with advanced stage. will debate or discuss issues that Irish potato is another crop that
include environmentally friendly that kills up to half of those who
Global Trade Finance. He said Finance and Economic keep a CEO from sleeping at night. large scale growers with irrigation
agrochemicals, greener curing use it as intended by manufacturers
The second funding agreement was Development Minister, Mthuli These include budget overruns, facilities have gone into.
fuels, more efficient barns and that and it kills one person every four
signed by CEO Africa Roundtable Ncube will headline the CEO Africa procurement issues and taxation, Zimbabwe Tobacco Association
alternatives are actively being sought seconds, approximately eight million
and Global Trade Finance, worth Roundtable. among other issues. CEO Rodney Ambrose said despite
as per Article 17 and 18 of the individuals needlessly dying every
millions of United States dollars. Other speakers will be Industry and “There will also be talk on being given another chance there
WHO Framework Convention of year with one million of those deaths
“The tour was very successful. Commerce Minister, Sekai Nzenza, investing in real estate, which is very is a need to step up efforts of
Tobacco Control. occurring in non-smokers exposed
We signed two Memorandum Women Affairs, Community, Small critical. We will also be talking about sustainability to ensure tobacco
“However, it would be premature to tobacco smoke.
of Understandings (MoUs) of to Medium Enterprises Minister, how geo-politics and the new world growing is not banned.
to attribute the absence of this issue WHO also links tobacco
collaboration, particularly funding Stembiso Nyoni, Professor Patrick order will affect local companies. “It’s a good development that
on COP27 to this fact,” Magama use to the four most prevalent
focusing on eight sectors. Lumimba from Kenya, and Harry “Another critical topic will be tobacco ban is not on the agenda this
said. noncommunicable diseases:
One of the deals is that of ZB Chima from Malawi, among others. agriculture and climate change. It’s a year but we should continue pushing
He said the Tobacco Research cardiovascular disease, cancer,
Financial Holdings which signed He said the CEO Africa subject we will discuss in detail. these sustainability issues to ensure
Board is availing varieties of the chronic respiratory disease and
a US$100m funding with Global Roundtable was still trying to We will also try to advise CEOs to that even in the push against tobacco
well sought-after styles on the diabetes.
Trade and Finance. reach out to President Emmerson invest wisely.” growing we will still survive,” he said.
international market and which fetch Zimbabwe currently supplies
Lands, Agriculture, Fisheries,
Zim seeks IMF support

good prices on the market, providing most of the leading importers of
information to ensure that it is Water and Rural Development tobacco including China, which is
grown profitably using science-based minister Anxious Masuka said the largest importer accounting for
production practices and providing Zimbabwe should value-add tobacco 57% of Zimbabwe’s exports.
research information that ensures before exporting it to 60 countries to In its Tobacco Value Chain
to clear IFIs arrears

that it is grown in a sustainable get value from the crop. Transformation Strategy document,
manner to ensure tobacco remains a “The calls for the elimination the government said the production
critical crop for the country. of tobacco remain a real threat and marketing of tobacco are
TRB would continuously train to our agriculture sector. Our largely threatened by anti-tobacco
 From Page 1 distress with an unsustainable If the window for the HIPC growers on all aspects of production tobacco is exported to more than campaigns in the form of FCTC.
Public and Publicly Guaranteed Initiative is available, Zimbabwe to improve productivity and it has 60 destinations. Only 1% or 2% is “The value chain has the capacity
States which has urged Zimbabwe external debt overhang amounting is keen to participate in the HIPC advocated the growing of tobacco as value added before export. We need to contribute more to agriculture and
to undertake economic and political to US$14.4bn, as at end December Initiative process in order to benefit part of a cropping system alongside to capture more value. We have national GDP through optimisation
reforms. 2021. It has been unable to meet from maximum debt relief. and in rotation with various other come up with a bold plan, which will of financing and increasing
Zimbabwe is banking on its debt servicing obligations and This would require a modification crops. be radical enough to transform the productivity to three metric tonnes
Adesina’s pulling power with the has, therefore, been accumulating or exception granted by IDA’s “Among the crops that growers (agriculture) sector,” he said. per hectare from 1.5 metric tonnes.
banker calling for combined efforts external debt arrears since 2000, Executive Board, to the World can adopt into the system as a way Zimbabwe Commercial “The Tobacco Value Chain
to address the debt issue which is which are now estimated at Bank HIPC Initiative eligibility to gain experience and optimise Farmers Union president Shadreck Transformation Plan seeks to
critical in unlocking fresh lines of US$6.6bn as at end December criteria, for the reclassification of growing conditions before tobacco Makombe said the move will give secure the future and consolidated
credit for the country. 2021. Zimbabwe as an IDA-only country. is banned include crops such as the country an opportunity to scale the important role of tobacco
“I will not work alone. I will Despite the debt, Zimbabwe This will also require IMF’s Board industrial hemp [Cannabis], Chia up sustainability issues. value chain to agriculture and
work closely with the President, has been making token payments grandfathering of Zimbabwe to the and Sesame and trials are in progress “The fact that tobacco is not the economy through sustainable
Minister of Finance and all the quarterly to AfDB, the World Bank, HIPC Initiative, the strategy said. to evaluate these crops,” Magama on agenda does not mean we are intensification of tobacco production
Cabinet members, development EIB and the Paris Club members. If the HIPC Initiative is not said. immune from that threat but it gives to 300m kilogrammes, reforming,
partners—multilateral, bilateral and According to the Arrears available, Zimbabwe would use a He said the TRB also “appreciates us an opportunity to step up our restructuring and rebuilding existing
international partners,” Adesina said Clearance and Debt Resolution combination of its own resources that growers have been searching for efforts to sustain the production of institutions in order to optimise
during his visit to Zimbabwe in July Strategy document, Zimbabwe has and bridge concessional loans from alternative crops and that plantation the golden leaf,” Makombe said. tobacco value chain financing in
where he met President Emmerson been exploring traditional debt bilateral development partners who crops such as avocado, macadamia In 2019, Zimbabwe was order to optimise the net export
Mnangagwa, government officials, relief options, including the Highly are willing to channel their excess and blue berries are now widely the third leading exporter of benefits from tobacco, increasing
business leaders and western Indebted Poor Country (HIPC) resources to support Zimbabwe’s grown on commercial farms”. unmanufactured tobacco in terms tobacco value addition and
embassies. Initiative, which provides maximum Arrears Clearance, Debt Relief and The Presidential Horticultural of value (US$782.9m) after Brazil beneficiation from the current 2% to
Zimbabwe remains in debt debt relief for beneficiary countries. Restructuring Strategy. Scheme has also seen many small- and Belgium and the fifth leading 30%,” reads part of the document.
20 - 26 October 2022 Business Times 3
BT News
Forex backlog ghost haunts industry

LIVINGSTONE MARUFU “We appreciate that the RBZ is doing of Statutory 118 of 2022 and hence
C
a great job in providing the forex from continue to sell in US$.
aptains of industry fear the auction as quickly as possible but The Zimbabwe National Chamber
that some companies risk what we are appealing to the monetary of Commerce president Mike
operating with very thin authorities now is for them to pay Kamungeremu said many businesses
working capital amid allotment 88 to 93 which still hurts the continue to suffer as a result of the
revelations that the central businesses. backlog.
bank is yet to clear the foreign currency “This has created a huge gap in various “We are still waiting for the authorities
backlog accumulated at the beginning of companies’ balance sheets as they need to clear the backlog as they have not done
the year. that money to ramp up production so. Instead, they continue to pay the new
The Reserve Bank of Zimbabwe has during this peak period,” Matsheza said. allotments leaving out old ones,” he said.
made a concerted effort to clear the bulk In July, the industry promised the An executive from a Harare-based
of the foreign currency backlog with Financial Intelligence Unit that it will company told this publication that he
some companies receiving at T+2 period. sell in local currency if the companies still hopes that the backlog will be cleared
But the industry is not happy with the can access foreign currency easily and the before the year ends and this will help to
January to March backlog which is yet to current forex backlog is cleared. ramp up production.
be cleared. It has emerged that some companies “With the current liquidity squeeze
The Confederation of Zimbabwe continue to exclusively charge in US$ in the market, we have very limited
Industries (CZI) president Kurai as that backlog which authorities are working capital and if the February
Matsheza told Business Times that the supposed to clear remain outstanding. backlog is not cleared in time this means
clearance of that old backlog will go a Some companies with US$ loans we will downscale in the next three
long way in assisting companies with said they need to pay loans in the weeks resulting in shortages of some
working capital. same currency of borrowing in terms commodities in the market,” an executive
who preferred anonymity said.
At a post Cabinet briefing on Tuesday,
Information, Publicity and Broadcasting
Services minister Monica Mutsvangwa
said the foreign currency available will
continue to be auctioned, and all winning
bids should be settled within two days
from the date of the auction (T+2) in line
with internationally accepted practices.
“Government will continue to
institute and strengthen measures aimed
at bringing confidence and stability in
the economy and eliminating arbitrage
opportunities through manipulation of
the exchange rate,” Mutsvangwa said.
She said the government would
continue to institute and strengthen
measures aimed at bringing confidence
and stability in the economy and
eliminating arbitrage opportunities
through manipulation of the exchange
rate.
Information, Publicity and Broadcasting Services
minister Monica Mutsvangwa
‘Zim banking sector sound’

PHILLIMON MHLANGA
Zimbabwe’s banking sector

is safe and sound despite severe
headwinds that have rattled the
markets in the past few years,
the Reserve Bank of Zimbabwe
(RBZ) has said.
Central bank’s deputy
director banking supervision,
Rachel Mushosho (pictured)
said despite some challenges in
the economy, the sector remains
sound with all banks adequately
capitalised.
The banking sector has
satisfactory asset quality with
non-performing loans sitting at
1.5% as at the end of June this
year.
This is against a benchmark
of 5%. Total assets for the
banking sector stood at
ZWL$1.94 trillion while total
deposits grew to ZWL$1.12 First Capital Bank managing and nutrition, social services
trillion. director, Ciaran McSharry, said and poverty eradication, and
Profit for the sector grew to financial inclusion remained “a value addition and beneficiation
ZWL$181.25bn at the end of key part of our strategy”. as well as the sub-cluster of
June this year. “It is something that we now monetary and financial reform
“The banking sector is safe unconsciously look at when measures.
and sound despite the severe developing our products and “As First Capital Bank, our
challenges bedevilling the services as it inspires socio- strategy has always supported
economy,” Mushosho said at economic growth. the thrust for financial
the Zimbabwe Independent This year we have chosen inclusion, and this has been
Banks and Banking Survey to amplify this message and strengthened by our regional
and Awards ceremony held in encourage each other to keep up presence.
Harare yesterday. the momentum that has been Over this period the bank has
“All banks are adequately achieved since 2016 when the developed suitable products,
capitalised and the sector is Government and the Reserve solid partnerships, and a strong
profitable. The banks have the Bank of Zimbabwe joined the understanding of the market.
capacity to provide credit lines sector through the National Service channels and loan
to industry,” she added. Financial Inclusion Strategy,” products have progressively
“They are resilient to shocks. McSharry said. been configured so that they are
Also, they have made progress He said while significant easily accessible to key groups
towards meeting the minimum progress has been made, “we such as youth, women, SMEs,
capital requirements.” still have much ground to and agriculture.
She also said the banks cover to ensure that we bring “In the lending space, the
have made significant progress financial literacy, education, bank offers products specifically
towards financial inclusion. skills development, and access aimed at supporting businesses
Mushosho also revealed to finance to those that have owned or run by women and
that the central bank has been previously marginalised or youths, recognising the need
engaged the World Bank in the excluded”. to ensure that they are not
implementation of the National “A phase 2 strategy from crowded out.
Financial Inclusion Strategy. 2021-2025 has also been rolled Similar products are
“We have engaged the out to ensure that sustainable extended to promote a culture
World Bank in the funding development is achieved of saving and to promote use of
of surveys. We want to especially after the Covid banking and related financial
empower all Zimbabweans pandemic and other world services like insurance.”
towards building resilient and events.
sustainable livelihoods. We “This pursuit of financial
are targeting women, youths, inclusion in Zimbabwe is
rural community, people with consistent with the broader
disabilities, pensioners and the national development
elderly,” Mushosho said. objectives and supports three
Speaking at the same event, key pillars namely food security
Editorial BT
BT Editorial comment Dilbert cartoon
Reforms: NEWS ON THE GO
The elephant Time Bank bounces back

in the room
BUSINESS REPORTER this week the institution “appreciates houses were to follow years later. cancelled the licence two years later.
RBZ’s authorisation for Time Bank But the bank was closed in 2004 The courts restored the licence in
Time Bank says it will soon issue a to re-commence banking activities”. by the central bank. Time Bank 2009 but the bank could not operate,
notice on when it would open after “The business model of lending disputed the reasons for its closure as RBZ could not do a hand over of
F
the Reserve Bank of Zimbabwe without taking deposits is Time and cancellation of its licence and the assets, documents and affairs of
inance and Economic Development minister Mthuli Ncube has (RBZ) allowed the institution to do Bank’s initiative which was approved was the first bank to take RBZ to the Time Bank in the normal way at the
said that Zimbabwe will negotiate an International Monetary limited banking activities, 18 years by RBZ as part of the pre-opening courts. end of curatorship, from the former
Fund-supervised economic reform programme as it seeks to after it was closed by authorities. inspection. Such business model was The protracted legal battle curator to the bank’s directors.
resolve the over US$14bn external debt RBZ gave Time Bank the not imposed on us by RBZ. Time unearthed that the bank was owed Another legal battle ensued.
The staff monitored programme will approve the sponsor who greenlight to reopen after a rigorous Bank will issue a public statement US$5m by RBZ, which created However, while the dispute was
would provide bridging funding for Zimbabwe to clear the arrears to the pre-opening inspection. next week advising our date for financial problems for the bank. raging on, Time Bank paid out all
World Bank, the African Development Bank (AfDB) and the European “Having regard to the institution’s starting such banking activities,” the Then governor Leonard Tsumba its known depositors and employees
Investment Bank (EIB, Ncube said. risk management structures and spokesperson said. agreed to refund the money but his their full amounts in 2006.
This is a welcome development for the southern African nation has over processes, level of capitalisation, Time Bank has said it would term of office ended before the funds RBZ governor John Mangudya
the years struggled to resolve the arrears crisis. corporate governance arrangements, focus more on investment banking could be refunded. resolved the dispute in 2015 when
Zimbabwe has appointed AfDB president Akinwumi Adesina to lead its business plan and the Banking activities. His predecessor Gideon Gono RBZ and Time Bank negotiated and
the process as Harare seeks to thaw its frosty relations with multilateral Act, Time Bank has been authorised Founded by Chris Tande, Time was accused of having reneged in entered into a settlement agreement
and bilateral creditors. to conduct limited banking activities Bank began operations in 1997 repaying the bank, which forced under which RBZ agreed to refund
To its credit, Zimbabwe has walked the talk by making token payments and shall not be taking deposits from becoming the first locally owned Time Bank to approach the courts. the US$5m, which had been taken
to the World Bank, AfDB and the Paris Club members. the public,” RBZ said. commercial bank. Other locals RBZ responded by putting the from the institution before it was
The elephant in the room is reforms—economic and political. That A spokesperson of Time Bank said owned merchant banks and discount bank under a curator in 2004 and closed.
Adesina agreed to lead the arrears clearance process should galvanise
Zimbabwe to follow reforms to the latter.
With elections some months away, Zimbabwe is under scrutiny on
whether or not it will discard the tight fiscal and monetary stance credited
for stabilising the local currency for political expediency. ‘Oppein here to stay’ ACE Air and Ambulance
Ncube said last week that the tight monetary and fiscal stance would
continue until month on inflation is below 3% and that trend is sustained
in the next four months. The central bank has hiked the bank policy rate
wide range of kitchen and bathroom
assemblies
nominated for global award
to 200% from 80% as part of measures to stop borrowing for speculative “We are here to stay and we BUSINESS REPORTER fully equipped and permanently
purposes. have long-term plans with the configured as ICU Air Ambulances.
Fiscal authorities have tightened the screws on government suppliers, Zimbabwean market as the setting up Worldwide Air Ambulance Services, “We have stringent quality
scrutinising every invoice amid revelations they were creaming off the of the franchise with the world’s best ACE Air and Ambulance, has been control and safety management
government by charging extortionist prices. is quite expensive and the assembling nominated as a finalist for the Air systems governing the operations
Government officials that abet corruption by playing the midwife role of state-of-the-art equipment bear Ambulance Company of the Year of our air ambulances, under the
in inflating prices risk prosecution while suppliers will be blacklisted in testimony that the company is not a Award by the International Travel regulatory authority of the Civil
future transactions. fly-by-night entity but here to make and Health Insurance Journal Aviation Authority of Zimbabwe.”
The debt overhang is a heavy load Zimbabwe has carried over the years. its presence felt,” Mahlamvana said (ITIJ). “Our aircraft are supplied by
It has made life difficult for citizens as financial institutions struggle to get Oppein has five manufacturing The winners will be announced our sister company, Halsted’s
lines of credit. plants in Guangzhou, Qingyuan, on October 27, 2022, in Athens, Aviation Corporation, which has
Where they get the lines of credit, the perceived country risk has been Tianjin, Wuxi and Chengdu which Greece. The award is given to some been in operation since 2006, and
factors increasing the cost of borrowing. The increase in the cost has been BUSINESS REPORTER have a total area of over 2.3m square of the finest companies around the is based at Robert Gabriel Mugabe
passed on to individuals and companies. meters, giving it the edge of being globe. International Airport.”
The President Emmerson Mnangagwa’s administration has been Oppein Group, the world’s number the world’s largest furniture output. ACE Air and Ambulance was ACE Air and Ambulance has
pushing Zimbabwe’s re-engagement with the international community one cabinetry manufacturer, which The group plans to set up shops nominated alongside internationally an extensive fleet of Advanced Life
under the banner “friend to all and enemy to none”. officially opened its first shop in Sam in the major cities in Zimbabwe acclaimed service providers, AirMed Support road ambulances, with
That mantra alone, though laudable, is not enough as it has to be Levy, Borrowdale in Harare, says the with merchandise supply that will International and Redstar Aviation, capabilities to transport patients on
accompanied by some housekeeping issues. Undertaking economic, company is here to stay following be imported into the country from both domiciled in Europe. full life support.
political and governance reforms sends a clear signal that Zimbabwe is expensive assemblies and top-notch China with an available lead time of Stakeholders in the health Fate said that all of the ground
ready to be readmitted into the international fold following several years expertise in its products which two to three months. sector will this Friday, October 21, ambulances are installed with state-
of isolation. confirm a long-term commitment to In the medium to long term, the 2022 pay tribute to ACE Air and of-the-art advanced life-support
The current trajectory should be maintained. Adesina’s efforts should the local market. company intends to make some of Ambulance at an event by Vice equipment.
not go in vain as Zimbabwe gets a last chance saloon to resolve the logjam. The group operates under the the goods locally if the order book President Constantino Chiwenga, ACE Air and Ambulance
local group Kavod Sati on a franchise grows to suitable levels. at the Robert Mugabe International was founded in 2015, and in its
basis, with the customised home At the launch, the company’s Airport. few years, has scaled heights in
IN FINANCIAL HISTORY
TODAY
décor shop being the first in Southern representative Justin Machibaya The ITIJ Awards are hosted at exponential growth in response
Africa. The group has a presence in said the setting up of the shop the conclusion of the annual ITIC to the increased demand for its
188 countries in the world and 7200 in Zimbabwe was meant to Global conference, a celebration services. It has extended regional
franchise showrooms across the complement the construction of of the industry and a key platform reach to Mozambique, Malawi,
globe. high-end individual properties that for the Captains of the Insurance Zambia, Angola, Botswana, the
1997— The US government for which the central bank lends The company which manufactures have been on the growth trajectory Industry to connect and shape the DRC, and South Africa.
alleged that Microsoft’s bundling to other banks, to 8%, the first and sells prime kitchen custom in the country lately. future together. The ITIJ Awards are the
of its browser into the operating reduction since March 2004 cabinets, countertops, appliances, Oppein, which was founded “Local knowledge and location leading accolade for the Global
system violated a 1995 consent 2010— Britain’s treasury chief and accessories wants to leverage on in China in 1994, is currently mean that ACE is able to respond Travel and Health Insurance
decree George Osborne announced 81 its huge world presence to grow the the largest bath and kitchen quickly and effectively. We have Industry, bestowing recognition
2000— In Japan the Kyoei billion pounds ($128 billion) Zimbabwean business. manufacturing company in the three Beechcraft King Air Aircraft to companies that surpass service
Life Insurance Co. filed for in spending cuts through 2015, Oppein local team leader, Snyx world, and in 2021 the company had and a Bell Long-Ranger Rescue excellence to their customers and
bankruptcy. The failure of the which will ax welfare payments, Mahlamvana, told Business Times a turnover of US$3.14bn coming Helicopter,” said ACE Air and clients and drive dynamism in the
11th-largest Japanese live insurer savage government services and that the launch of the world’s leading from the production and sale of Ambulance managing director, industry, showcasing distinction
marked the biggest corporate see as many as half a million cabinetry manufacturer provides the approximately 6m various products Herbert Fate. and innovation across all sectors
failure since WW II public sector jobs lost local people with the best customised worldwide. He added: “The aircrafts are that serve global travellers.
2003— The US deficit doubled 2011— Zambia, Africa’s
4% tax hits Zim banks

to $374 billion in fiscal 2003 biggest copper producer, said it
and was on track to exceed $500 has suspended the renewal and
billion for the year issue of new mining licenses and
2004— The Paris Club would undertake an audit of the
announced and agreement to sector
cancel 60% (about $18 billion) of 2015—Manufacturer Tata PHILLIMON MHLANGA impact of the tax has put pressure part in that regard so that people
Nigeria’s foreign debt Steel announced 1,200 job cuts in on the financial institutions. or businesses will bank their hard
2008— India’s central bank cut the UK, underscoring the damage Zimbabwe banks are feeling the This has had a double taxation currency.”
its repurchase rate, a leading rate caused by cheap Chinese imports pinch of the intermediate money effect on formal operators. While banks and other formal
transaction tax (IMTT) in United “The 4% cost of transaction businesses are feeling the pinch
DIARY OF EVENTS
States dollars, forcing depositors to in United States dollars, the of the tax, it is too lucrative
shun the financial institutions, the intermediary tax, is hitting the for the Finance and Economic
Bankers Association of Zimbabwe banks,” Mpofu said. Development Minister, Mthuli
president, Mehluli Mpofu. He added: “As a depositor say Ncube to change.
21 October 66th AGM, 9am, virtual The objective of the IMTT was to if I bank my United States dollars The Treasury boss is on record
EcoCash Holdings Zimbabwe starafricacorporation 88th AGM, bring untaxed informal businesses and want to transfer, I will lose saying the IMTT has turned
Limited 4th AGM, 1906 10am, virtual under the tax bracket. But Mpofu, 4%. They will also say if I walk to perennial budget deficits to
Liberation Legacy Way (formerly 3 to 5 November who spoke at the Zimbabwe wherever I want to transact with surpluses. Zimbabwe relies heavily
Borrowdale Road), 1000hrs CEO Africa Annual Independent Banks and Banking hard currency in cash, I will not lose on taxes to fund its operations as it
27 October Roundtable, Elephant Hills, Survey and Awards ceremony held anything. So, the government and has no external budget support like
Hippo Valley Estates Limited Victoria Falls in the capital yesterday, said the ourselves (banks) need to play our many other countries.
BT
Business Times is published by: AB Communications, 6 Williams Way, Msasa, Harare Tel: 0242- 446990-6 www.businesstimes.co.zw Editor: Ndamu Sandu - ndamu@businesstimes.co.zw Deputy Editor: Phillimon Mhlanga Managing Editor: Livingstone Marufu, Writers: Ryan Chigoche, Letticia Magombo Copy Editor: Godwell Gwavava
Graphic Designer: Memory Gurupira Sub-Editor: Sowell Chikwari Sales Executives: Vusi - vusi@businesstimes.co.zw, Merrylin - merrylin@abcommunications.co.zw, sales@zifmstereo.co.zw Production: Stephen Musoro General Manager: Albert Mushonga - amushonga@businesstimes.co.zw Feedback: letters@businesstimes.co.zw
BUSINESS TIMES
Companies&Markets
20 - 26 October 2022 5
BUSINESS TIMES
AfDIS expands supply base for cider RTG bullish on future prospects
bottles - PAGE 6 - PAGE 6
WBCG partners Bak Logistics

NDAMU SANDU will share information and getting the costs down on the had discussions with tobacco the vessels are waiting for two parties in early 2020, The partnership between
probably increase our market 2300km Harare to Walvis Bay companies; they are also wheat to dock. That is a cost. according to Irvaan Maharaj, WBCG and Bak Logistics, a
The Walvis Bay Corridor share and also ensure that we route. warming up to the idea. After At the port of Walvis we don’t WBCG development manager unit of listed TSL Limited,
Group (WBCG) has entered create efficiencies in the supply He said a good rate would all has been done, then we can have that. Those are some of for South Africa. has been informal, and the
into a strategic partnership with chain,” Tjivikua told Business be realised if “we have enough say the rate is this much.” the benefits,” he said. “We actually developed a two parties will sign later this
Bak Logistics in which the two Times this week. cargo to export to Europe or Mukarati said Walvis Bay Tjivikua said the WBCG is very good relationship. So we month, Tjivikua said.
parties seek to drive volumes “We are looking at what Asia through Walvis corridor has all the ingredients of a lobbying governments to have are part of the group; we do During the course of the
on the import and export of commodities can be exported and we can also have enough good port—efficiency and no rail interconnectivity in the business together where we informal partnership, the
goods from Zimbabwe via the out of Zimbabwe and what can imports that comes through country risk—but lacks import region to enjoy economies of work with the right partner parties benefitted from client
Namibian port. be imported into Zimbabwe. Walvis corridor vice versa”. and export volumes. scale and bring the costs down. in Zimbabwe, specifically referrals.
The partnership comes as When we have that kind of Mukarati said Zimbabwe Karen Williams, commercial It doesn’t have to be the logistics companies,” Maharaj “Our main aim is marketing
the WBCG has been on a balance of trade and also exports about 250m kg of manager logistics at Bak said governments to make the told Business Times. the port and fixing the logistics
marketing drive to lure local economies of scale then we can tobacco and the partners for the horticulture industry, investments; they must create He said WBCG is a corridor corridor from the port along
firms to use the port of Walvis have advantages.” believe getting half of that the critical part was to get the an enabling environment, he management institution, the trans Kalahari corridor
Bay. He said the partners want to through Walvis Bay would be products to the markets in the said. which markets the port of connecting Zimbabwe. The
It comes after WBCG found increase imports and exports a game changer in terms of shortest possible times and “The private sector can be Walvis Bay. plan is to have Bak Logistics
it “not necessary” to set up a of products from Zimbabwe bringing the rates down. there are no delays at Walvis mobilised to do a business case “In order for us to market enjoy support from all
local office in Zimbabwe like via Walvis Bay, which is a more “You can tie the same period Bay. with member states. Then they the port of Walvis Bay, WBCG offices in Brazil,
what they did in Johannesburg, “safer and secure corridor” with imports of fertiliser Mukarati said Zimbabwe do the railway development, we need to have the right Namibia, Zambia, DRC and
Lubumbashi, Zambia and where there are no hijackings because export of tobacco is has enough transporters to upgrade or rehabilitation in partnerships who have the Johannesburg,” Maharaj said.
Brazil, according to CEO and theft of cargo. between August and February; carry the goods to and from operations and hand it over to assets, own warehouses, who Under the partnership Bak
Mbahupu Hippy Tjivikua. Tjivikua said Walvis Bay the same is when Zimbabwe Namibia. the States maybe after 30 years. have the right infrastructure assists WBCG with marketing
“We are forming a strategic has an edge over other ports in will also be importing Tjivikua said the Walvis Bay It covers Zimbabwe, Namibia, to assist us with the transport and business development
partnership where they [Bak terms of weather conditions, as fertiliser,” he said. is more secure and cost effective Botswana and Zambia,” of commodities between activities in Zimbabwe. In
Logistics] become our face in it does not experience flooding. “We have also been in trucks do not need escorts Tjivikua said. Namibia and Zimbabwe. So return, WBCG markets the
Zimbabwe and we become Joshua Mukarati, head of touch with the big fertiliser when moving in Namibia with The WBCG-Bak Logistics this is how we have formulated Bak Logistics to “our Namibian
their face in Namibia. We Supply Chain at Bak Logistics, companies. They are warming copper or tobacco. partnership was born out of the strategic partnership with logistics community”.
complement one another. We said the parties are working on to the idea. We have also “If you go to South Africa, a “good meeting” held by the Bak Logistics,” Maharaj said.
ZIMRA wobbles under

tax non-compliance
Weak infrastructure at the boarders makes it quite difficult for ZIMRA to provide excellent service
PHILLIMON MHLANGA who spoke at the KPMG IFRS increasing the burden on the
and Business meeting held in few who are compliant.
The Zimbabwe Revenue the capital last week, said this “We are challenged
Authority (ZIMRA) is battling presents a major challenge for in various forms of non-
unprecedented high rate of the tax collector in this current compliance, starting from lack
non-compliance, fraud, lack fiscal year, worsening the of cooperation, processing of
of cooperation and failure to already challenging economic fraudulent documents, failure
submit returns, among other outlook. to submit returns, pay tax
problems creating problems Now, the severe headwinds keeping records,” Chinanai
for the government which ZIMRA is confronted with said.
depends on taxes to finance are threatening government He added: “Our border
operations. operations as some companies posts are areas of concern for
The non-compliance has under report their profit and a number of reasons. But we
left the government on the evading and avoiding paying believe weak infrastructure
edge as it has no external tax. makes it quite a cumbersome
budgetary support. With companies struggling adventure to provide excellent
The worsening economic to remain afloat due to service.”
crisis characterised by economic problems, the The government could
company closures and government now relies on tax be losing millions of dollars
downsizing, most businesses heads such as excise duty and in potential revenue due
in the country are finding it value added tax to meet its to under declaration, false
difficult to honour their tax revenue targets. classification of goods by
obligations. Chinanayi lamented the importers to invade paying
ZIMRA’s head of technical low tax compliance levels the correct taxes as corruption
services, Mathias Chinanayi, in the country as this is takes its toll.
Companies & Markets BT
China, Stanbic job fair oversubscribed

BUSINESS REPORTER of their career prospects and generation, health and medical and
T
pursue preferred pathways through manufacturing.
he China-Stanbic Job networking with potential employers. Stanbic Bank Head of Business
Fair attracted over 1 On the other hand, employers and Commercial Clients, Patson
800 jobseekers as the got to identify suitable talent having Mahatchi said the Standard Bank
inaugural event took engaged them as part of the early Group subsidiary considered Africa
giant strides towards recruitment process. and Zimbabwe, in particular, as
playing a pivotal role in employment “Our Chinese enterprises its home hence was committed to
creation for locals. have invested in Zimbabwe, in a playing a key role in the economic
The two-day event, which wide range of industries, and this development of the southern Africa
was hosted by Stanbic Bank in successful launch of the Job Fair has nation.
partnership with Chinese Chamber spurred us to invest long term in Mahatchi said Stanbic Bank was
of Enterprises in Zimbabwe (CCEZ), the event which has proved to be a also tapping into the institutions’
had 2000 applicants, predominantly solid platform for the provision of mutually beneficial relationships
recent university graduates. jobs for Zimbabwean job seekers and with CCEZ and its other ties
CCEZ Vice Chairman, Shanel Liu boosting the local economy,” Shanel with China through the Industrial
said the job applicants dropped off said. and Commercial Bank of China.
their CVs and met with employers Over 30 Chinese enterprises Mahatchi said this year Stanbic
and company representatives with drawn from various sectors such Bank had rolled out a solution that
around 20% undergoing interviews as mining, agriculture, textiles, assists companies and individuals in
during the fair. More interviews are hospitality, information and importing from China which has
scheduled for the coming weeks, Technology and construction among been well received in the market.
Shanel said. others participated at the fair. Economic and Commercial
“The event was a resounding Shanel said the popular positions Counsellor at the Chinese Embassy,
success as a result of the collaboration that job seekers were looking for Huang Minghai, said the fair was
between the Chamber of Chinese included human resources, drivers, the perfect platform for Chinese
Enterprises and Stanbic Bank. It electricians, accountants, engineers companies operating in Zimbabwe
has achieved its goal by providing and translators. to allay misconceptions about how
an opportunity for job seekers The CCEZ is an association of over unprofessional they operate.
struggling to find suitable work,” she 80 Chinese business corporations, Public Service, Labour and Social
said. most of which are listed companies, Welfare minister, Paul Mavima,
Shanel said job seekers met operating in diverse sectors of said the job fair was key in that it
with employers and company the Zimbabwean economies complemented government’s efforts
representatives face to face as they such as agriculture, mining, to create employment as enshrined
got to gain a deeper understanding telecommunication, tourism, power under the Vision 2030. Public Service, Labour and Social Welfare minister, Paul Mavima
AfDIS expands supply base

BUSINESS REPORTER
The dematerialisation ratio was up

Demat ratio on ZSE
Depository up in Q3
to 80.41% in the third quarter as
LIVINGSTONE MARUFU diversification comes after AfDIS The company secretary, Lydiah the ZSE Depository intensifies its
suffered severe bottle shortages early Mutamuko, attributed the growth to campaign for investors to keep their
Zimbabwe Stock Exchange-listed this year. improved demand. shares in electronic form.
spirits and wines maker, African It also comes after AfDIS The company reported an 18% Latest data from the ZSE
Distillers (AfDIS), has expanded its localised cider production to cut the revenue growth in the period under Depository shows a total of 132
supplier base for cider bottles after company’s import bill and foreign review. deposits were processed in the third
engaging a United Arab Emirates currency requirements. Wine volumes grew by 30% while quarter while the total number of
(UAE) firm as part of efforts to AfDIS said it would save volumes for the spirits and ready to shares that were dematerialised in Q3
cushion itself from future shortages, about US$6m per year following drink grew 23 and 12% respectively. 2022 was 44,464,741.
Business Times can report. the commissioning of a cider AfDIS, which has been selling “The ZSE continues on a
Consol of South Africa has been fermentation plant three months imported wines and spirits, is now demat campaign to increase the
AFDIS’ sole supplier of cider bottles ago. manufacturing the bulk of the dematerialisation penetration ratio
over the years. Muchenje said the plant was products it markets and currently for both individuals and institutional
But, AfDIS managing director, operating at full capacity utilisation. operates six depots located in investors who are still holding their
Stanley Muchenje, this week revealed In a trading update for the quarter Bulawayo, Harare, Kwekwe, share in physical form,” the ZSE
that the company has now roped to June 30, 2022, revenue for AfDIS Masvingo, Mutare and Victoria Depository said in a newsletter for
in an unnamed UAE company to grew 57% compared to the same Falls. the thirds quarter.
supply glass. period last year. A unit of the Zimbabwe Stock
Muchenje said Exchange, ZSE Depository began
AfDIS was also looking operations in October 2021,
at other suppliers. becoming the second central securities
“We are getting them depository after Chengetedzai.
(cider bottles) from As at September 30, the ZSE
South Africa but we Depository had 14 issuers, four of
have also expanded which are Exchange traded funds. The
to the UAE to ZSE depository has the responsibility
diversify and limit for recommending entities to be
the risk of supply admitted as depository participants
chain disruptions. on the ZSE. The participants are
“We are getting clearing members whose role is to second quarter. dropped to $8,469,991,653.44 from
60% from South perform the clearing function on Trades executed were down to ZWL$9,721,930,768.59.
Africa and 40% behalf of the ZDE depository. 6597 from 10,586 in the second The ZSE Depository market share
from the UAE and The demat ratio has been on the quarter. was 30.28% in the third quarter
with that plan, increase since the beginning of the Volumes traded dipped 40.59% down from 31.29% in the previous
we are covered,” year. It ended the first quarter at to 96,507,731 from 162,457,019 in quarter.
Muchenje said. 71.6% and rose to 73.63% in the the second quarter. The value traded
The supply
BUSINESS REPORTER
RTG bullish on future prospects
posted in the same period in 2021, group closed the first half of 2022
this was despite the increasing at 48%, representing a growth
Hospitality concern, Rainbow pressure from inflation. of 100% compared to the same
Tourism Group (RTG), is The group managed to achieve period in 2021.
optimistic about the future after this performance mainly through “The growth in occupancies is
posting a solid performance in the its cost-reduction initiatives and evidence that the group’s volumes
six months to June this year. strategic pricing measures during are now at the pre-pandemic level.
Board chairman Douglas the period under review. The growth in volumes has been
Hoto said the tourism sector has The group posted EBITDA of experienced across the group’s
recovered after the government put ZWL$1.8bn during the period business arms. The momentum
incentives to boost the sector. under review from the ZWL$470m recorded to date is anticipated to
“The group is optimistic about reported in the prior comparative continue on the same trajectory
the growth prospects as presented period. into the rest of the year,” Hoto said.
by the opportunities in the tourism “Our approach has been to He said the group’s digital
industry largely driven by the improve operations through platform the Gateway Stream
domestic market and the returning investing in products and markets proved to be a significant business
regional and international to ensure that RTG can grow at driver positively impacting overall
markets,” Hoto said. a competitive and sustainable performance.
In its financial results for the six pace. Our ability to capture “The Gateway Stream platform
months to June 30, 2022, RTG demand through our strong brand, continues to enjoy growth in
reported growth in all the key enterprise and scale, coupled activities across its revenue
performance indicators, including with careful cost control led to an channels, with the grocery channel
earnings before interest, tax, operating profit and strong cash being the main revenue driver,”
depreciation and amortisation, flow position,” Hoto said. Hoto said.
revenue and occupancy. RTG’s chief executive officer The tour operations arm of the
Revenue for the group grew by Tendai Madziwanyika, said the business, Heritage Expeditions
246% in the period under review growth in revenue was mainly Africa, performance mirrored that
to ZWL$7.1bn from ZWl$2.1bn driven by a strong performance by of the hotels business over the past
posted during the same period in the hotels division where arrivals six months.
2021. into the group grew by 110% in “The company continues to
The group’s gross margin for the the period under review compared enjoy growth in leisure and touring
period under review closed at 72%, to the same period in 2021. activities compared to the same RTG Board chairman Douglas Hoto
5 percentage points above 67% In terms of the occupancy, the period in 2021,” Hoto said.
BT Markets Data
Daily Price Sheet Wednesday 19 October 2022
Zimbabwe Stock Exchange Pricelist

`
19 October, 2022
Top 5 Gainers Top 5 Losers Value Leaders ($) Top 5 Gainers YTD
Market Cap ($mn) 1,729,099.55 1.13% CFI 15.00% GB Holdings -6.90% Econet 129,430,000 Zeco 589.58%
All Share Index 14,066.62 1.25% ZBFH 14.96% Mash -4.76% Innscor 82,747,270 CFI 339.50%
Top 10 Index 8,339.85 2.24% FMP 13.05% Zimpapers -3.58% Simbisa 68,460,360 RioZim 230.00%
Value Traded ($) 387,600,677.75 236.97% Zimplow 10.45% Star Africa -3.46% Natfoods 40,600,800 GetBucks 192.50%
Interbank rate (USD/ZWL) 629.6965 0.11% Simbisa 9.37% FCB -3.18% Delta 40,193,220 African Sun 184.93%
Market Cap (US$mn) 2,745.9253 1.13%

YTD Movement (%) -77.48%
Bloom berg Opening LTP Closing Price Previous Volum e traded Value traded Shares In Market Cap Market Cap Price Change Price Change
Ticker (RTGSc) (RTGSc) (RTGSc) Change (%) Price (RTGSc) (shares) (RTGS$) Issue (m n's) (RTGS$ m n's) (US$ m n's) RTGS YTD (%) US$ YTD (%)
Afdis AFDIS: ZH 29,895.00 29,900.00 29,900.00 0.02% 29,895.00 700.00 209,300.00 119.49 35,728.86 56.74 139.20% -58.72%
African Sun ASUN: ZH 1,830.00 - 1,830.00 - 1,830.00 - - 1,423.52 26,050.37 41.37 184.93% -50.83%
Ariston ARISTON: ZH 373.43 397.00 397.00 6.31% 373.43 1,600.00 6,352.00 1,627.40 6,460.76 10.26 6.66% -81.59%
Art ARTD: ZH 1,756.44 - 1,756.44 - 1,756.44 - - 436.98 7,675.25 12.19 68.08% -70.99%
Axia AXIA: ZH 5,817.50 6,000.00 5,830.37 0.22% 5,817.50 376,700.00 21,963,020.00 552.15 32,192.41 51.12 94.02% -66.52%
Bridgerfort MMDZ: ZH 700.00 - 700.00 - 700.00 - - 3,039.76 21,278.35 33.79 -80.00% -96.55%
Bridgerfort Class B 2,600.00 - 2,600.00 - 2,600.00 - - 1.32 34.42 0.05 14.71% -80.21%
BAT BAT: ZH 299,633.33 - 299,633.33 - 299,633.33 - - 20.63 61,824.89 98.18 -6.39% -83.85%
Border BRDR: ZH SUSPENDED - - - - - - 42.94 0.00 0.00 - -
Cafca CAFCA: ZH 20,000.00 - 20,000.00 - 20,000.00 - - 8.74 1,747.02 2.77 17.65% -79.70%
CBZ CBZ: ZH 13,000.00 - 13,000.00 - 13,000.00 - - 522.66 67,945.99 107.90 72.95% -70.15%
CFI CFI: ZH 35,761.20 41,125.00 41,125.00 15.00% 35,761.20 400.00 164,500.00 106.04 43,609.31 69.25 339.50% -24.16%
Delta DLTA: ZH 22,116.93 22,000.00 22,011.62 -0.48% 22,116.93 182,600.00 40,193,220.00 1304.18 287,070.18 455.89 35.43% -76.63%
Dairibord DZL: ZH 3,200.00 - 3,200.00 - 3,200.00 - - 358.00 11,456.03 18.19 -8.57% -84.22%
Ecocash EHZL:ZH 4,695.39 4,730.00 4,749.95 1.16% 4,695.39 21,300.00 1,011,740.00 2590.58 123,051.12 195.41 16.84% -79.84%
Econet *** ECO: ZH 8,516.40 8,515.00 8,538.16 0.26% 8,516.40 1,515,900.00 129,430,000.00 2590.58 221,187.61 351.26 0.45% -82.67%
Edgars EDGR: ZH 750.00 800.00 750.60 0.08% 750.00 8,400.00 63,050.00 604.25 4,535.48 7.20 72.55% -70.22%
FBC FBC: ZH 5,200.00 5,200.00 5,200.00 - 5,200.00 100.00 5,200.00 671.95 34,941.40 55.49 53.60% -73.49%
Fidelity Life FIDL: ZH 2,200.00 2,200.00 2,196.94 -0.14% 2,200.00 1,800.00 39,545.00 108.92 2,392.98 3.80 39.17% -75.98%
FCB FCB: ZH 931.73 900.00 902.07 -3.18% 931.73 108,500.00 978,750.00 2159.81 19,483.04 30.94 161.17% -54.93%
First Mutual FMLH: ZH 2,600.00 2,590.00 2,592.50 -0.29% 2,600.00 400.00 10,370.00 690.14 17,891.96 28.41 29.63% -77.63%
First Mutual Properties FMP: ZH 607.14 698.00 686.39 13.05% 607.14 5,700.00 39,124.00 1,238.16 8,498.59 13.50 -12.00% -84.81%
GB Holdings GBH: ZH 198.24 180.00 184.56 -6.90% 198.24 5,600.00 10,335.50 536.59 990.33 1.57 -19.58% -86.12%
GetBucks GBFS: ZH 1,755.00 - 1,755.00 - 1,755.00 - - 1,163.12 20,412.73 32.42 192.50% -49.52%
Hippo HIPO: ZH 20,700.00 20,700.00 20,700.00 - 20,700.00 500.00 103,500.00 193.02 39,955.26 63.45 -26.07% -87.24%
Innscor INN: ZH 29,239.09 29,500.00 29,468.40 0.78% 29,239.09 280,800.00 82,747,270.00 569.88 167,933.47 266.69 81.46% -68.69%
Lafarge LACZ: ZH 12,400.00 - 12,400.00 - 12,400.00 - - 80.00 9,920.00 15.75 55.00% -73.25%
Mash MASH: ZH 791.67 750.00 753.96 -4.76% 791.67 22,200.00 167,380.00 1,859.07 14,016.67 22.26 132.37% -59.90%
Masim ba MSHL: ZH 7,500.00 7,500.00 7,500.00 - 7,500.00 3,400.00 255,000.00 241.65 18,124.03 28.78 36.36% -76.47%
Meikles MEIK: ZH 10,000.00 10,000.00 10,000.00 - 10,000.00 200.00 20,000.00 252.65 25,264.61 40.12 -20.06% -86.21%
Nam pak NPKZ: ZH 860.00 900.00 900.00 4.65% 860.00 300.00 2,700.00 755.65 6,800.83 10.80 -19.33% -86.08%
Natfoods NTFD: ZH 102,001.41 102,000.00 102,012.06 0.01% 102,001.41 39,800.00 40,600,800.00 68.40 69,776.36 110.81 -25.79% -87.19%
NMB NMB: ZH 1,966.67 - 1,966.67 - 1,966.67 - - 404.17 7,948.72 12.62 144.21% -57.86%
NTS NTS: ZH 1,200.00 - 1,200.00 - 1,200.00 - - 253.87 3,046.47 4.84 90.48% -67.13%
OK Zim babw e OKZ: ZH 3,297.59 3,300.00 3,300.00 0.07% 3,297.59 7,300.00 240,900.00 1,285.88 42,434.18 67.39 20.23% -79.25%
Old Mutual OMU: ZH 8,199.06 SUSP 8,199.06 - 8,199.06 - - 66.17 5,425.19 8.62 0.00% -82.74%
PPC PPC: ZH 795.00 SUSP 795.00 - 795.00 - - 37.09 294.84 0.47 0.00% -82.74%
Proplastics PROL: ZH 2,800.00 - 2,800.00 - 2,800.00 - - 251.94 7,054.20 11.20 -3.44% -83.34%
RTG RTG: ZH 700.00 700.00 700.00 - 700.00 500.00 3,500.00 2,495.50 17,468.47 27.74 -10.26% -84.51%
Seedco SEED: ZH 8,000.00 - 8,000.00 - 8,000.00 - - 247.20 19,776.21 31.41 -24.22% -86.92%
Sim bisa SIM: ZH 18,012.86 20,020.00 19,700.82 9.37% 18,012.86 347,500.00 68,460,360.00 562.18 110,755.01 175.89 118.90% -62.23%
Star Africa SACL: ZH 176.10 170.00 170.00 -3.46% 176.10 100,500.00 170,850.00 4,715.08 8,015.64 12.73 46.73% -74.68%
Tanganda TANG:ZH 7,998.57 8,000.00 8,000.00 0.02% 7,998.57 1,400.00 112,000.00 261.06 20,885.17 33.17 19.39% -82.74%
Truw orths TRUW: ZH 254.00 254.00 246.00 -3.15% 254.00 300.00 738.00 384.07 944.81 1.50 23.00% -78.77%
TSL TSL: ZH 4,200.00 - 4,200.00 - 4,200.00 - - 357.10 14,998.30 23.82 -40.15% -89.67%
Turnall TURN: ZH 391.00 - 391.00 - 391.00 - - 493.04 1,927.79 3.06 -4.66% -83.55%
Unifreight UNIF: ZH 5,277.78 - 5,277.78 - 5,277.78 - - 106.47 5,619.48 8.92 76.12% -69.61%
Willdale WILD: ZH 200.00 210.00 210.00 5.00% 200.00 300.00 630.00 1,778.00 3,733.80 5.93 -32.14% -88.29%
ZBFH ZBFH: ZH 9,255.00 10,640.00 10,640.00 14.96% 9,255.00 100.00 10,640.00 175.19 18,640.28 29.60 38.18% -76.15%
Zeco ZECO: ZH 3.31 - 3.31 - 3.31 - - 463.34 15.34 0.02 589.58% 19.00%
ZHL ZHL: ZH 500.00 500.00 500.00 - 500.00 54,600.00 273,000.00 1,818.22 9,091.09 14.44 32.95% -77.06%
Zim papers ZIMP: ZH 300.00 289.25 289.25 -3.58% 300.00 900.00 2,603.25 576.00 1,666.08 2.65 -0.60% -82.85%
Zim plow Holdings ZIMPLOW: ZH 1,311.97 1,450.00 1,449.05 10.45% 1,311.97 21,000.00 304,300.00 344.58 4,993.14 7.93 -38.60% -89.40%
Hw ange HCCL: ZH SUSPENDED - 4.25 - - - 167.89 7.14 0.01 - -
RioZim RIOZ: ZH 13,200.00 - 13,200.00 - 13,200.00 - - 122.03 16,107.89 25.58 230.00% -43.05%
Econet shares in issue include Class A Shares
Exchange Traded Funds

Opening LTP Closing Price Change Previous Price Volum e traded Value traded Market Cap Market Cap Price Change Price Change
(RTGSc) (RTGSc) (RTGSc) (%) (RTGSc) (RTGS$) (RTGS$ m n's) (US$ m n's) RTGS YTD (%) US$ YTD (%)
Cass Saddle Agriculture ETF 200.00 - 200.00 0.00% 200.00 - - - - 100.00% 26.06%
Datvest Modified Consum er Staples ETF 173.24 173.00 173.30 0.03% 173.24 20,149.00 34,917.77 117.89 0.19 73.30% -64.91%
Morgan&Co Made in Zim babw e 120.16 115.00 115.00 -4.29% 120.16 63,000.00 72,450.00 2,831.30 4.50 15.00% 15.00%
Morgan&Co Multi Sector 2,400.00 2,200.00 2,349.45 -2.11% 2,400.00 362.00 8,505.00 2,958.61 4.70 134.95% -59.46%
OM ZSE Top-10 ETF 523.47 525.00 527.48 0.77% 523.47 41,127.00 216,937.13 421.98 0.67 18.83% -79.49%
* The complete list of ZSE Indices can be obtained from the ZSE website: www.zse.co.zw
Victoria Falls Stock Exchange Pricelist

19 October, 2022
Bloom berg Opening LTP Closing Price Previous Volum e traded Value traded Shares In Market Cap Market Cap Price Change Price Change
Ticker (USc) (USc) (USc) Change (%) Price (USc) (shares) (US$) Issue (m n's) (US$ m n's) (RTGS$ m n's) US YTD (%) RTGS$ YTD (%)
BNC BIND:ZH 3.05 3.05 3.00 -1.64% 3.05 7,250.00 217.50 1,272.73 38.18 24,042.96 -45.45% 216.08%
Caledonia CMCL:ZH 1,300.00 - 1,300.00 0.00% 1,300.00 - - 0.62 8.06 5,075.35 0.00% 479.48%
Padenga PHL:ZH 33.95 33.80 33.84 -0.32% 33.95 1,333.00 451.05 537.67 181.95 114,572.30 61.14% 833.79%
Seed Co Intl SCIL:ZH 38.00 38.00 38.00 0.00% 38.00 1,400.00 532.00 242.24 92.05 57,964.80 35.47% 685.03%
* The complete list of VFEX Indices can be obtained from the VFEX website: https://www.vfex.exchange/
Sterling weakens as inflation returns

to 40-year highs
LONDON, Oct 19 (Reuters) - than expected, but the impact on percentage point hike at the next quantitative tightening programme
The pound fell on Wednesday after GBP was limited and if anything BoE meeting scheduled for Nov 3. by a day from its previous schedule
data showed surging food prices on the downside. Rising UST (U.S. Before Monday’s U-turns, a move of to avoid clashing with a government
pushed British inflation into double Treasury) yields are dragging the that size had been fully priced in. fiscal statement on Oct. 31.
digits last month, leaving investors greenback higher across the board, Another factor to consider for Truss has so far defied calls for
to weigh up the outlook for interest including against GBP,” said Mizuho market players is the BoE’s plans to her resignation, though markets
rates after the scrapping of most of senior economist Colin Asher. start selling some of its huge stock are increasingly considering
the government’s “mini-budget”. The inflation numbers continue a of British government bonds, which the possibility of her imminent
At 0845 GMT, the pound was turbulent week for the currency, after will begin on Nov. 1, the central replacement.
down 0.4% against the dollar at Jeremy Hunt on Monday scrapped bank said on Tuesday. “Political uncertainty is almost
$1.12750 pence , and down 0.18% most of Prime Minister Liz Truss’s “BMO currently have the bank always bad for a currency but in
versus the euro at 87.220 pence planned tax cuts and shortened her going 100bps in November, but we this case the grown-ups are already
<EURGBP=D3. huge energy price cap plan to six can see the case for just 75bps if the back in control of fiscal policy,” said
Wednesday’s CPI data showed months from two years. Bank proceeds with asset sales and Mizuho’s Asher.
the consumer price index (CPI) The U-turn on the fiscal plans there are no further ruptures in the “The Truss agenda has already
increased by 10.1% in annual terms prompted traders to curb their bets gilt market,” said Stephen Gallo, been binned. Thus, replacing Truss
in September, in a new blow for on the Bank of England raising European head of FX strategy for per se would probably have limited
households grappling with a cost-of- interest rates. BMO Capital Markets. impact.”- Reuters An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front
hall of the Bank of England in London, in this March 25, 2008 file photograph. REUTERS/Luke
living crisis. On Wednesday investors were The BoE said it was delaying its Macgregor/File Photo
”The UK CPI was a little firmer pricing in a 65% chance of a full start date for the launch of its so-called
8 20 - 26 October 2022
BT News
BUSINESS TIMES
Farmers to receive
of 600 and 1026 planters against a
requirement of 20 000.
A number of farmers are facing
tillage, cultivating, spraying and
transport challenges as most growers
9000 tractors
lack modern equipment, which is
more efficient.
Analysts said more should be done
to equip A2 and commercial farmers
to grow the economy through
agriculture.
Zimbabwe National Farmers
Union chairman Stewart Mubonderi
said the government should continue
pushing mechanisation to increase
output.
LIVINGSTONE MARUFU has 7895 tractors from a national “At least, the government has
requirement of 40 000 with only started to scale up the mechanisation
Government and its partners will 5500 tractors being functional. drive which will go a long way in
distribute at least 9 000 tractors Masuka said in all these endeavours, capacitating the farmers to ramp up
under various agriculture schemes the government would be an active production and productivity,” he
ahead of the 2022/23 summer player and an active facilitator. said.
cropping season, as part of efforts Analysts said Pfumvudza/Intwasa Zimbabwe has embarked on
to boost productivity and ensure was mainly for food security but various mechanisation programmes
Zimbabwe self-sufficiency in the mechanisation was needed to but the numbers remain low.
production of cereals. ramp up production to become Under the Brazilian Food for
Lands, Agriculture, Fisheries, a recognised player in Africa and Africa programme, farmers in
Water and Rural Development beyond. different provinces have benefited
minister, Anxious Masuka, said the Recently, Masuka said the from the latest farming equipment.
government will avail 4 500 tractors government was targeting to acquire The country has struck another
and over 200 combine harvesters. 3127 tractors with the Belarus deal with Belarus, which has pledged
“The localisation of projects facility providing 1337 tractors, John to aid the country with the very
has been extended to equipment Deere providing 440, William Bain latest equipment in the agricultural
manufacture, dam construction 750 and smallholder mechanisation sector.
and localisation of fertiliser and providing 600 tractors. The government has urged the
chemicals production,” Masuka said. It is not only the tractors that private sector to complement
As was first reported by Business Zimbabwe has a deficit. It has 176 government efforts in reviving the
Times two weeks ago, Zimbabwe combine harvesters against a demand economy.
Mthuli to headline Byo Stakeholders hail introduction

youth business expo of Ethiopia Airlines flights
TENDAI BHEBE IN BULAWAYO Thembelani Dube said it would “This would be great for people
enhance movement of people to of Bulawayo because they no
TENDAI BHEBE IN BULAWAYO the youth. Last year, the government said it
different destinations. longer have to fly into Harare and
He said young entrepreneurs was committed to equipping youths
Stakeholders in Bulawayo have “We live in a global village and then drive to Bulawayo.
Finance and Economic Development throughout the country have shown with knowledge and skills in a bid
hailed the introduction of Bulawayo is part of that global This would be good
Minister, Mthuli Ncube, will be the interest in the event and are ready for to create wealth and employment
Ethiopian Airlines flights to the village. The coming in of Ethiopian especially if they are traders and
keynote speaker at the youth business development. across the country.
city saying the move will boost Airlines will boost tourism,” Dube businesspersons. They can now
expo scheduled for next month in “With the right support they can Nyirenda said YNC was
the tourism sector as well as easing said. transport their cargo also directly
Bulawayo, Business Times can report. make a sustainable difference in their “committed” to working with all
international travels. He said residents should into Bulawayo. It would be cheaper
The expo, which will be held communities,” Nyirenda. partners to help young people
The airline is set to fly into embrace the coming in of the new for them as well. This would be
under the theme “Building Youth He said his organisation also develop their own solutions to the
Bulawayo for the first time on airline as it will put Bulawayo on good for any business person in
Entrepreneurship and Business wants to “facilitate the development biggest social problems impacting
October 30, 2022. The airline spotlight due to the coming in of Bulawayo,” Ndoro said.
Partnerships for a Diversified of young professionals through their communities, and to meet the
will fly four weekly services from different visitors and also enhance Airports Company of Zimbabwe
Inclusive Economic Transformation” an entrepreneurial and innovative National Development Strategy 1
Addis Ababa to Bulawayo through the movement of people from public relations officer Tonderai
is organised by youth in Bulawayo perspective in Zimbabwe”. goals.
Victoria Falls. Bulawayo to other destinations. Mangombe said: “This is a good
and Matabeleland provinces. “We invest in efforts that increase He said the expo will see young
It was already flying into Harare Fungai Ndoro, sales sign to show that our sky is open.”
The managing director of Youth financial inclusion, catalyse job people sharing ideas and will inspire
and Victoria Falls. representative for the Ethiopian Authorities have attributed the
Network Connect Philimon opportunities for the youth and each other in innovation and
In an interview, Bulawayo Airlines, said business people growing interest in the country
Nyirenda said the event set for reimagine approaches to building leadership, and will drive change
Progressive Residents Association are able to transport their cargo by foreign airlines to improved
November 12, 2022 is aimed at economically vibrant communities,” as part of efforts to achieve the
secretary for administration, directly to Bulawayo. aviation infrastructure.
creating business opportunities for Nyirenda said sustainable development goals.
Zim projects 16% surge in wheat yields

LIVINGSTONE MARUFU Contract Farming Committee vice The private sector said contracted
chairperson, Graeme Murdoch, farmers were now focusing on
Government is expecting this told Business Times. maintaining the crop to get high
winter wheat output to increase He said the private sector, yields.
by 16% to 384 000 metric tonnes responded positively to the In 2021, Zimbabwe imported
from last year’s haul on the back of government’s call to support and wheat worth US$80.6m and the
an increase in land put under the planted a record wheat crop in latest data from ZIMSTATS for
cereal crop, an official has said. 2022 in an effort to improve food the five months to May shows that
Last year, 330 000 metric tonnes security in the country and save there has been a 13.26% decline in
were realised. the economy of millions of United wheat imports to US$23.06m from
Lands, Agriculture, Fisheries, States dollars annually on wheat US$26.55m last year.
Water and Rural Development imports. Zimbabwe requires 360 000
minister Anxious Masuka said the The coming in of private players tonnes of wheat each year, mainly
winter wheat season has shown to help the government meet for flour, bread and biscuits.
that by “working collectively and its food self-sufficiency targets This will be the first time since
collaboratively we can achieve self- is expected to boost confidence 2005 to achieve that feat.
sufficiency”. among farmers and ensure viability. Despite that achievement, the
“An unprecedented 80 000ha The wheat will be delivered country will still import various
have been put under wheat with to the country’s largest miller at tonnes of wheat to blend the local
an expected harvest of over 384 National Foods Limited in Harare and the imported wheat to bake
000MT, the highest in the history and Bulawayo at harvest, between standard bread.
of the country,” Masuka said. October and December 2022 and Local wheat is good for biscuits
Of this, the private sector is will go a long way to make National and self-raising flour as it did not
expecting a 50% surge in wheat Foods self-reliant in local wheat for experience very cold conditions,
output to 120 000MT this winter 2023. which are needed to bake bread.
wheat selling season from 80 This is in line with the government Wheat deliveries to GMB have
000MT harvested last year, he said. policy that says all private players started.
“We expect an increase in output in the agriculture sector should be The government announced
to 120 000 tonnes in 2022 from able to produce at least 40% of their a US$620 producer price where
80 000 tonnes last year due to an requirements locally by supporting farmers will be paid US$200 in cash
increase in hectarage and support the local farmers and expanding the and the rest will be paid in RTGS at
from the banks,” National Wheat value chain. the prevailing bank rate.
Community BT
Farmers turn to officer said.

The Agriculture for Rural
Development Authority business
organic alternatives
scheme manager, Bernard Bepe, said
organic fertilisers are encouraged
to both commercial and small-
scale farmers across all agriculture
enterprises.“They reduce production
cost, improve soil structure, texture,
improve water holding capacity thus
reducing Irrigation frequency thus
subsequently reducing labour costs,”
Bepe said.
HILLARY MUNEDZI He said commercial farmers
with mixed farming are encouraged
Zimbabwe farmers are turning to use livestock manure and they
to organic fertilisers following an are also encouraged to practice
unprecedented rise in the cost of good agricultural practices such as
synthetic or chemical fertilisers. conservation farming of which these
Food giant, Nestlé Zimbabwe, farmers are encouraged to minimally
said it is realising a 10% increase disturb the soil, and crop rotation.
in yield for maize silage per hectare “For example after harvesting of
following its use of organic fertilisers. wheat, we encourage farmers to zero
Nestlé has also championed tillage their lands but rather plant
regenerative agriculture in Honde another crop directly. The wheat by-
Valley, Manicaland Province for products will decompose overtime
coffee farmers. thus adding organic matter to the
The farmers under the Nestlé soil,” Bepe said.
AAA programme have benefited Chief director, agricultural
immensely through the use of advisory and rural development
organic fertiliser. services in the Ministry of Lands,
The company is now spreading Agriculture, Fisheries, Water and
the use of organic fertiliser. Rural Development, Obert Jiri, told
“The application has been largely Business Times: “We are currently
successful with the farmers seeing an testing the use of organic fertilisers.
average increase in yield of 10% in They actually work and we have
maize silage per hectare. called on the private sector who are
We currently advocate for the use into organic fertilisers to bring in
of solid organic fertiliser (mainly samples for testing and according
from cattle and poultry) among our to our calculations a farmer can
small-holder farmers. The use of expect to use US$4 per hectare for
liquid organic fertiliser has recently both basal and top dressing. They are
been introduced for our small-holder quite affordable.”
farmers and we are working closely He added: “So we will test the
with them to integrate its usage organic fertilisers for two years
more frequently,” Yamurai Zhou, the before we take it to Government for
Nestlé Corporate Communications Pfumvudza/Intwasa programme.”
Mash West in breast Sharp rise in sex

cancer awareness campaign
TICHAONA
CHINHOYI
KATSVAMUTIMA
Mashonaland West Agricultural

Show Society will on Saturday
IN normally make donations to farmers
so we thought why not get involved
in breast cancer awareness as we
approach October,” Vengai said.
Globally, October is Breast Cancer
for food in Gutu
SAMUEL NJINGA
conduct a Breast Cancer campaign Awareness Month.

to raise awareness on the disease. Sex for food among young girls has
Vengai said the event would been on the rise in Gutu district,
The society’s general manager, include a 21km, 10km and 5km run,
Brian Vengai said there would be a Masvingo Province, largely due to
zumba and aerobics. starvation and poverty.
fun run, meant to promote wellness. Proceeds from the breast cancer
“We just wanted to do something Young girls are eventually forced
awareness run will be channelled to into early marriages, said Siyano
different for the community. We charity. Machaya who is Chief Nyamande
in Gutu.
“We have serious problems
Govt warns farmers

here emanating from hunger and
starvation that has gripped our land.
Young girls are not only indulging
into early sex but early marriage
itself.
“Sex for food is rife here,” Chief
TICHAONA KATSVAMUTIMA “The January to March 2023 constant dipping. Nyamande told Business Times. Young girls are eventually forced into early marriages
period is expected to have normal Marapira said it was also vital He said there are also some old
Deputy minister of Lands, to above normal rains for the whole to protect rural communities from members of Apostolic Zion sect have always been working together “People in ward 16,15,14,
Agriculture, Fisheries, Water country. I urge you all not to relax adverse impact of climate change Church with close to 15 wives who with traditional leaders, the police 12, 10, 20,21 and 13 are among
and Rural Development, Davis because of the promising season and unpredictable weather events. claim to be receiving revelations and other stakeholders in order to others that are in desperate need
Marapira, has warned farmers to be forecast but to work close with In a speech read on her behalf, the from God through dreams and make sure that perpetrators of such of food help. We are also working
alert and follow expert updates in agricultural extension staff and to Minister of State for Mashonaland visions. evil practices are brought to book.” together with Pentecostal Services
the forthcoming summer cropping follow weather updates for guidance West Provincial Affairs and “They are manipulating the Ward 19 councillor, Cleophas Zimbabwe as well as Zimbabwe
season for them to achieve better on farming operations. Devolution, Mary Mliswa-Chikoka young children by casting fear Muzindi said thousands of Council of Churches in order to get
yields. There is need to also put to use said: “As a province we are witnessing on them, telling them that they households in his ward were facing rid of issues to do with hunger in
He made the remarks during the water-harvesting technologies in significant growth in the production received instructions from God starvation. the district,” Tafireyi said.
World Food Day Commemorations order to counter the mid-season dry of fruits such as blueberries, avocado that these little girls should be their He appealed to the government Masvingo Provincial Affairs
held at Chibhero Agricultural spells and to prioritise conservation and citrus and there is potential to wives,” Chief Nyamande said. to take swift action and start the and Devolution Minister, Ezra
College in Norton last Friday. Agriculture,” Marapira said. treble what we are producing now. Zimbabwe National Family food aid distribution programme so Chadzamira said his office would
The Meteorological Services He said high rainfall may result The province is also host to farmers Planning Council Masvingo as to get rid of this disaster. Gutu work tirelessly to make sure ‘nobody
Department has forecast normal to in increased livestock diseases, who are producing horticultural Province spokesperson, Herbert District Administrator Chiedza is going to die of hunger in the
above normal rains in the 2022/23 urging that farmers should stock up crops for export such as mange Chikosi said: “We have often heard Tafireyi said the most affected are province’.
summer cropping season. on dipping chemicals and ensure trout, snap corn and flowers.” of such cases in the province. We those in Bhasera area.
Zim makes history HIV prevention. Tenofovir-based

oral PrEP was recommended in
2015 and the dapivirine vaginal
ring, another long-acting product,
in 2021. The availability of these
three products provides increased
body to approve CAB-LA.
Zimbabwe is the first country in
Africa and first low- and middle-
income country to do so.
The Community Working Group
on Health (CWGH) said the CAB-
to all our health institutions and to
all those that need it without facing
financial hurdles,” Rusike said.
He added that the PrEP would be
of much benefit to the nation and
would enable those living with HIV
LETTICIA MAGOMBO
choices for HIV prevention. LA must be made widely accessible to live without fear.
“WHO welcomes the news that to all Zimbabweans. “PrEP dramatically reduces the
Zimbabwe has become the first
Zimbabwe has approved the use Itai Rusike, CWGH executive risk of HIV acquisition for women
African country to approve the
of CAB-LA, which will pave the director, told Business Times the as well as men. We are aware
use of long-acting injectable
way for its use, providing more regulatory approval of CAB- that for more than a decade the
cabotegravir (CAB-LA) as pre-
safe and effective options for HIV LA needed to be buttressed by World Health Organisation has
exposure prophylaxis (PrEP) for
prevention,” said Dr Meg Doherty, government action. recommended that pregnant and
HIV prevention.
Director of WHO’s Global HIV, “We welcome the approval by breast-feeding women at risk of
The approval by the Medicines
Hepatitis and Sexually Transmitted the government of Zimbabwe to HIV should be offered PrEP and
Control Authority of Zimbabwe
Infections Programmes. use cabotegravir for PrEP. It is very the people of Zimbabwe should
(MCAZ) followed recommendations
Until the MCAZ approval, CAB- encouraging that Zimbabwe has embrace this new development
by the World Health Organisation
LA has only received regulatory become one of the first countries to reduce risk of HIV infection.
(WHO) in July this year that CAB-
approval in 2 high-income in Africa to approve the use of Antiretroviral therapy (ART) has
LA may be offered to people at
countries. The US Food and Drug cabotegravir long HIV injectable turned HIV into a manageable
substantial risk of HIV acquisition
Administration approved its use that has been proven to be efficient chronic condition. When ART is
as part of comprehensive HIV
for HIV prevention in December in HIV prevention. The government working effectively, HIV cannot be
prevention approaches.
2021. In August 2022, Australia’s should now make sure that the transmitted. This allows people with
CAB-LA is the third PrEP product
Therapeutic Goods Administration cabotegravir long HIV injectable is HIV to live fuller lives without the
recommended by the WHO for
was the second national regulatory widely available and easily accessible fear of infecting others.”
BT Regional
Malawi close to sealing $54m IMF

emergency funding for economic shock
T
he International Monetary
Fund approval of up to
$54 million of emergency
funding for Malawi is
BK receives
‘Best Bank in
likely in the next couple
of days, sources said on Tuesday, as the
southern African country struggles with
acute forex shortages.
Rwanda’ award
Malawi, which is experiencing
chaotic queues at fuel stations that
are running dry due to a lack of
foreign currency, would be the first
African country to receive special IMF PATRICK NZABONIMPA recognition,” he said.
emergency financing to deal with the BK has won the Global
global inflation crisis. Bank of Kigali (BK) has Finance ‘’Best Bank in
Ukraine received $1.3 billion under received ‘Best Bank in Rwanda’ Rwanda’’ for two consecutive
the same new programme, known as Award in the World’s Best years. The Global Finance
the “Food Shock Window”, earlier this Banks Awards 2022 ceremony accolades have become a
month. organised by Global Finance, trusted standard of excellence
The IMF’s executive board is an international magazine for the global financial
expected to sign off imminently on the with 35 years of experience in community.
funding of 50% of Malawi’s “quota”, financial reporting. The winners of this year’s
or shareholding at the fund, after talks The ceremony was hosted awards are the banks that
finished on Monday, fund and Malawi on October 15 in Washington attended carefully to their
finance ministry sources told Reuters. DC, during the IMF/World customers’ needs in difficult
They spoke on condition of Bank Meetings. markets and accomplished
anonymity as the decision was not yet It attracted senior banking strong results while laying the
final. The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, United States, September 4,
executives and central bank foundations for future success.
The IMF said last week it had 2018. REUTERS/Yuri Gripas/File Photo
governors from all over the Selection of the nominees
discussed Malawi’s request for support Malawi desperately needs funds to to 25.5% in August, according to the who is still in Washington after last world and presented an are made by the editors of
under the emergency programme and import fuel and subsidised fertiliser, the most recent official data. week’s IMF-World Bank annual opportunity for the award Global Finance after extensive
that the board would consider it “as finance ministry source said, as pressure Half of Malawi’s IMF quota is meetings, declined to comment when winners to collect their awards consultations with corporate
soon as possible”. on the government grows ahead of the equivalent to about $54.4 million at contacted by Reuters. physically, given that the financial executives, bankers
The Food Shock Window rainy season when farmers will need the current exchange rates on the fund’s Reporting by Frank Phiri Writing by awards were announced earlier and banking consultants as
was launched at the end of last fertiliser. website, and would be the maximum Rachel Savage Editing by Peter Graff this year in March. well as analysts across the
month to help countries with The donor-dependent country it can request for this emergency — Reuters BK was represented by world.
balance of payments problems. devalued its kwacha currency by 25% financing. Marc Holtzman, Chairman During the financial
against the dollar in May. Inflation rose Finance Minister Sosten Gwengwe, of the Board of Directors who contest, banks were invited
proudly accepted the award on to submit entries supporting
behalf of the bank. their selection. Global Finance
Congolese NGOs decry mining

Speaking after the considered factors that ranged
ceremony, Holtzman reflected from the quantitative objective
on BK’s position as a leading to the informed subjective.
bank that aspires to financially Headquartered in New
in main refuge of ‘Africa’s unicorn’

transform lives. York, with offices around
“It’s an honor for us to be the world, Global Finance,
recognised for our amazing founded in 1987, has a
team and the pride they take in circulation of 50,000 and
serving our customers. At Bank readers in 189 countries.
GOMA, Democratic Republic There was no available contact of Kigali we are continuously Its audience includes
of Congo Oct 18 (Reuters) - Illegal information to reach Kimia Mining for developing strategies to senior corporate and
gold-mining is destroying tracts of comment. innovate and digitise our financial officers responsible
pristine rainforest in Congo’s Okapi The authorities have vowed to clean products to allow our clients for making investment
Wildlife Reserve, a UNESCO World up their management and protection of to transact seamlessly. Our and strategic decisions at
Heritage site meant to be a haven for Congo’s forests, where illegal activities customers are at the heart of multinational companies
the endangered mammal nicknamed have long flourished due to corruption our mission. It is gratifying and financial institutions.
Africa’s unicorn, environmental and the logistical challenge of enforcing and rewarding to receive this — The New Times
organisations warned on Tuesday. weak regulations in remote and often
Industrial activities are supposed conflict-hit areas.
to be banned in the 13,000 square Human disturbances link to conflicts,
kilometers of the reserve in northeast mining and hunting are among the
Democratic Republic of Congo. main threats to okapi, of which fewer
Aerial photo evidence shows mining than 50,000 are estimated to remain in
has persisted, the civil society groups the wild, according to the International
said at a joint news conference to mark Union for Conservation of Nature
the international day of the okapi. (IUCN).
The Council for Environmental Also known as zebra giraffes due to
Defense through Legality and their zebra striped hindquarters and
Traceability (CODELT) said the longish necks, okapis were placed on
ongoing destruction was at odds with the IUCN’s Red List of species at risk of
the authorities’ bid to promote Congo extinction in 2015.
as a major player in the global fight Congo is currently at loggerheads
to curb climate change thanks to its with conservationists and scientists
majority share of the Congo basin over its plan to open other parts of its
rainforest — the second-largest in the An okapi stands in the Ituri forest in the Congo. File Photo rainforest and peatlands to oil and gas
world. drilling.
CODELT and regional “It’s incomprehensible to see this in a comment. Reporting by Erikas Mwisi
environmental group ACEDH shared country where the (the government) ... The NGOs blamed a Chinese Kambale Additional reporting by
photos they said were proof that miners presents the country internationally as company called Kimia Mining, which Stanis Bujakera and Djaffar Al-
were gouging out swathes of jungle a ‘solution country’,” said CODELT’s has previously been accused of flouting Katanty; Writing by Alessandra
along the Ituri river, which loops Principal Technical Advisor Augustin a ban on river-dredging in Ituri Prentice; Editing by Bill Berkrot
through the southern part of the reserve Mpoyi. province and other mining regulations, — Reuters
that is also home to endangered forest The environment ministry did not according to a 2016 report by a UN
elephants and chimpanzees immediately respond to a request for Group of Experts. Marc Holtzman, Chairman of the Board of Directors of Bank of kigali
receive the award.
South African petrochemicals
Sasol, ArcelorMittal to jointly explore

company Sasol (SOLJ.J) on Tuesday
said it was partnering steelmaker
ArcelorMittal South Africa (ACLJ.J)
to explore carbon capture technology
green hydrogen, carbon capture projects

and steel production using green
hydrogen.
Green hydrogen, produced from
splitting water into hydrogen and
oxygen using renewable energy
sources such as solar and wind, is government’s aim to cut climate- the local need for green hydrogen an important kick-start to our
considered a cleaner energy source warming gas emissions. and sustainable products, cementing decarbonisation journey and create
for the future, but the technology In a statement, Sasol said the two Sasol as the leading contributor to an exciting opportunity to contribute
is still in its infancy and relatively firms would jointly advance a green the development of southern Africa’s to the South African government’s
expensive. hydrogen and derivatives study on green hydrogen economy,” said aspirations to transition to a green
Sasol is the world’s biggest the Saldanha region’s potential as Priscillah Mabelane, Executive Vice economy,” said Kobus Verster, chief
producer of fuel products and an export hub for green hydrogen President for Energy. executive of ArcelorMittal South
chemicals from coal, but is and derivatives, as well as green steel The initiatives could see Africa.
transitioning away from the fossil production. ArcelorMittal South Africa becoming Reporting by Nelson Banya and
fuel as part of its decarbonisation They will study the use of Africa’s first green flat steel producer Wendell Roelf; editing by David Evans
plan. ArcelorMittal South Africa is renewable electricity and green using green hydrogen from its — Reuters
Africa’s biggest steel producer, with a hydrogen to convert captured carbon Saldanha works, which are currently
significant carbon footprint. from ArcelorMittal’s Vanderbijlpark under care and maintenance, while
Both companies are targeting steel plant into sustainable fuels and also reducing the carbon footprint of
net zero carbon emissions by 2050, chemicals, it said. its flagship Vanderbijlpark works.
in line with the South African “These studies are anchored by “These potential projects are
AMOUNT AMOUNT
NO. BIDDER ALLOTTED (US$) SHARE (%) NO. BIDDER ALLOTTED (US$) SHARE (%)
56 SAIWIT HOLDINGS (PVT) LTD 219,428 0.48% 205 FUSER TECHNOLOGIES 49,257 0.11%
57 LOBELS BREAD 207,833 0.45% 206 SONDAG ENTERPRISES (PVT) LTD 49,255 0.11%
58 BOXQUIP INVESTMENTS P/L 206,910 0.45% 207 TRADEKINGS 47,965 0.10%
59 GRINDSBERG INVESTMENTS PVT LTD 205,176 0.45% 208 NICMART BUSINESS SOLUTIONS 47,808 0.10%
60 HAMBURG ENERGY 200,000 0.43% 209 ZIMKINGS 46,925 0.10%
61 BANK OF NEW YORK 200,000 0.43% 210 MUTAGECH LOGISTICS PVT LTD 46,477 0.10%
62 CHINA ZIM INTERNATIONAL SMELTING COMPANY 200,000 0.43% GRAND TOTAL 46,025,206 100%
63 BLUESTAR LOGISTICS (PVT) LTD 199,717 0.43%
INSHARK INVESTMENTS (PVT) LTD T/A VIRTUAL
FOREIGN EXCHANGE AUCTION SYSTEM ALLOTMENTS UNDER THE SMEs AUCTION
64 COMPUTERS 196,526 0.43% FOR SEPTEMBER 2022
PRESS STATEMENT 65 YELLOWCOB ENTERPRISES 189,502 0.41%
66 DOUBLE PALE TELECOMS (PVT) LTD 189,000 0.41% AMOUNT
67 PUNGWE B POWER STATION PVT LTD 184,035 0.40% NO. BIDDER ALLOTTED (US$) SHARE (%)
68 CAIRNS FOODS LTD 181,996 0.40%
FOREIGN EXCHANGE AUCTION ALLOTMENTS FOR SEPTEMBER 2022 AND 1 MICROCELL ENTERPRISES (PVT) LTD 79,935 0.95%
FOREIGN EXCHANGE PAYMENTS FOR THE PERIOD JANUARY TO SEPTEMBER 2022 69 NSHUTI INVESTMENTS (PVT) LTD 181,000 0.39%
2 AGRISWISS ZIMBABWE (PVT) LTD 71,734 0.85%
70 AMTEC PVT LTD 176,069 0.38%
71 DISCOUNT STEEL ZIMBABWE 172,834 0.38% 3 FERDEKO LOGISTICS 60,000 0.71%
In line with the Bank’s commitment to regularly keep the public informed of developments 72 COLOURMAXIMAL INVESTMENTS 171,429 0.37% 4 LEODOM ENTERPRISES 60,000 0.71%
in the foreign exchange market, the Bank hereby publishes the following: 73 A.I.DAVIS & COMPANY (PVT) LTD 169,925 0.37% 5 EROZIM INVESTMENTS 59,137 0.70%
74 PLANAS STATIONERY PVT LTD 167,961 0.36% 6 WONDERFULL GROUP (PVT) LTD 58,197 0.69%
1. A list of the 210 beneficiaries of US$46 025 206 allotted under the Main Foreign Exchange 75 BESTFY INVESTMENTS (PVT) LTD 167,500 0.36% 7 WELLCROFT INVESTMENTS 58,156 0.69%
Auction during the month of September 2022; 76 POCK ISLAMP PVT LTD 165,000 0.36% 8 SAKIO INVESTMENTS (PVT) LTD 52,962 0.63%
2. A list of the 623 beneficiaries of US$8 423 473 allotted under the SMEs Foreign Exchange 77 NEONLITE ENTERPRISES 165,000 0.36%
Auction during the month of September 2022; and 9 LOADRITE INVESTMENTS (PVT) LTD 50,453 0.60%
78 LIGHTHOUSE PRINT 164,994 0.36%
3. A schedule showing the total foreign exchange payments for the period January 2022 to 10 AFRIBAGS 47,215 0.56%
79 AGRIBANK 163,443 0.36%
September 2022, by source, amounting to US$6 049 863 052 broken down as follows: - 11 RAPID GAIN ENTERPRISES 46,896 0.56%
80 BUILD YOUR DREAMS ( PVT) LTD 160,000 0.35%
(i) foreign currency accounts (US$4 944 612 241), 81 LINDEZI ( PVT) LTD 160,000 0.35% 12 WAKEWILL ENTERPRISES (PVT) LTD 46,894 0.56%
(ii) Foreign Exchange Auction Allotments (US$979 949 894); and 13 NATIONAL DISTRIBUTORS 45,000 0.53%
82 LOVOL KINGFISHER (PVT) LTD 159,919 0.35%
(iii) the interbank market (US$125 300 917). 14 CRESTLIFE ENTERPRISES (PVT) LTD 44,390 0.53%
83 THE SALES ARENA (PVT) LTD 158,163 0.34%
84 PHIREBROOK INVESTMENTS 155,000 0.34% 15 SQUIDOL ENTERPRISES 41,810 0.50%
The bulk of the auction allotments during the month of September 2022 (70%) was for
85 PETROZIM LINE PVT LTD 153,860 0.33% 16 PEOPLE`S OWN SAVINGS BANK 40,000 0.47%
payment for raw materials (US$24 354 190) and machinery and equipment (US$13 539
86 CLOREX HOLDINGS 152,000 0.33% 17 MARKET FORCE TRADING (PVT) LTD 40,000 0.47%
236), with the remaining 30% of the total allotments going towards payment for services
87 PRIDEKINGS ENERGY PVT LTD 150,000 0.33% 18 YUSHA ENTERPRISES (PVT) LTD 40,000 0.47%
(US$6 622 942), consumables (US$4 480 355), retail and distribution (US$3 437 518),
88 MOMENTUM SP REID 150,000 0.33% 19 BRIECO TRADING (PVT) LTD 40,000 0.47%
pharmaceuticals and chemicals (US$1 426 649), packaging (US$521 533) and fuel,
89 MULLER BROTHERS (PVT) LTD 149,738 0.33%
electricity and gas (US$66 255), as shown in the tables below. 20 DIMENSIONS MANAGEMENT CONSULTANCY 40,000 0.47%
90 MUNELLA ENTERPRISES (PVT) LTD 149,473 0.32%
91 INDUSTRIAL PRODUCTS SOLUTIONS 149,100 0.32%
21 DIRECT IMPACT INVESTMENTS (PVT) LTD 39,989 0.47%
Total cumulative foreign exchange auction allotments since inception of the Foreign 22 AMZANGA SOLUTIONS (PVT) LTD 39,967 0.47%
92 MICONEX PVT LTD TA MINE MACHINES 148,776 0.32%
Exchange Auction System stand at US$3 576 330 707. 23 SOLAR FARMING 39,726 0.47%
93 CROSS COUNTRY CONTAINERS 146,959 0.32%
94 SHIURANI INVESTMENTS 146,100 0.32% 24 SLIGO FARM 39,702 0.47%
95 CENTRAL MILLERS (PVT) LTD 144,500 0.31% 25 OPEN CURVE INVESTMENTS (PVT) LTD 39,483 0.47%
96 FASTJET ZIMBABWE LTD 142,138 0.31% 26 TUKTUK TECHNOLOGY (PVT) LTD 39,300 0.47%
97 DIVYA INVESTMENTS 141,889 0.31% 27 TAP & GET TRADING (PVT) LTD 39,200 0.47%
98 FINTECH ZIMBABWE PVT LTD 139,936 0.30% 28 BRITA CHEMICAL COMPANY 38,978 0.46%
John P Mangudya
99 MAKATA BANANAS P/L 134,986 0.29%
Governor 29 PAROAN VISTA (PVT) LTD 38,902 0.46%
100 PAROAN VISTA (PVT) LTD 129,011 0.28%
14 October 2022 30 MONTERO TRADING INTERNATIONAL (PVT) LTD 38,458 0.46%
101 RUNDALE INVESTMENTS T/A P & R HYDRAULICS 123,206 0.27%
102 ALLIANCE MEDIA 121,833 0.26% 31 SABLES TRUST 38,278 0.45%
103 RIVER BOTTOM INVESTMENTS 121,000 0.26% 32 CLASSIC TOBACCO COMPANY (PVT) LTD 38,125 0.45%
104 MONTERO TRADING INTERNATIONAL (PVT) LTD 119,498 0.26% 33 PANPICK TRADING (PVT) LTD 37,800 0.45%
FOREIGN PAYMENTS FOR THE PERIOD 01 JAN - 30 SEP 2022 BY SOURCE OF FUNDING (USD)
105 SPORROW HAULIERS 119,359 0.26% 34 PURPLEGRID INVESTMENT GROUP (PVT) LTD 37,577 0.45%
106 THE SAFE DEPOSIT BOX COMPANY 119,293 0.26% 35 BLINART INVESTMENTS 37,531 0.45%
107 CLASSECON ROOFING AFRICA (PVT) LTD 118,850 0.26% 36 X SEA IMPORTS 37,384 0.44%
Foreign Currency Account
Month
(FCA)
Interbank Market Foreign Exchange Auc�on Allotments Total 108 CITY OF MUTARE 118,448 0.26% DHL GLOBAL FORWARDING ZIMBABWE
109 VICTORIA FOODS PVT LTD 118,357 0.26%
Jan-22 678,662,573 11,127,909 69,642,048 759,432,530 37 (PVT) LTD 36,983 0.44%
110 ADLEBON INVESTMENTS 117,005 0.25%
Feb-22 343,013,195 6,895,760 148,709,473 498,618,428 38 CHASDIEL INVESTMENTS (PVT) LTD 36,841 0.44%
111 ZHONG AN ENTERPRISES 115,707 0.25%
Mar-22 403,455,558 22,509,600 184,124,012 610,089,170 112 POLYPACKAGING PVT LTD 110,000 0.24% 39 TEDEUM ENTEPRISES T/A CR RANCHING 36,015 0.43%
Apr-22 429,152,869 17,929,556 125,651,463 572,733,888 113 DARTEX INVESTMENTS 108,000 0.23% 40 ROSHANI INVESTMENTS 35,918 0.43%
May-22 517,674,757 10,345,955 112,977,465 640,998,177 114 ADVISUAL MARKETING PVT LTD 107,000 0.23% 41 PINELAND TECHNOLOGY 35,788 0.42%
Jun-22 582,761,440 18,842,804 99,596,145 701,200,390
115 VETERINARY DISTRIBUTORS 107,000 0.23% 42 SQUARE DEAL 34,533 0.41%
Jul-22 669,902,826 16,184,385 93,986,011 780,073,222
116 POWERTEL COMMUNICATION PVT LTD 105,404 0.23% 43 NETRADE COMMODITIES 34,149 0.41%
117 SPACE ENERGY 103,000 0.22% 44 ZIMINX (PVT) LTD 33,316 0.40%
Aug-22 642,898,282 10,006,325 90,814,598 743,719,205
118 REDMARK SERVICES 103,000 0.22% 45 ZUREA INVESTMENTS 32,847 0.39%
Sep-22 677,090,739 11,458,623 54,448,679 742,998,041
119 SEPTEMBER ONE P/L 102,750 0.22% 46 BLERUMAR RESOURCES (PVT) LTD 32,500 0.39%
Total 4,944,612,241 125,300,917 979,949,894 6,049,863,052 120 FINEART TECHNOLOGIES 101,373 0.22%
47 A AND N LAMBOURN ENTERPRISES 31,949 0.38%
Propor�on 82% 2% 16% 100% 121 EXCLUSIVE BRANDS 100,000 0.22%
122 NETHERVEST TRADING 100,000 0.22%
48 KAMATECH PROJECTS (PVT) LTD 31,879 0.38%
123 VEHURRY ENTERPRISES (PVT) LTD 100,000 0.22% 49 RANA BROTHERS 31,718 0.38%
FOREIGN EXCHANGE AUCTION SYSTEM ALLOTMENTS BY PURPOSE FOR SEPTEMBER 2022 (USD) 124 YALA BV 100,000 0.22% 50 TENDAI HANYANI 31,000 0.37%
125 GRATON INVESTMENTS 100,000 0.22% 51 LIMVER TRADING (PVT) LTD 30,000 0.36%
Purpose Main Auc�on SME Auc�on Total Share (%) 126 LIGHTBAND INVESTMENTS 100,000 0.22% 52 GAMUCHIRAI KAHWITI CHIZHWENDE 30,000 0.36%
Raw Materials 21,767,136 2,587,054 24,354,190 45% 127 VAITIVE TRADING (PVT) LTD 100,000 0.22% 53 CONGAREE TRADING 30,000 0.36%
Machinery and Equipment 11,122,966 2,416,270 13,539,236 25% 128 SINOTRUK ZIMBABWE PVT LTD 100,000 0.22% 54 BRENTWOOD INCORPORATION (PVT) LTD 30,000 0.36%
Services (Educa�on, Loans, Dividends and Disinvestments) 5,413,373 1,209,570 6,622,942 12%
129 LOGISCO PVT LTD 100,000 0.22% 55 VIVON INVESTMENTS (PVT) LTD 29,934 0.36%
130 DUNEXAS INVESTMENTS 100,000 0.22%
Consumables (Incl. Spares, Tyres, Electricals) 3,473,997 1,006,358 4,480,355 8% 56 TSANGA POWER STATION (PVT) LTD 29,779 0.35%
131 CRAMESHORE INVESTMENTS 100,000 0.22%
Retail and Distribu�on (Incl. Food, Beverages, etc) 2,818,682 618,836 3,437,518 6% 57 INTABA TRADING (PVT) LTD 29,720 0.35%
132 TENDO ELECTRONICS PVT LTD 99,999 0.22%
Pharmaceu�cals and Chemicals 1,032,991 393,658 1,426,649 3% 133 POSE POSE TRADING (PVT) LTD 99,997 0.22% 58 RELIANCE MANUFACTURING (PVT) LTD 29,102 0.35%
Paper and Packaging 344,805 176,728 521,533 1% 134 LOADHIGH TRADING 99,981 0.22% 59 TWM DIGITAL SOLUTIONS (PVT) LTD 28,852 0.34%
Fuel, Electricity and Gas 51,255 15,000 66,255 0.1% 135 BOLTGAS INTERATIONAL (PVT) LTD 99,980 0.22% 60 MONTGOMERY HOMESTEAD BRICKS 28,765 0.34%
Total Allotments - Sep 2022 46,025,206 8,423,473 54,448,679 100% 136 CAPITAL LASER ENGINEERING PVT LTD 99,955 0.22% 61 NETRADE MARKETING 28,700 0.34%
Total Allotments - Jan to Aug 2022 769,630,879 155,870,337 925,501,215 137 CHEMS AFRICA 99,950 0.22% 62 ARMOR MULTI AGRICULTURAL SERVICES 28,551 0.34%
Total Allotments - 2022 815,656,085 164,293,810 979,949,894 138 DON FOSS ENTERPRISES 99,864 0.22% 63 RUNDALE INVESTMENTS T/A P & R HYDRAULICS 28,441 0.34%
139 AXIS SOLUTIONS P/L 99,428 0.22% 64 EID ENTERPRISES (PVT) LTD 28,155 0.33%
Total Allotments - (2020 - 2021) 2,238,180,267 358,200,546 2,596,380,813
140 POWERSAVE (PVT) LTD 99,248 0.22%
Grand Total (2020 - 2022) 3,053,836,351 522,494,356 3,576,330,707
65 LASHWEDJ DISTRIBUTORS 28,025 0.33%
141 INTERTOLL ZIMBABWE PVT LTD 99,189 0.22%
142 PRIME GREEN (PVT) LTD 97,827 0.21%
143 AE ELECTRICAL LIGHTING & MANUFACTURING 97,172 0.21% YELLYN MECHANICAL POWER TRANSMISSION
FOREIGN EXCHANGE AUCTION SYSTEM ALLOTMENTS UNDER THE MAIN AUCTION
FOR SEPTEMBER 2022 144 FLOWCAPE INVESTMENTS 96,800 0.21% 66 (PVT) LTD 28,000 0.33%
145 BLACKBOX MINING (PVT) LTD 96,597 0.21% 67 SKYGATE HOLDINGS 27,781 0.33%
AMOUNT 146 NATIONAL SPICEWORKS P/L 95,924 0.21% 68 FOLD CONSOLIDATED CAPITAL 27,550 0.33%
NO. BIDDER ALLOTTED (US$) SHARE (%) 147 AGANANG CONSULTANCY 94,559 0.21% 69 ABNEL TAWANDA TINARGO 27,300 0.32%
POSTAL AND TELECOMMUNICATIONS 148 VERITRAN PVT LTD T/A ZSS 91,211 0.20% 70 MATANUSKA DISTRIBUTION PVT 27,289 0.32%
1 REGULARORY AUTHORITY 2,000,000 4.35% 149 AGRIVI FARM PRODUCE PVT LTD 89,905 0.20% 71 TIMEREX CHEMICAL (PVT) LTD 26,549 0.32%
2 BLUE RIBBON FOODS 1,997,422 4.34% 150 SPARKLE BEVERAGES 87,426 0.19% 72 HALSMAN ENTERPRISES 26,371 0.31%
3 PURE OIL INDUSTRIES (PVT) LTD 1,973,749 4.29% 151 FBC HOLDINGS 87,045 0.19%
73 NEWLANDS DISTRIBUTORS 25,676 0.30%
4 BREASTPLATE SERVICES (PVT) LTD T/A NEMCHEM 994,492 2.16% 152 KEVKUL INVESTMENTS 85,580 0.19%
153 ASSOCIATED FOODS ZIMBABWE 84,884 0.18%
74 COMPULINK SYSTEMS (PVT) LTD 25,673 0.30%
5 ARENEL (PVT) LTD 967,715 2.10%
154 ZLG PVT LTD 84,371 0.18% 75 SPAZA MART (PVT) LTD 25,360 0.30%
6 OMNIA FERTILISER ZIMBABWE (PVT) LTD 854,471 1.86%
155 DOUGLAS ST LEGER 83,885 0.18% 76 ALZI ENGINEERING AND EQUIPMENT 24,634 0.29%
7 UNITED REFINERIES LTD 843,556 1.83%
8 PAZA BUSTER COMMODITY BROKERS 830,758 1.81% 156 JP MORGAN 83,471 0.18% 77 TAVENGWA LOGISTICS 23,851 0.28%
9 DENDAIRY P/L 773,360 1.68% 157 CHAGVIEW INVESTMENTS 82,859 0.18% 78 SWASZY GRANITES 23,682 0.28%
10 CBZ BANK LTD 718,865 1.56% 158 CENTRE PIVOT IRRIGATION (PVT) LTD 80,296 0.17% 79 ISIZWE INFINITY PROJECTS 23,519 0.28%
11 CABS 679,070 1.48% 159 PRESSUPY INVESTMENTS 78,206 0.17% 80 RIVERSIDE POWER STATION (PVT) LTD 23,424 0.28%
DATA CONTROL AND SYSTEMS (1996) (PVT) LTD 160 INFRASTRUCTURE DEVELOPMENT BANK OF ZIMBABWE 77,400 0.17% 81 TOTAL LOADING SOLUTIONS 23,187 0.28%
12 T/A LIQUID TELECOM 643,147 1.40% 161 MACHINERY EXCHANGE 76,207 0.17%
82 BULISON INVESTMENTS (PVT) LTD 22,980 0.27%
13 SURFACE WILMAR (PVT) LTD 634,000 1.38% 162 NUDROCK INVESTMENTS (PVT) LTD 75,300 0.16%
83 ESPN TRUCKING 22,557 0.27%
163 INDUCON INVESTMENTS P/L 70,000 0.15%
14 WESTMORELAND PROPERTIES 546,426 1.19% 84 NAPPON INVESTMENTS 22,500 0.27%
164 INVICTUS FITNESS CENTRE 70,000 0.15%
15 TIRO LONGO INVESTMENTS 500,000 1.09% 85 JC RAYS (PVT) LTD 21,957 0.26%
165 HYVELD SEED COMPANY 69,603 0.15%
16 QUTON SEED COMPANY PVT LTD 500,000 1.09%
CLOUD AFRICA BUSINESS AND INVESTMENT 86 ROADBELT INVESTMENTS 20,000 0.24%
17 BOLTREC ENGINEERING 499,900 1.09%
166 AND NETWORKS 69,016 0.15% 87 NICHE HOLDINGS 20,000 0.24%
18 MEGA MARKET MILLING PVT LTD 498,887 1.08%
167 ATOM RESOURCES P/L 66,200 0.14% 88 MARAGARET (PVT) LTD 20,000 0.24%
19 ORIGINAL TECHNOLOGY PVT LTD 486,996 1.06%
168 AUTOBAHN INVESTMENTS 62,868 0.14% 89 STAVIER POULTRY 20,000 0.24%
20 THE ZIMBABWE BATA SHOE COMPANY (PVT) LTD 475,287 1.03%
169 BUFFALO STEEL (PVT) LTD 61,800 0.13% 90 STREFORD INVESTMENTS 20,000 0.24%
21 ZIMBABWE ONLINE PVT LTD 473,663 1.03%
170 CHROMBURG ENTERPRISES 60,843 0.13%
22 JACOB BETHEL CORPORATION 462,065 1.00% 91 TASKBRANDS 20,000 0.24%
171 TIMBER CENTRE MANUFACTURERS 60,250 0.13%
23 CANGROW TRADING 454,982 0.99% 92 MERCY MUCHANDO MUREVESI 20,000 0.24%
172 POWERFUL GRAND INDUSTRIES 59,500 0.13%
24 BRITISH AMERICAN TOBACCO ZIMBABWE HOLDINGS LTD 450,000 0.98% 173 PROCLASSIC TRADING 59,256 0.13% 93 MOBILEPLUS (PRIVATE) LTD 20,000 0.24%
25 GB HOLDINGS 445,644 0.97% 174 ABBIAMO TRADING P/L 58,936 0.13% 94 UPPERMOST PROPERTIES 20,000 0.24%
26 ROYAL PLASTICS AND SUPPLIES 442,000 0.96% 175 BONEMARROW INVESTMENTS (PVT) LTD 58,266 0.13% 95 FISCAL SUPPORT SERVICES 20,000 0.24%
27 FEEDMIX (PVT) LTD 415,643 0.90% 176 COPIER KINGS (PVT) LTD T/A NASHUA ZIMBABWE 58,215 0.13% 96 INSPIRATION AFRICA ENTERPRISES 20,000 0.24%
28 MEGAPAK ZIMBABWE P/L 415,307 0.90% 177 NATIONAL PROPSHAFT CENTRE (PVT) LTD 57,957 0.13% 97 HARDTECH SUPPLIES 20,000 0.24%
29 NET SUN INC PVT LTD 400,000 0.87% 178 MOREYEAR INVESTMENTS (PVT) LTD 57,697 0.13% 98 HYVELD SEED COMPANY 20,000 0.24%
30 STANDARD CHARTED BANK ZIMBABWE 400,000 0.87% 179 DECRIRE ENTERPRISES 57,264 0.12% 99 DARTEX INVESTMENTS 20,000 0.24%
31 ZIMBABWE ZHONGXIN ELECTRICAL ENERGY 399,679 0.87% 180 COMMODITY CONNECT PVT LTD 56,994 0.12%
32 PARROGATE ZIMBABWE 399,617 0.87%
100 FLEXBRIDGE INVESTMENTS (PVT) LTD 20,000 0.24%
181 EPTOMAT PVT LTD 55,500 0.12%
33 INNOVATIVE TECHNOLOGIES (PVT) LTD 399,431 0.87% 101 AFRO-ASIA ZIMBABWE 20,000 0.24%
182 PROTON BAKERS (PVT) LTD 55,239 0.12%
34 ANDALUSIA INVESTMENTS (PVT) LTD TA ZIMBORDERS 396,611 0.86% 183 CANELOX INVESTMENTS (PVT) LTD 55,000 0.12%
102 DUNCAN KAHWITI 20,000 0.24%
35 AFRICAN BANKING CORPORATION 377,528 0.82% 184 TERRAQUIP AGRICULTURAL SERVICES 54,894 0.12% 103 FACADE TRADING 20,000 0.24%
36 HUAWEI TECHNOLOGIES ZIMBABWE (PVT) LTD 377,320 0.82% 185 SOLARQUIP 54,294 0.12% 104 KEVIN WILD CONSTRUCTION 20,000 0.24%
37 DISTRIBUTED POWER AFRICA 369,981 0.80% 186 ACCESS BRANDS PVT LTD 53,339 0.12% 105 A.I.DAVIS & COMPANY (PVT) LTD 20,000 0.24%
38 ECOCASH (PVT) LTD 361,540 0.79% 187 NATIONAL BUILDING SOCIETY 51,851 0.11% 106 CLOVERBANK (PRIVATE) LTD 20,000 0.24%
39 TOYOTA ZIMBABWE 347,692 0.76% 188 BLACK BOX OILS AND LUBRICANTS 51,255 0.11% 107 CITY FABRICATORS (PVT) LTD 20,000 0.24%
40 PRIMTRIM ENTERPRISES PVT LTD 342,402 0.74% 189 BULK COMMODITES PVT LTD 51,000 0.11% 108 G AND T SCALE SERVICES 20,000 0.24%
41 SATEWAVE TECHNOLOGIES PVT LTD 341,121 0.74% 190 WILLAI INVESTMENTS 50,100 0.11% 109 CANELOX INVESTMENTS (PVT) LTD 20,000 0.24%
42 EDURATE INVESTMENTS 316,600 0.69% 191 MOONBROCH HOLDINGS P/L 50,000 0.11%
110 LWIZI LEGACY GROUP T/A LWIZI TOURS 19,999 0.24%
43 NATIONAL BLOOD SERVICE ZIMBABWE 314,039 0.68% 192 LADGEN INVESTMENTS P/L 50,000 0.11%
111 TENDO ELECTRONICS (PVT) LTD 19,998 0.24%
44 AGRI VALUE CHAIN ZIMBABWE (PVT) LTD 286,551 0.62% 193 SALTAWAY ENTERPRISES (PVT) LTD 50,000 0.11%
45 CAFCA LTD 276,171 0.60% 194 SPROUTLOGIC CHEMICALS 50,000 0.11% 112 POLYVISION 19,998 0.24%
46 HAPPY DAY SANITARY 273,880 0.60% 195 NEHANDA STORES P/L 50,000 0.11% 113 BT ENGINEERING AND PROJECTS 19,998 0.24%
47 TELONE PVT LTD 272,859 0.59% 196 CHEMPLEX CORPORATION 50,000 0.11% 114 YOVAN TRADING (PVT) LTD 19,996 0.24%
48 CP CHEMICALS (PVT) LTD 269,726 0.59% 197 AFGRI ZIMBABWE 50,000 0.11% 115 BARRONSWAY INVESTMENTS 19,994 0.24%
49 THE COPIER PARTS COMPANY 266,643 0.58% 198 MAK BOKANO CONTRACTING 50,000 0.11% LOU CORBI AGENCIES (PVT) LTD TA
50 DRAWLINK CIVIL ENGINEERS 258,000 0.56% 199 FOXMIC INVESTMENTS 49,991 0.11% 116 AFRICA SALES 19,991 0.24%
51 CHILMUND INVESTMENTS (PVT) LTD 255,957 0.56% 200 ATLANTA DRILLING INVESTMENTS 49,974 0.11% 117 TONDERAI MUCHAKA 19,990 0.24%
52 SUSTAINABLE AFFORESTATION ASSOCIATION 250,214 0.54% 201 KUSONA TRADING (PVT) LTD 49,960 0.11%
118 SPORROW HAULIERS 19,988 0.24%
53 PSMAS 241,499 0.52% 202 TORQUE TRADING 49,950 0.11%
119 ARTISAN TRADING 19,986 0.24%
54 WATERWRIGHT IRRIGATION PVT LTD 239,936 0.52% 203 SLIGO FARM 49,860 0.11%
204 ANWA AND RASHID T/A JANIS FABRICS 49,334 0.11% 120 REFRESHING SANITARY PADS (PVT) LTD 19,986 0.24%
55 ELEGANT EDGE P/L 227,486 0.49%
AMOUNT AMOUNT AMOUNT

NO. BIDDER ALLOTTED (US$) SHARE (%) NO. BIDDER ALLOTTED (US$) SHARE (%) NO. BIDDER ALLOTTED (US$) SHARE (%)
121 YANO MUSH 19,985 0.24% THE KABINET BUILDING AND HARWARE 381 CONTINENTAL MILLERS (PVT) LTD 8,621 0.10%
122 ROUTEWILL MARKETING (PRIVATE) LTD 19,980 0.24% 248 MERCHANTS 11,901 0.14% 382 UNIVERSAL RUBBER & HOSE (PVT) LTD 8,609 0.10%
123 STEGAS ENTERPRISES 19,980 0.24% 249 WITNESS NYASHANU 11,636 0.14% 383 BEAMS N RAYS (PVT) LTD 8,570 0.10%
124 CHINYIKA DAY OLD CHICKS (PVT) LTD 19,980 0.24% 250 BITREX PBC 11,500 0.14% 384 BEERUE ENTERPRISES (PVT) LTD 8,559 0.10%
125 CRUNDALL BROTHERS (PVT) LTD 19,945 0.24% 251 BODY AUTOCARE 11,300 0.13% 385 KITHRA ENTERPRISES (PVT) LTD 8,496 0.10%
126 LATROM SYSTEMS (PVT) LTD 19,941 0.24% 252 HATCH TALENT SOLUTIONS (PVT) LTD 11,266 0.13% 386 C AND Z INVESTMENTS (PVT) LTD 8,471 0.10%
127 UNICORN TRADING (PVT) LTD 19,935 0.24% 253 ISOLUTIONS (PVT) LTD 11,122 0.13% 387 LITEFLUSH INVESTMENTS (PVT) LTD 8,462 0.10%
128 CERATREX ENTERPRISES 19,932 0.24% 254 MAINBEAM ENTERPRISES 11,023 0.13% 388 J GOPAL INVESTMENTS T/A GOPAL PROPERTIES 8,446 0.10%
129 EBRAHIM STORES (PVT) LTD 19,921 0.24% 255 MANISHA D PATEL 11,000 0.13% 389 TRAKING 8,427 0.10%
130 JAMES JUTAS 19,921 0.24% 256 PHOENIX (PVT) LTD 11,000 0.13% 390 KUDAKWASHE KAPURURA 8,284 0.10%
131 TORQUE TRADING 19,900 0.24% 257 BECHR FILING CONCEPTS (PVT) LTD 11,000 0.13% 391 GROOVE RETAIL AND DISTRIBUTION 8,100 0.10%
132 BLUEWATTLE INVESTMENTS (PVT) LTD 19,900 0.24% 258 HAMA TRADE CORPORATION 10,820 0.13% 392 ANGELA KAMHIRIRI 8,099 0.10%
133 TIMOTHY HAMA 19,892 0.24% 259 FARAI CHIKUWA 10,500 0.12% 393 FARNIC INVESTMENTS (PVT) LTD 8,061 0.10%
134 DELOF COMPUTER TECHNOLOGY 19,891 0.24% 260 ROSSANT INVESTMENTS 10,400 0.12% 394 BENEFIT PETER WASHAYA 8,024 0.10%
135 MIDA ENTERPRISES 19,880 0.24% 261 SIMBISAYI MAWENI 10,050 0.12% 395 SIMPLE CONCEPTS (PVT) LTD 8,000 0.09%
136 CLEARBASE CLOTHING 19,878 0.24% 262 MWENJE TECHNOLOGIES 10,000 0.12% 396 ALL SOLAR ZIM 8,000 0.09%
137 ISAAC LEVY 19,873 0.24% 263 SUNCREEK TRADING 10,000 0.12% 397 ZAYD DUDHIA 7,963 0.09%
138 DUMILE INVESTMENTS PL 19,862 0.24% 264 SAMANTHA T DHLAMINI 10,000 0.12% 398 PATIENCE MUSAKANDA 7,950 0.09%
139 ARCHER ENGINEERING (PVT) LTD 19,801 0.24% 265 SANIE HANDS 10,000 0.12% 399 REGIONAL DATA SOLUTIONS (PVT) LTD 7,909 0.09%
140 MICROMAN 19,779 0.23% 266 ZELPAC TRADING 10,000 0.12% 400 SILIBAZISO CHIZWINA 7,886 0.09%
141 DUGGEN MOORE ENTERPRISES 19,765 0.23% 267 SHALK DE WAAL VILJOEN 10,000 0.12% 401 LOGIXTA ZIM (PVT) LTD 7,881 0.09%
142 YAFEI ENTERPRISES (PVT) LTD 19,749 0.23% 268 UNITECH SOLUTIONS (PVT) LTD 10,000 0.12% 402 CYNLYN INVESTMENTS 7,818 0.09%
143 KDV BEDDING (PVT) LTD 19,749 0.23% 269 POWERTROVE (PVT) LTD 10,000 0.12% 403 DEAN MUSIIWA 7,800 0.09%
144 BOCCOLOKO T/A RAM MINING 19,748 0.23% 270 VICKY GATES INVESTMENTS 10,000 0.12% 404 GRID TRANSMISSION (PVT) LTD 7,788 0.09%
145 ZORWAY INTERNATIONAL 19,721 0.23% 271 PRIDE MUNATSIREYI MURENGWE 10,000 0.12% 405 STEPS AND PATH MARKETING (PVT) LTD 7,774 0.09%
ELAINE MARKETING AND PROMOTIONS 272 SOLAR FAMILY ZIMBABWE 10,000 0.12% 406 SHAPETUDE INVESTMENTS 7,760 0.09%
146 T/A ELAINE SOLAR AFRICA 19,623 0.23% 273 MIRGOD ENTERPRISES 10,000 0.12% 407 TAVONGA FELIX VENGESAI 7,720 0.09%
EQUIPMENT AND MATERIALS SUPPLY 274 LEERITE INVESTMENTS (PVT) LTD 10,000 0.12% 408 ADDERLEY CONSULTANTS (PVT) LTD 7,712 0.09%
147 COMPANY (PVT) LTD 19,590 0.23% 275 CONVERGE ENTERPRISES (PVT) LTD 10,000 0.12% 409 SHEPHERD MUKUNDU 7,600 0.09%
148 MAITIRWA MONICA MUKONOWESHURO 19,588 0.23% 276 ALMOND EYED INVESTMENTS (PVT) LTD 10,000 0.12% 410 OSTERN PAZVAKAWAMBWA 7,600 0.09%
149 PEMA FASHIONS (PVT) LTD 19,500 0.23% 277 ADVISUAL MARKETING (PVT) LTD 10,000 0.12% 411 BOTCARE ENTERPRISES 7,600 0.09%
150 FLOOKTEX ENTERPRISES (PVT) LTD 19,500 0.23% 278 CHEM GROW 10,000 0.12% 412 RENOS UNLIMITED (PVT) LTD TA RENO POWER 7,543 0.09%
151 VISUAL PLASTICS (PVT) LTD 19,489 0.23% 279 CH NAAKE (PVT) LTD 10,000 0.12% 413 BRIAN CHITENDERU 7,535 0.09%
152 KYLCHIP INVESTMENTS (PVT) LTD 19,479 0.23% 280 ARAVAS PHARMACEUTICALS (PVT) LTD 10,000 0.12% 414 GENUINE BALOYI 7,500 0.09%
153 FUSER TECHNOLOGIES 19,444 0.23% 281 HENGARY INVESTMENTS (PVT) LTD 10,000 0.12% 415 BULAWAYO STEEL PRODUCTS 7,401 0.09%
154 PISTA ENTERPRISES (PVT) LTD 19,427 0.23% 282 GLADMIL INVESTMENTS 10,000 0.12% 416 HICORP (PVT) LTD 7,345 0.09%
155 AZBO INVESTMENTS 19,422 0.23% 283 BAYROCK RESOURCES 10,000 0.12% 417 STATPHARM (PVT) LTD 7,325 0.09%
156 POWERFUL GRAND INDUSTRIES 19,399 0.23% 418 WESTVILLE INVESTMENTS 7,200 0.09%
284 KUDZAI HWAMI 10,000 0.12%
SPERONI IRRIGATION AND INDUSTRIAL 419 MWASO HOLDINGS 7,200 0.09%
285 DAILY BREAD BAKERS 10,000 0.12%
157 SUPPLIERS (PVT) LTD 19,379 0.23% 420 SOLID VISION TECHNOLOGIES (PVT) LTD 7,174 0.09%
286 ALBERT CHAREKA 10,000 0.12%
158 SEAROVER INVESTMENTS (PRIVATE) LTD 19,364 0.23% 421 IH SECURITIES 7,137 0.08%
287 AUSWAY TRADING 10,000 0.12%
159 THE STEEL BUILDING COMPANY 19,291 0.23% CANNON MOTORS (PRIVATE) LTD T/A
288 FRESH OASIS PAPERS (PVT) LTD 10,000 0.12%
160 ANYTIME PLASTICS 19,284 0.23% 422 AMC NISSAN 7,124 0.08%
289 CASSETTE TECHNOLOGIES (PVT) LTD 10,000 0.12%
161 CHEETAH EXPRESS LOGISTICS (PVT) LTD 19,258 0.23% 423 LOGIKMIND (PVT) LTD 7,013 0.08%
290 FORICHI ENTERPRISES (PVT) LTD 10,000 0.12%
162 FASTENERY HARDWARE 19,247 0.23% 424 QUEST HUB SOLUTIONS (PVT) LTD 7,000 0.08%
291 FORESTRY SOURCE GLOBAL (PVT) LTD 10,000 0.12%
163 TRILLVILLE INVESTMENTS 19,035 0.23% 425 FAMCHEM (PVT) LTD 7,000 0.08%
292 NOBUHLE M MTHETHWA 10,000 0.12%
164 CYCLEPOWER HARDWARE CENTRE 19,015 0.23% 426 GETRUDE KABAIRA 7,000 0.08%
293 SHEILLAH MASHINGAUTA 10,000 0.12%
165 MIMSEM INVESTMENTS 19,000 0.23% 427 NAMATAI MUNGWARIRI 6,999 0.08%
294 ENG.ITAYI UTAH 10,000 0.12%
166 UMBINGTON TRADING (PVT) LTD 18,970 0.23% 428 ALFREY TAVAYA (PVT) LTD 6,963 0.08%
295 MATTRESS FIRM (PVT) LTD 10,000 0.12%
KERSROCK MINING (PVT) LTD TA 429 SHANDUKA FINANCIAL SERVICES 6,929 0.08%
296 LIGHTHOUSE PRINT 9,997 0.12%
167 HARDROCK MINING TOOLS 18,854 0.22% 430 ZIMKINGS 6,925 0.08%
297 WILLCHART ENTERPRISES (PVT) LTD 9,995 0.12%
168 ROADSTER GENERAL TRADING (PVT) LTD 18,767 0.22% MR WILLBROAD AND MRS HOPE
298 ROBSON MAREDZA 9,995 0.12%
169 ROAD ANGELS (PVT) LTD 18,713 0.22% 431 JOYCE TSUROH 6,893 0.08%
299 MEDLIVE MARKETING (PVT) LTD 9,993 0.12%
170 TWESBURY TRADING 18,600 0.22% 432 DITAMAL INVESTMENST (PVT) LTD 6,836 0.08%
300 EASTYAM (PVT) LTD 9,985 0.12%
171 GLOBAL PAPERS ( 2014) 18,590 0.22% 433 PANAROB INVESTMENTS (PVT) LTD 6,800 0.08%
301 BLUE OCEAN PHARMACEUTICALS 9,980 0.12%
172 FUNWELL GWIZA 18,582 0.22% 434 REDGENALD KACHAYI 6,800 0.08%
302 TEEZIK SOLUTIONS ZIMBABWE 9,977 0.12%
173 PALMLIFE PL 18,396 0.22% 435 FUNGAI CHURU 6,800 0.08%
303 TINOTENDA KATHY NYAUMWE 9,976 0.12%
174 HELLEN NDANATSEI PFACHI 18,175 0.22% 436 FBC SECURITIES 6,799 0.08%
304 SUSTENERGY 9,973 0.12%
175 CZIM CORRUGATED BOX SOLUTION (PVT) LTD 18,143 0.22% 437 NOVACREEK INVESTMENTS (PVT) LTD 6,796 0.08%
305 THOMAS DHEKA 9,973 0.12%
176 RED DANE AGRI SOLUTIONS 18,136 0.22% 438 TRANSLOT LOGISTICS (PVT) LTD 6,788 0.08%
306 TARISCO MEDIA 9,973 0.12%
177 ORSINO INVESTMENTS (PVT) LTD 18,000 0.21% 439 MUKONYERWA IZASI 6,777 0.08%
307 JAYDEV SASHIKANT VAGHMARIA 9,971 0.12% 440 BRUCE HENDERSON 6,683 0.08%
178 SPRINBASE STEEL 18,000 0.21%
308 HOPE FARAYI MARERE 9,962 0.12% 441 EFE SECURITIES (PVT) LTD 6,670 0.08%
179 DEN TRANS (PVT) LTD 18,000 0.21%
309 TOCHIMHANYA COMMODITIES (PVT) LTD 9,961 0.12% 442 AVANTVEST CAPITAL (PVT) LTD 6,587 0.08%
180 INDALE ENTERPRISES (PVT) LTD 17,933 0.21%
310 COMMERCIAL GAS (PVT) LTD 9,957 0.12% 443 PRONISH ENGINEERING 6,565 0.08%
181 MULTI FAST INVESTMENTS 17,829 0.21%
311 AUTOCONTROL SYSTEMS (PVT) LTD 9,957 0.12% 444 ALBCO 6,535 0.08%
182 FIDELIQUIP MACHINERY 17,761 0.21%
312 NIJAYS (PVT) LTD 9,954 0.12% 445 DEVISON KAKWENGA 6,500 0.08%
183 HOME AND KITCHENWARE 17,752 0.21%
313 SABARM BUSINESS SOLUTIONS 9,948 0.12% 446 MARTIN SIMBARASI 6,456 0.08%
184 ORIGEN CONSTRUCTION 17,621 0.21%
314 VELYSCIN INVESTMENTS 9,946 0.12% 447 STIRPOLE FOOD PRODUCTS 6,437 0.08%
185 AMINA KADIJA KHAN 17,500 0.21%
315 MUTARE MART & EXCHANGE 9,938 0.12% 448 EASIWRAP PLC 6,423 0.08%
186 PROTON BAKERS (PVT) LTD 17,442 0.21%
316 MUNELLA ENTERPRISES (PVT) LTD 9,937 0.12% 449 AVANOS ENTERPRISES 6,400 0.08%
187 COLOURMAXIMAL INVESTMENTS 17,418 0.21%
317 FLIK-NIK ENTERPRISES 9,937 0.12% 450 FRANCIS DZANYA 6,267 0.07%
188 BENEDETTO TRADING (PRIVATE) LTD 17,413 0.21%
318 CHAMUNORWA B MARUFU 9,933 0.12% 451 DIANOMIS DISTRIBUTION SERVICES (PVT) LTD 6,064 0.07%
189 BIOPHARM (PVT) LTD 17,395 0.21%
319 BRUVOC TRADING (PVT) LTD 9,930 0.12% 452 FARILODE INVESTMENTS 6,057 0.07%
190 NORTHBANK INVESTMENTS (PVT) LTD 17,065 0.20%
320 WELLINGTON MAPHOSA 9,925 0.12% 453 TRUST ME SECURITY ORGANISATION 6,030 0.07%
191 STERILE SYSTEM HYGIENIC SERVICES (PVT) LTD 17,000 0.20%
321 ITRO ENGINEERING 9,924 0.12% 454 ONESHELF ENTERPRISES 6,000 0.07%
192 HARVEST LINK (PVT) LTD 17,000 0.20%
322 COOL SOLAR (PVT) LTD 9,898 0.12% 455 NEW BLOOMS (PVT) LTD 6,000 0.07%
193 PROCLASSIC TRADING 17,000 0.20%
323 BORDER OPERATIONS SERVICES (PVT) LTD 9,895 0.12% 456 SIMON NYAZENGA 6,000 0.07%
194 HUDSON AND PARTNERS 16,992 0.20%
324 MECER IT DISTRIBUTION (PVT) LTD 9,885 0.12% 457 BAGGY GREEN INVESTMENTS 6,000 0.07%
195 BRADFORD SENIOR SCHOOL 16,962 0.20%
325 IAN GILMOUR 9,871 0.12% 458 FLOWCAPE INVESTMENTS 6,000 0.07%
196 GIANT WRAP (PVT) LTD 16,856 0.20%
326 WARDSTORE ENTERPRISES 9,870 0.12% 459 KALPESH MORAR 6,000 0.07%
AFRISAHARA INCOPORATION T/A
327 GURUVE SOLAR PARK 9,847 0.12% 460 BRANTINGHAM ZIMBABWE (PVT) LTD 5,981 0.07%
197 AFRISAHARA MEDICAL 16,789 0.20%
328 KAPSLOCKE (PVT) LTD 9,843 0.12% 461 RUNPOWER RESOURCES (PVT) LTD 5,981 0.07%
198 RUTENDO L KAYARA 16,700 0.20%
329 MAKONDE ENERGY (PVT) LTD 9,815 0.12% 462 ATTICUS INVESTMENTS PL 5,957 0.07%
199 BIOWILD (PVT) LTD 16,549 0.20%
200 AT NTK AUTO (PVT) LTD 16,500 0.20% 330 TANMAC TRADING (PVT) LTD 9,784 0.12% 463 HAUL IT (PVT) LTD 5,869 0.07%
201 MAKOMWE TRANSPORT & HARDWARE 16,401 0.19% 331 INTRAQUIP AND CHEMICALS (PVT) LTD 9,762 0.12% 464 NATMAIV LOGISTICS SOLUTIONS 5,800 0.07%
202 SPLASH PLASTIC 16,341 0.19% 332 AGRIPPA MUGWAGWA 9,762 0.12% 465 ZVISHAMISO MUSVIPA 5,800 0.07%
203 RICHARD B GOREDEMA 16,276 0.19% 333 NYARADZO MATINDIKE 9,755 0.12% 466 EDEN VINE CONSTRUCTION 5,792 0.07%
CURLEW CHEMICAL INDUSTRIES T/A 334 LAUTUS HOLDINGS (PVT) LTD 9,746 0.12% 467 GLOBAL ENGINEERING 5,771 0.07%
204 SUPERMED PHARMACY 16,118 0.19% 335 TEWSBURY TRADING 9,730 0.12% 468 MIRTAT VISIONS (PVT) LTD 5,750 0.07%
205 ELENGROW INVESTMENTS (PVT) LTD 16,000 0.19% 336 CHARTER SEEDS 9,709 0.12% 469 WEST AGENCIES (PVT) LTD 5,719 0.07%
206 BUILDERS ONE STOP (PVT) LTD 15,986 0.19% 337 AQUACOOLERS (PRIVATE) LTD 9,694 0.12% 470 CORKED SPIN INVESTMENTS (PVT) LTD 5,681 0.07%
207 SARAYU INCORPORATED 15,766 0.19% 338 SPARE PARTS EXCHANGE 9,685 0.11% 471 SHILOL AFRICA INVESTMENTS (PVT) LTD 5,676 0.07%
208 NEYWEL TRADING 15,443 0.18% 339 INDUSTRIAL PROCUREMENTS 9,642 0.11% 472 SKILZ SHOPFITTERS & JOINERS (PVT) LTD 5,650 0.07%
209 DAVID TICHAFA MAKWARA 15,420 0.18% 340 CAPLAW ENTERPRISES (PVT) LTD 9,607 0.11% 473 KOYLA TRADERS (PVT) LTD 5,576 0.07%
210 DR SHARAI SHAMU 15,420 0.18% 341 DR ISRAEL DUBE 9,606 0.11% 474 CORNERSTONE EQUIPMENT SUPPLIERS 5,540 0.07%
211 PHELEKEZELA MPHOKO 15,364 0.18% 342 PRAVALA PUMA ELECTRICAL 9,590 0.11% 475 DELTA FINANCIAL SERVICES 5,500 0.07%
212 MANGER PROPERTIES (PVT) LTD 15,302 0.18% 343 PROSPEROUS DAYS INVESTMENTS 9,564 0.11% 476 REVAI CLARA 5,415 0.06%
213 POMONA STEEL AND FENCING 15,238 0.18% 344 LIVESTOCK IDENTIFICATION TRUST 9,517 0.11% 477 MILAN VIDOVIC 5,364 0.06%
214 MILLPAL (PVT) LTD T/A KEMICO AGENCY 15,056 0.18% 345 CLEAN O (PVT) LTD 9,500 0.11% 478 BATSIRAYI MUKUMBA 5,357 0.06%
215 RENAISSANCE CAPITAL 15,000 0.18% 346 GARITON INVESTMENTS 9,500 0.11% 479 HANIS DUVETS (PVT) LTD 5,334 0.06%
216 NYANGANI INDUSTRIES (PVT) LTD 14,958 0.18% 347 PEARLSPOT ENTERPRISES (PVT) LTD 9,489 0.11% 480 FE TATMIF ENTERPRISES 5,298 0.06%
217 MULLER BROTHERS (PVT) LTD 14,871 0.18% 348 ESVEE (PRIVATE) LTD 9,447 0.11% 481 SPECTRUM ENGINEERING (PRIVATE) LTD 5,297 0.06%
218 GIEM INVESTMENTS 14,826 0.18% 349 JASBRO FOODS (PRIVATE) LTD 9,408 0.11% 482 BRIGHTON VIMBAINASHE SHERENI 5,280 0.06%
219 MONAVEST INVESTMENTS (PVT) LTD 14,800 0.18% 350 CHRYSTAL LUBRICANTS ZIMBABWE 9,366 0.11% 483 ULTRA LOGIX PETROLEUM 5,238 0.06%
220 DATA TRANSFER COMPUTERS T/A SAI SYSTEMS 14,700 0.17% 351 MWENECHANYA INVESTMENTS (PVT) LTD 9,359 0.11% 484 NICHOLAS MUZHUZHA 5,203 0.06%
221 KIDSMART (PVT) LTD 14,680 0.17% 352 EARTHEN FIRE 9,345 0.11% 485 LABOSERV INVESTMENTS 5,090 0.06%
222 TRUE NORTH INVESTMENTS 14,327 0.17% 353 POWERVISION (PVT) LTD 9,313 0.11% 486 MANIMEKALAI LANE 5,000 0.06%
223 TWO WAY DYNAMICS INVESTMENTS 14,300 0.17% 354 SIBANDA VISIONS INVESTMENTS 9,300 0.11% 487 WELCOME MAVINGIRE 5,000 0.06%
224 OCKIST INVESTMENTS 14,258 0.17% 355 KURIMA PLANT HIRE (PVT) LTD 9,215 0.11% 488 OGPACK ENERGY (PVT) LTD 5,000 0.06%
225 SELONA AFRICA 14,248 0.17% 356 INNOMATZ MEDICAL (PVT) LTD 9,200 0.11% 489 SPLITPIN INVESTMENTS 5,000 0.06%
226 PARAGON PRINTING & PACKAGING (PVT) LTD 14,240 0.17% 357 KPMG 9,196 0.11% 490 OBSON MATUNJA 5,000 0.06%
227 RAYWALT TRADING 13,938 0.17% 358 FALPINO DISTRIBUTORS 9,162 0.11% 491 MICROWAREHOUSE (PVT) LTD 5,000 0.06%
228 NAVATON INVESTMENTS 13,896 0.16% 359 UVONGO PROJECTS (PVT) LTD 9,137 0.11% 492 ELICAVY ENERGY AND TECHNOLOGIES 5,000 0.06%
229 UNIZIM INVESTMENTS 13,600 0.16% 360 CONCEPT STRUCTURES 9,100 0.11% 493 LEAPIUM HOLDINGS 5,000 0.06%
230 CHILLIPOT TRADING (PVT) LTD 13,200 0.16% 361 MELINA MATSHIYA 9,088 0.11% 494 ANNIE GRACE MABUTO 4,999 0.06%
231 ZIMBAGS INVESTMENTS (PVT) LTD 13,170 0.16% 362 STREET WISE BUTCHERY (PVT) LTD 9,000 0.11% 495 NGWARAYI DENFORD MUSARIRI 4,990 0.06%
232 CLOUDFIRE ENTERPRISES (PVT) LTD 13,139 0.16% 363 OBGLA SALES 9,000 0.11% 496 YAMALEK INVESTMENTS T/A STAR PAINTERS 4,965 0.06%
233 TONDERAI CHINYATI 13,079 0.16% 364 NICOLA JANE JOHNSON 9,000 0.11% 497 MARTL TRUST (PVT) LTD 4,909 0.06%
234 KITCHEN CRAFT INVESTMENTS 13,034 0.15% 365 SCHOLASTIC MUNYIKWA 8,999 0.11% 498 SANDRA SARAH BOSHA 4,868 0.06%
235 GRIT SOLUTIONS 12,900 0.15% 366 ISRAEL MUREFU 8,990 0.11% 499 CFAO MOTORS ZIMBABWE 4,807 0.06%
TARISAI IMPORTS AND EXPORTS (PVT) LTD 367 SUN TO MOON INVESTMENTS 8,988 0.11% 500 VORDIM TRADING (PVT) LTD 4,798 0.06%
236 TA NATIONAL SPRING STEEL 12,793 0.15% 368 REECE INFINITY MARKETING (PVT) LTD 8,930 0.11% 501 TYRECLUB FITMENT CENTRE 4,797 0.06%
237 NAVRO INVESTMENTS (PRIVATE) LTD 12,678 0.15% 369 GIANT MANUFACTURING (PVT) LTD 8,925 0.11% 502 TOPPERS UNIFORMS (PVT) LTD 4,766 0.06%
INFRASTRUCTURE DEVELOPMENT BANK 370 MBUDUMA INVESTMENTS 8,917 0.11% 503 ORDERMALL INVESTMENTS (PVT) LTD 4,750 0.06%
238 OF ZIMBABWE 12,534 0.15% 371 GOODBOOK INVESTMENTS (PVT) LTD 8,895 0.11% 504 TAURAYI M CHIPAMAUNGA 4,644 0.06%
239 BUILDERS POWER HOUSE 12,500 0.15% 372 MASHAVIRA ALBIN ADDEVEN MR 8,876 0.11% 505 MOSES MAUNGANIDZE 4,600 0.05%
240 SHINGIRAI P MASHONGWA 12,474 0.15% 373 DIANA TAPEDZANYIKA 8,840 0.10% 506 EMMANUEL SHAMHUYENHANZVA 4,600 0.05%
241 HAWKER SIDDELEY ENGINEERING (PVT) LTD 12,465 0.15% 374 WELLINGTON MAGARABA 8,839 0.10% 507 DAPSOFT SOLUTIONS 4,584 0.05%
242 MARLBOROUGH TOBACCO FARMING 12,224 0.15% 375 PHILP & WATSON PLANT HIRE 8,810 0.10% 508 ASPHALT PRODUCTS (PVT) LTD 4,580 0.05%
243 SPOTLIGHT BOUTIQUE 12,000 0.14% 376 LARYSCOPE HEALTHCARE (PVT) LTD 8,787 0.10% 509 AGANANG CONSULTANCY 4,559 0.05%
244 VINEBELL INVESTMENTS (PVT) LTD 11,999 0.14% 377 SGS PERFZIM 8,767 0.10% 510 MUKUNDI INTERNATIONAL 4,551 0.05%
245 NOVAFEED (PVT) LTD 11,991 0.14% 378 GALLES INVESTMENTS (PVT) LTD 8,755 0.10% 511 GANTHORPE ENTERPRISES 4,511 0.05%
246 AGRISPROUT PL 11,927 0.14% 379 COLOUR RAY 8,739 0.10% 512 CORNELIAS CHIDUMA 4,500 0.05%
247 WIRETHROUGH COMPANY (PVT) LTD 11,923 0.14% 380 PAULINE MAPIRI 8,630 0.10% 513 GARAQUIP (PVT) LTD 4,487 0.05%
AMOUNT AMOUNT AMOUNT

NO. BIDDER ALLOTTED (US$) SHARE (%) NO. BIDDER ALLOTTED (US$) SHARE (%) NO. BIDDER ALLOTTED (US$) SHARE (%)
514 SWITCH LIGHTING 4,370 0.05% 550 STENID INVESTMENTS 3,348 0.04% 586 LIBERTY SANDE 2,712 0.03%
515 ELECTRA INSTALLATIONS 4,357 0.05% 551 MOSES DUBE 3,335 0.04% 587 RIDCHEM PHARMACEUTICALS 2,691 0.03%
516 PAYLOADS (PVT) LTD 4,356 0.05% 552 SAMUEL CHIRINDIRA 3,300 0.04% 588 CAECILIA NYAMUTSA 2,690 0.03%
517 BLOWBONE ENTERPRISES (PVT) LTD 4,347 0.05% 553 HONDA COVENTRY 3,296 0.04% 589 MEDIAH TENDAI ADHIELE 2,688 0.03%
518 ARTHUR GWARIMBO 4,298 0.05% 554 FARLLOY TRADING (PVT) LTD 3,288 0.04% 590 CATHERINE MAGADZIRE 2,675 0.03%
519 FETATMIF ENTERPRISES 4,262 0.05% 555 CHIDO ISHEMUNYORO 3,250 0.04% 591 PREVIOUS RATISAI 2,629 0.03%
556 TARIRO CHINYADZA 3,245 0.04% 592 ISHEANESU MASANGO 2,593 0.03%
520 LOCADIA NYOKA 4,200 0.05%
557 ZIM HOST DEPARTMENT (PVT) LTD 3,200 0.04% 593 ANDREW WAYNE THOMPSON 2,577 0.03%
521 EDNA MUKURAZHIZHA 4,076 0.05%
558 AVRIL MUTENDA 3,200 0.04% 594 MAKHOSI TSHALEBWA 2,560 0.03%
522 MATIPEDZA LOLE 4,000 0.05%
595 SIFISO MUTEMA 2,550 0.03%
523 SYMPLINE TRADING (PVT) LTD 4,000 0.05% 559 DAVID S DZUMBIRA 3,197 0.04%
596 MARCK GLOBAL (PVT) LTD 2,535 0.03%
524 TAKUDZWA TIRIVANHU 4,000 0.05% 560 DR GIRLE KONDO 3,193 0.04%
597 MENARD MACHOKOTO 2,514 0.03%
525 CHITAITAI CHEMICALS 4,000 0.05% 561 NYARADZO MAHLABA 3,193 0.04%
598 PALEMOON INVESTMENTS 2,509 0.03%
526 ANUSHKA INVESTMENTS 4,000 0.05% 562 JOSHUA CHIRIKUTSI 3,168 0.04%
599 PRINTFLOW (PVT) LTD 2,504 0.03%
527 DEVINE OUTCOME 4,000 0.05% 563 MARJORIE MADAMOMBE 3,100 0.04% 600 KUDAKWASHE KUZAMBA 2,502 0.03%
564 FLORENCE MUNYONGA 3,100 0.04% 601 SIBONGINKOSI SIBANDA 2,500 0.03%
528 BRIAN MUCHOPA 3,997 0.05%
565 EDWARD MPENYU 3,100 0.04% 602 PAGOMO (PVT) LTD 2,500 0.03%
529 CHARITY NYAGANO 3,997 0.05%
566 AYESH TRADING (PVT) LTD 3,100 0.04% 603 SHEALESHUMAR PATEL 2,500 0.03%
530 CAPITAL FACTOR (PVT) LTD 3,978 0.05%
567 LEADSTREAM INVESTMENTS 3,005 0.04% 604 MOLLEN CHIMOMBE 2,500 0.03%
531 EASTERN FOREST 3,937 0.05%
568 SALOME MAKANI 3,000 0.04% 605 SYMPATHY MUPANDUKI 2,500 0.03%
532 PIUS RATEIWA 3,924 0.05%
569 KIMVIN ENTERPRISES 3,000 0.04% 606 LIONEL VALENTINE STEFFENS 2,500 0.03%
533 PANENYASHA AGRIC (PVT) LTD 3,890 0.05%
570 AUTHENTIC FIRE 3,000 0.04% 607 GEORGE MAZHUDE 2,500 0.03%
534 SAMUEL MWALE 3,890 0.05% 608 COLTRONICS (PVT) LTD 2,500 0.03%
571 KHAN AND KARIM 3,000 0.04%
535 ESTHER CHIMANIKIRE 3,850 0.05% 572 ANGELINE MKOMBODZI 3,000 0.04% 609 BRIAN VITO 2,500 0.03%
536 GERALD CHIMBGWA 3,826 0.05% 573 KUDAKWASHE NCUBE 3,000 0.04% 610 RANGARIRAI SIBANDA 2,500 0.03%
537 NHUNGE HOLDINGS (PVT) LTD 3,800 0.05% 574 RONALD CHIBWE 2,996 0.04% 611 FARIRAI JULIET DAURAMANZI 2,500 0.03%
538 BRENDON KUDZANAI NYAKWIMA 3,800 0.05% 575 MAXWELL MUNODAWAFA TAKUVA 2,996 0.04% 612 PEDZISAYI NYAMAYEVHU 2,499 0.03%
539 STANFORD DOBVU 3,799 0.05% 613 VIVIAN SARA MANDIZVIDZA 2,498 0.03%
576 EMDIN INVESTMENTS 2,990 0.04%
540 LEFTYS BUTCHERY (PVT) LTD 3,726 0.04% 614 LORETTA CHIDO GORA 2,489 0.03%
577 BETARISK HOLDINGS (PVT) LTD 2,976 0.04%
541 CLAYTON CHARANDURA 3,600 0.04% 615 THEMBELIHLE KHUMALO 2,489 0.03%
578 GARDENIA ENTERPRISES (PVT) LTD 2,958 0.04%
542 RENOVA INFRASTRUCTURE PROJECTS (PVT) LTD 3,583 0.04% 616 COOLEY SOMSAK MEDICAL (PRIVATE) LTD 2,458 0.03%
579 MUSSARAT KHALPEY 2,932 0.03%
617 NIRMALABEN K SOLANKI 2,449 0.03%
543 UNIVERSAL BAG 3,555 0.04% 580 ROSEMARY MADZIVANYIKA 2,918 0.03% 618 THAMSANQA MPOFU 2,375 0.03%
544 SAMSON MAKWARA 3,500 0.04% 581 MICHAEL MUSANZIKWA 2,878 0.03% 619 JETVEST (PVT) LTD 2,309 0.03%
545 MUNYARADZI MUZANENHAMO 3,500 0.04% 582 SYCHLO INVESTMENTS (PVT) LTD 2,848 0.03% 620 OTILIA NYAMUZIHWA 2,231 0.03%
546 IVY MURANDU 3,500 0.04% 583 MOREBLESSING CHINHEYA 2,830 0.03% 621 LIFTECH ELEVATORS (PVT) LTD 2,124 0.03%
547 LYNWORKS ENTERPRISES 3,494 0.04% 584 R&M PRESSING (PVT) LTD 2,775 0.03% 622 ALEXIOS CHIGAAZIRA 2,074 0.02%
548 TYRE CLUB FITMENT CENTRE (PVT) LTD 3,450 0.04% ZIMBABWE ASSOCIATION OF 623 C & E FARMING (PVT) LTD 673 0.01%
549 QUALITY FOOD (PVT) LTD 3,360 0.04% 585 CONSULTING ENGINEERS 2,743 0.03% GRAND TOTAL 8,423,473 100%
14 20 - 26 October 2022
BT Insight
BUSINESS TIMES
Collaborative Leadership in action

your team members? Do they see the particular about setting clear and to appreciate the direction the This applies to virtual meetings, as letting your employee’s scapegoat.
COLUMN
evidence of collaborative leadership actionable goals, and ultimately organisation is going. well. Instead, try to create an open
in you? communicating them to the team. Access to information provides If your subordinates observe that dialogue about what happened
This article will explore the It does not matter where or the basis for inclusion which give you’re not fully present, they might and why it happened ensuring
PAUL NYAUSARU & steps a collaborative leader takes to what level the employees work in, employees a sense of belonging not be comfortable expressing that each employee is aware of the
demonstrate collaborative leadership. they need to understand how their resulting in enhanced employee unique or controversial views which consequences and the impact it has
CHIEDZA KADARE contribution impacts and contributes engagement. views might exactly be what you on business goals.
G
l The need to set goals to the overall business strategy. need to hear and what will make the Collaborative leadership
ood leadership is According to the Harvard l Active listening task at hand move forward. emphasizes responsibility across the
always accompanied Business Review, “Teams cannot be l Information Accessibility Employees deserve to be listened business, so it’s everyone’s job to
by example shown to inspired if they don’t know what they It is important to avail guidelines to, in whatever setting, whether in a l Encourage team members to learn from failure and build on it.
the team. are working toward and don’t have and roadmaps which the leader has meeting or individually. speak “Each failure is an opportunity” may
explicit goals”. put in place, and these should be A leader shows concern and Meetings are often dominated sound like a cliché, but that doesn’t
It is not enough to lecture about Employees feel misinformed always readily available to all. attentiveness by avoiding picking by some outspoken individuals. make it any less true.
without it being evident in what you about company goals if they are not Policies and guidelines are up calls or checking emails during As a leader convening a meeting Practicing collaborative leadership
do as a leader. communicated properly. the guiding map for employees meetings and conversations with demonstrate collaboration by is not easy and requires leaders to be
How are you viewed as a leader by A collaborative leader is very and should be shared with all employees. making sure everyone gets their turn open minded and flexible.
to speak. The emphasis is on building
Encourage quieter voice to a diverse team, empowering
contribute, promote healthy debate, subordinates to speak up, strengthen
if need be, let there be a collaboration cooperation between both
idea to ensure a win-win situation individuals and groups, and learn
for all team members. from failure in a forward-thinking
Allowing team members to speak way.
will also bring to light hidden talents
that may be useful in the execution Chiedza Kadare is an OD
of business goals. Practitioner. You can get in touch
with her on WhatsApp/call +263 77
l Avoid silos 283 0986 or Email chiedza.kadare@
As organisations grow, so do gmail.com
departments. Paul Nyausaru is an OD
This usually places employees in Practitioner and leadership coach.
silos determined by where they work. For all your OD interventions and
They usually are concerned with leadership development training
what takes place in their area of you can get in touch with him on
operation and consider it to be WhatsApp/call +263774062756 or
central to the achievement of success. Email pnyausaru@gmail.com
Get employees to work together
as much as possible and make them
aware of what others are up to.
Encourage job rotation within the
department to ensure that all team
members can execute duties when
other team members are engaged
elsewhere.
This way, perspectives on different
aspects of the business will course
through the organisation, and
employees will feel better informed.
l Turn failures into lessons learnt

If something doesn’t work, don’t
waste time allocating blame or
to ensure there is sufficient cash
Corporate/Business
COLUMN flow and does not lead to business
disruption.
FUNGAI Corporate Restructuring occurs
CHIMWAMUROMBE & when a company wants to restructure
THEOPHILUS MUBEMI its debts and finances.
When a company is being acquired
Restructuring Volume 1
or merged with another company,
Corporate restructuring refers to restructuring happens as a result of
a business restructuring process in the acquisition of assets, intellectual
which an entity makes modifications property, and employees of the other
to its legal structure to ensure a business.
continuous and smooth running of Through this process, the company
the business. mention a few as will be dealt with at the same time, business growth market environment. Cash flow is a crucial requirement can enjoy the benefits of synergies
The process of business more under volume 2 of this article. and escalated performance in the When a company is in financial for a company to endure in the from different departments.
restructuring is done in terms of market. There are specific benefits distress, corporate restructuring market. The restructuring option also
the Company and other Business What are the Benefits of of restructuring which include the procedures are employed to alter Without cash flow, a company helps in improving the economies of
Entities Act [Chapter 24:31]. Corporate Restructuring? following: the financial strategy. Through this will not pay its employees, suppliers, scale and scope for a business entity.
This process of restructuring is Usually, corporate restructuring It gives the company room to bring strategy, the company can ease its and third parties. In summation, corporate
usually employed by corporates is employed as tool or rather vehicle out new approaches so as to endure financial distress and still have room Hence a company utilises different restructuring stands as vehicle to
when the business is facing financial to necessitate and accommodate in the competitive commercial to excel. forms of restructuring strategies aid businesses in excelling in the
or economic constraints for example, competitive market while also
when a company is failing to pay a allowing sustenance especially in
corporate debt, it has an option to situations where a business is under
enter into a restructuring agreement financial distress diminishing its
with its creditors to which have capacity to repay its corporate debts
impact on its legal structures while as well as interfering with its cash
simultaneously reviving the business flow.
to endure competition within the It also safeguards the interests
market. of creditors. It is more viable as an
In this agreement, the company’s option as will be further illustrated
strategy to pay the corporate debt under volume 2 of Corporate/
would be mentioned and be such Business restructuring.
that it changes the structure of
the business be it in terms of share Fungai Chimwamurombe is a
distribution or ownership of the registered legal practitioner and
company. Senior Partner at Chimwamurombe
It is therefore imperative to note at Legal Practice and can be
this point that Creditors and Lenders contacted for feedback at fungai@
in this regard are an essential part of zenaslegalpractice.com and
the corporate restructuring process WhatsApp 0772 997 889. Theophilus
as it also impacts on their interests. Mubemi is a is a Legal Intern, email
Financial distress in the operation address is theomubemi@gmail.com,
and running of a business is not 0717936310
the only ground for corporate
restructuring as there are other
grounds which include a company
entering into an acquisition
agreement, or a joint venture to
BT Insight
Career path for business analyst:

What is a Business Analyst?
COLUMN
LOGICAL
ZIVURAWA
A
s the name implies, it
refers to a person who
studies corporate ad-
ministrations to de-
velop specific answers
to the firm’s problems. The business
analyst will use technical solutions to
build a bridge between the business
problems and these solutions.
Business Analysts are profession-
als who use technology tools such
as software applications to assess,
change, and eventually solve business
challenges.
In today’s world, organisations of-
ten require Business Analyst services
to aid in decision-making. They are
often required in marketing and
financial roles as well. A Business
Analyst does not always work on IT-
related projects.
Career path for business analyst:
What exactly does a business analyst
do?
A business analyst examines all
the systems and processes that go
into a job (or an entire company) to
determine where improvements are
needed
A business analyst’s specific duties
can be challenging to define because
they frequently work on several pro-
jects and don’t have a single focus.
A business analyst’s three primary
duties are as follows:
• Obtain insights
• Establish priorities.
• Process improvement
As in the case of the customer ser-
vice example, an organisation may Business process analysis, Master’s analysis and presentation. or junior-level business analyst. This by enhancing particular business sec- for structured business architecture
hire a business analyst to examine in Business Analytics, Testing and stage requires no past working expe- tors or systems. to capture the main organizational
the entire operation and determine solution development, Project man- Report and Dashboard Creation rience as a business analyst. viewpoints.
what adjustments need to be made agement, and Business planning, To develop reports and dash- For someone who has never Lead Business Analyst
to improve customer services. are among the courses you might boards, business analysts need to be worked in the Business Analysis in- You can become a business analyst Independent Business Analyst/
Career path for business analyst: anticipate taking. You may also take skilled users of a variety of business dustry before, it could be challeng- manager or a lead business analyst Consultant
Common business Analyst Roles in online courses in Machine Learning, intelligence technologies. ing. It is assumed that a Junior Busi- after working on many projects for As an alternative, you might work
an organisation Python and Business Analytics to It’s essential to have solid knowl- ness Analyst has sufficient theoretical 10–12 years. as an independent business analyst
further your analytical skills. edge of data visualisation software understanding and awareness of the Some businesses use business ana- consultant. You can exclusively offer
Assisting in Strategy Formulating Career path for business analyst: such as Tableau, QlikView, and Pow- business. lyst leads, who have the same func- BA services to other businesses.
Because the market is constantly Technical Skills necessary for a Busi- er BI to create various reports based As a Junior Business Analyst, in tions and responsibilities as man- To work as a business analyst con-
evolving, many companies believe ness Analyst on business needs. your career path you’ll use a variety agers, in place of business analyst sultant, you should have previous
that employing a strategist is best for Knowledge of programming lan- Other Skills of business analysis approaches in managers. experience managing various pro-
a firm. guages • Capability to analyse collaboration with coworkers and A business analyst develops exten- ject types and effectively completing
Business analysts can evaluate If you want to work as a business • Good communication stakeholders to explore and model sive experience in business analysis, numerous projects. Your CV should
which solutions are most appropri- analyst you must have a rudimentary skills both in writing and speaking company functions, processes, in- risk management, time manage- demonstrate your strengths and
ate for the company and can give understanding of programming lan- • Leadership abilities formation flow and find solutions to ment, project management, and business analysis knowledge.
top-level management advice on guages such python, R, C++, Visual • Solid problem-solving problems. other crucial project activities after The duties of a business analyst
what must be done to meet strategic Basic and statistical packages such skills You have an added benefit if you working on numerous projects. consultant can change from project
objectives. as STATA and SPSS. This practical • Making decisions that are have an entry-level business ana- It might be quite challenging to to project, regardless of whether you
knowledge will be helpful in finding action-oriented with little to no sup- lyst qualification or have performed handle many projects, deal with new are a self-employed consultant or a
Architect/Policy making solutions for identified problems in port business analysis work during an in- issues every day, oversee other busi- member of a sizable consulting firm.
Businesses may need to make the organisation. Business Analysts • Solid presentation skills ternship. ness analysts. For some projects, a group of con-
changes to address issues discovered with programming expertise attract • Multitasking Pro Business analyst managers and sultants is needed, each with a focus.
through the aforementioned strate- potential employers. • Report writing and data Mid-Level Business Analyst leads handle their workload effec- In other projects, consultants col-
gic study. Business analysts contrib- Ability to use databases visualization skills. As a business analyst, your expec- tively. laborate on their own with the client
ute by examining goals, procedures, As a Business Analyst you must tations for your career path will rise organization’s manager.
and available resources, and then understand several database types Career path for business analyst: as you gain experience. Mid-level Enterprise Architect\Solution Conclusion
offering suggestions for redesign or and functions such as Oracle, How to improve technical skills business analysts are anticipated to Architect Your career as a business analyst is
enhancement. MySQL, SQL and Online databases. l Learn additional program- have a more thorough understand- Once you’ve gained sufficient only beginning, and there are several
This will aid in data collection and ming and IT skills ing of their industry. business analysis experience, you can prospects for promotion.
Systems Analyst manipulation since most business l To develop your program- Mid-Level Business analysts will look for possibilities as an enterprise Starting as an entry-level Business
IT development must be in line analyst work with data to solve or- ming skills, take courses or work- also possess advanced levels of ana- architect or a solution architect. Analyst, you can rise to a mid-level
with the systems that the company is ganizational problems. shops through local colleges. You can lytical skills. An enterprise architect will be or senior business analyst role with
using in its operational systems. This also enroll for free online courses on An individual working in a busi- versed in business and the full scope more responsibility, more projects in
kind of business analyst combines Knowledge of software develop- EdX or Linkedin Courses. ness analyst capacity often has 3-5 of the projects. your portfolio, a team to manage and
business analysis with technical solu- ment techniques l Practice to improve your com- years of experience in the field. Busi- In this job, your tasks and respon- so on.
tions. To work as a Business analyst, munication skills ness Analyst with a mid-level skill set sibilities within an organization ex- To advance on the professional
A business analyst must be famil- you must have some fundamental l Much practice in explaining will be able to oversee a project in- pand. ladder as a business analyst, you
iar with analytical software such as knowledge of the primary software technical concepts verbally and in dependently. They could be engaged Highly competent analysts now must continue to expand your skills
SPSS, Python, R and Excel. development processes, such as Agile writing is helpful. in and working on several projects at have a career path with the organi- and knowledge.
Career path for business analyst: development and DevOps. l Improve your software devel- once. zations that created this position,
How to launch your Business Ana- This will help you understand and opment knowledge. where they can continue to benefit Logical Zivurawa is a Business
lyst Career use software developed by software With the help of the IT depart- Senior Business Analyst the company significantly. Analytics Consultant at Industrial
The minimum educational re- Engineers to solve business prob- ment at your company, go over At this stage, greater comprehen- Understanding the organization’s Psychology Consultants (Pvt) Ltd,
quirement in job adverts for entry- lems. software development best practices sion of the tools and procedures uti- strategic direction and researching a business management and human
level Business Analyst is a Bachelor’s Problem-solving abilities and strategy. Ask questions about lized in business analysis is required. on potential new ideas or projects resources consulting firm.
Degree. An expert in Business Analysis ideas you don’t grasp, and look up You would require 6–8 years of prac- are the primary duties of a business Phone: +263 242 481946-
The majority of entry-level busi- must be able to trouble shoot prob- any subjects you don’t know much tical experience. architect or solution architect. 9/481950
ness analyst roles don’t call for a lems and come up with solutions. about. A senior business analyst will have They suggest the best and most Mobile: +263 778308352
graduate degree. As a Business Analyst you must be l Review various documenta- the talents to mentor younger busi- practical option after their investiga- Email: logical@ipcconsultants.
A master’s degree in a related dis- able to look at a problem from mul- tion materials. ness analysts, improve current proce- tion and analysis. com
cipline may widen your work pros- tiple angles, weigh the advantages l Spend time reading and ana- dures, and solve problems effectively. Business Architect Main Website: www.ipcconsult-
pects. An applicant should ideally and disadvantages of potential solu- lysing various technical documenta- A senior businessperson will dis- High-level experience is required ants.com
have a degree in a relevant subject, tions and make predictions of what tion to observe how systems are de- play a high level of professionalism for the Business Architect profile,
such as business administration, will happen in the future. scribed, the formatting and elements and be able to effortlessly strike a and they are crucial to the enter-
business management, computer sci- used, and the information flow. balance between the organization’s prise’s governance structure, business
ence or Statistics. Knowledge of the fundamental strategic vision and day-to-day op- processes, and business information.
You could obtain a business analy- office programs Career path for business analyst: erations (or projects A business architect is skilled in
sis certificate as an alternative to or Business analysts should be well- Stages in the business analyst career Working alongside coworkers and coordinating decisions about prod-
addition to undergraduate or gradu- versed in fundamental office applica- other stakeholders, a Business Ana- ucts and services, critical business
ate study. Numerous universities, tions, such as Microsoft Word, Ex- Junior Business Analyst lyst will study operational problems, and IT activities, and the organiza-
technical institutes, and colleges of- cel, PowerPoint and Outlook. These The career path for business ana- issues, and new business prospects to tion’s strategic goals and objectives.
fer these programmes. applications are helpful for data lyst must begin with the entry-level provide practical business solutions They use a strategy and approach
PUBLIC NOTICE
Authorisation to Conduct Banking Activities

TIME BANK OF ZIMBABWE LIMITED
It is hereby notiﬁed that Time Bank of Zimbabwe Limited has been

authorised to conduct limited banking activities in terms of the Banking
Act [Chapter 24:20 ] following a pre-opening inspection of the
institution’s readiness to commence banking business.
Having regard to the institution’s risk management structures and

processes, level of capitalisation, corporate governance arrangements,
its business plan and the Banking Act, Time Bank has been authorised
to conduct limited banking activities and shall not be taking deposits
from the public.
Registrar of Banking Institutions
17 October 2022
BT Money Transfer
Shumba What are

Money, remittances?
who we For many countries, money transfers from citizens
working abroad are a lifeline for development
are! DILIP RATHA
S
rates are high. skilled or if their departure creates labor identity requirements—can reduce
humba Money are listed below. Remittances are typically transfers shortages. costs and facilitate flows.
When migrants send home part of their from one person to another person or Also, if remittances are large, the Competition has spurred reductions
specialises in Inbound transfers – earnings in the form of either cash or
affordable money Our clients can receive household. They are targeted to specific recipient country could face real in fees in the US–Mexico corridor,
goods to support their families, these needs of the recipients and thus tend to exchange rate appreciation that may where remittance fees fell more than 50
transfers into, and funds sent from Australia, transfers are known as workers’ or
out of, the SADC Botswana, Canada, and reduce poverty. Cross-country analyses make its economy less competitive percent from over $26 (to send $300)
migrant remittances. They have been generally find that remittances have internationally. Some argue that in 1999 to about $12 in 2005, and
region. We help people move the United Kingdom. They growing rapidly in the past few years
money where they need it can collect USD funds at reduced the share of poor people in remittances can undercut recipients’ have leveled off since then at around
and now represent the largest source the population (Adams and Page 2003, incentives to work and thus slow 5 percent for $200 in the first half of
when they need it. Shumba Money branches of foreign income for many developing
When you live abroad, in Bulawayo, Chitungwiza, 2005; Gupta, Pattillo, and Wagh 2009). economic growth. 2017.
economies. World Bank studies, based on But others argue that the negative Some commercial banks provide free
and you are separated from and Harare. They can also It is hard to estimate the exact size
your loved ones, sending collect their funds at National household surveys, suggest that relationship between remittances and remittance services, hoping to attract
of remittance flows because many take international remittance receipts helped growth observed in some empirical customers for their deposit and loan
money home is the best way Building Society branches in place through unofficial channels.
to take care of them. You Bulawayo, Chinhoyi, Gweru, lower poverty by nearly 11 percentage studies may simply reflect the influence products. And in some countries, new
Worldwide, officially recorded points in Uganda, 6 percentage points of growth on remittances rather than remittance tools—based on cell phones,
want fast, safe, and cost- Harare, Masvingo, or Mutare. international migrant remittances are
effective transactions and Outbound transfers – in Bangladesh, and 5 percentage points vice versa. smart cards, or the Internet—have
projected to reach $596 billion in 2017, in Ghana. Between a fifth and half of Remittances also have human costs. emerged.
for your recipients to collect Our clients can visit any with $450 billion flowing to developing
their funds quickly and with Shumba Money branch and the 11 percent reduction in poverty in Migrants sometimes make significant Third, nonexclusive partnerships
economies. Nepal between 1995 and 2004, a time sacrifices—including separation from between providers and existing postal
minimum fuss. A lot of us transfer funds to recipients These are recorded in the balance of
have been there and that is in Botswana, Europe, South of political conflict, has been attributed family—and incur risks to find work in and other retail networks would help
payments; exactly how to record them to remittances. another country. And they may have to expand remittance services without
where our story begins. Africa, and the United is being reviewed by an international
Ten years ago, our founder, Kingdom. In poorer households, remittances work extremely hard to save enough to large investments to develop payment
technical group. Unrecorded flows may buy basic consumption goods, send remittances. networks.
Andrew Dauramanzi, sent Local transfers – Our through informal channels are
money from Australia to his clients can send funds to housing, and children’s education and Transaction costs rarely affect large Fouth, poor migrants could be given
believed to be at least 50 percent larger health care. In richer households, they remittances (for the purpose of trade, greater access to banks, which tend to
mother in Zimbabwe. He recipients in Bulawayo, than recorded flows. Not only are
expected her to receive the Chinhoyi, Chitungwiza, may provide capital for small businesses investment, or aid): as a percentage of charge less. Both sending and receiving
remittances large but they are also more and entrepreneurial activities. They the principal amount, they tend to be countries can increase banking access
funds on the same day he sent Gweru, Harare, Masvingo, evenly distributed among developing
them but 20 queues, and one and Mutare. help pay for imports and external debt small, and major international banks for migrants by allowing origin-
economies than capital flows, including service; in some countries, banks have are eager to compete for large-value country banks to operate overseas; by
very frustrated mother, later foreign direct investment.
the funds still had not been OUR MISSION raised overseas financing using future remittances. providing identification cards (such as
Remittances are especially important remittances as collateral. But for smaller remittances—under the Mexican matricula consular) that
collected. To develop and deliver for low-income countries and account
Not only was the affordable, fair, and innovative $200, say, which is often typical for are accepted by banks to open accounts;
for nearly 4 percent of their GDP, More stable than capital flows poor migrants—fees typically average 7 and by facilitating participation of
transaction expensive but his financial services products compared with about 1.5 percent of
mother was unable to collect that promote the inclusion of Remittance flows tend to be more percent, and can be as high as 15–20 microfinance institutions and credit
GDP for middle-income countries. stable than capital flows, and they percent in smaller migration corridors unions in the remittance market.
her funds. Andrew realised African communities in the A typical remittance transaction
there had to be a better way global economy. tend to be countercyclical—increasing (see table).
takes place in three steps: during economic downturns or after Boosting flows
to send money to Zimbabwe • The migrant sender pays the
and Shumba Money was OUR VALUES a natural disaster when private capital Cutting transaction costs would Governments sometimes offer
remittance to the sending agent using flows tend to decrease. help recipient families. Here’s how: incentives to increase remittance flows
born. Professionalism – We are cash, check, money order, credit card,
As the Zimbabwean determined to understand In countries affected by political First, the fee should be a low fixed and to channel them to productive
debit card, or a debit instruction sent by conflict, they are often an economic amount, not a percentage, because the uses. But such policies can be more
diaspora grew, Andrew our customers and provide e-mail, phone, or through the Internet.
was inspired to provide them with high quality lifeline to the poor. The World Bank cost of remittance services does not problematic than efforts to expand
• The sending agency instructs its estimates that in Haiti they represented depend on the amount of principal. The access to financial services or reduce
them with an affordable solutions to achieve their agent in the recipient’s country to
channel to support relatives objectives. We serve for their about 31 percent of GDP in 2017, real cost of a remittance transaction— transaction costs.
deliver the remittance. and in some areas of Somalia, they including labor, technology, networks, Tax incentives may attract
and friends back home. benefit; to enable them to • The paying agent makes the
The pioneer branch was achieve your goals, and to accounted for more than 70 percent of and rent—is estimated to be remittances, but also may encourage
payment to the beneficiary. GDP in 2006. significantly below the current level of tax evasion. Matching-fund programs
established in Newlands and support the people they care For settlement between agents,
began operations as a money about. In other words, we Remittances proved to be resilient fees. to attract remittances from migrant
in most cases, there is no real-time during the financial crisis in source Second, competition would bring associations may divert funds from
transfer agent in June 2021. are committed to providing funds transfer; the balance owed
From one branch in service in the Shumba Money countries such as the United States prices down. New market players can other local funding priorities, while
by the sending agent to the paying and western European countries. The be encouraged by harmonizing and efforts to channel remittances to
Newlands in 2021, Shumba Way, that is: agent is settled periodically through a
Money has since grown • We are responsive crisis affected migrants’ incomes, but lowering bond and capital requirements investment have met with little success.
commercial bank. Informal remittances they tried to absorb the income loss and avoiding overregulation (such Fundamentally, remittances are
and can now be found • We are reliable are sometimes settled through goods
in Bulawayo, Chinhoyi, • We are excellent by cutting consumption and rental as requiring full banking licenses for private funds that should be treated
trade. expenditures. Those affected by the money transfer operators). like other sources of household income.
Chitungwiza, Gaborone, • We are here for you The costs of a remittance transaction
Gweru, Harare, Masvingo, Collaboration – We crisis moved to jobs in other sectors. The intense scrutiny of money Efforts to increase savings and improve
include a fee charged by the sending While the crisis reduced new service businesses for money laundering the allocation of expenditures should be
and Mutare in standalone partner with other service agent, typically paid by the sender, and
branches and at National providers to create and immigration flows, it also discouraged or terrorism financing since the 9/11 accomplished through improvements
a currency-conversion fee for delivery return migration because migrants terrorist attacks on the World Trade in the overall investment climate, rather
Building Society branches. deliver impactful, sustainable of local currency to the beneficiary in
products and services for feared they would not be able reenter Center has made it difficult for them than by targeting remittances.
another country. the host country. Thus, the number of to maintain accounts with their DILIP RATHA is head of the Global
HOW WE WORK wider demographics across Some smaller operators charge the
We facilitate inbound, the region migrants—and hence remittances— correspondent banks, forcing many in Knowledge Partnership on Migration
beneficiary a fee to collect remittances, continued to rise even during the global the United States to close. Regulations and Development and lead economist,
outbound, and local transfers Innovation – We presumably to account for unexpected
for Zimbabweans at home continuously search for, financial crisis and even more so in are necessary, but they should not make migration and remittances, in the
exchange-rate movements. And recent years in the face of conflicts and it difficult for legitimate money service World Bank.
and in the diaspora. Shumba design, and adopt innovative remittance agents (especially banks)
Money is growing, and we solutions that improve the natural disasters such as hurricanes and businesses to maintain accounts with
may earn an indirect fee in the form earthquakes. correspondent banks.
will be adding more branches, way we do business and of interest (or “float”) by investing
partners, and countries in enhance our customers’ There are potential costs associated A risk-based approach to
funds before delivering them to the with remittances. Countries that receive regulation—checking only suspicious
the upcoming months. Our satisfaction beneficiary. The float can be significant
current remittance services remittances from migrants incur costs transactions and exempting small
in countries where overnight interest if the emigrating workers are highly transactions below, say, $1,000 from
Property
PROPERTY | INTERIORS |
ARCHITECTURE | GARDENING
The Future is Pomona City

F
or anyone looking to
live in or invest in real
estate, choosing a place
to stay or a piece of
property is a significant
decision. Harare features a variety
of residential districts that are totally
distinct from one another in terms of
living standards.
Rich, opulent estates in upscale
neighborhoods as well as apartment
buildings and high-density
residences are found in Harare. The
choice of where to live in Harare is
mostly influenced by one’s ability to
pay for housing.
People who are relocating may
have preferences when looking
for residential areas to meet their
housing demands. Accessibility to
their place of employment, their
schools, their local malls, and the
major city districts are a few of these.
West Property Zimbabwe,
an international award winning
developer, has a track record of
developing outstanding properties
in Harare, the nation’s capital. The
company’s goal is to establish itself
as Zimbabwe’s top customer-focused
property developer.
A Vision 2030 document was Pomona City provides a Course. Harare Drive is close by, sold out and ready to build with within a city that meets the needs infrastructure services and onsite
created by the government in 2018 comfortable urban lifestyle with its making it simple to travel to other some stands back on the market of its inhabitants’ daily lives and development that will be undertaken
with the major objective of “Towards expansive property and lovely green parts of Harare. 10 miles away from for resale and included stands of an businesses. P with all the necessary City Council
a Prosperous & Empowered Upper vistas from the nearby golf course. the CBD. average of 1,400 sqm, up to over re-primary to tertiary education approvals.
Middle Income Society by 2030.” The project, which has been The gated estate is a mixed-use 3,000 sqm. Phase 1B and C include will be offered by Pomona City’s Infrastructure services and
For individuals looking for both dubbed a “city within a city,” gives development that will include a smaller, medium-to-lower density future educational institutions. The developments will suit the standards
luxury and affordability, West middle-class families access to shopping center, schools, a park, a stands with sizes ranging from 500 shopping centers will have a range of the surrounding environment.
Property’s inventory has a large upscale, luxurious accommodation club house, a creche, and churches. sqm to 1,000 sqm. The Phase 1B and of amenities, including trendy West Property’s primary focus is to
selection of residences. There are at a reasonable price. The stands are in four categories and C stands are currently being offered stores, supermarkets, bowling alleys, create a sustainable environment for
many different types of residential The expansive, opulent, and phases, with 140 stands in Phase 1A with a 25 / 25 deal. 25% deposit kids’ play areas, and movie theaters. our communities through building
properties available for prospective renowned Borrowdale suburb lies and about 595 stands in Phases 1B with a balance repayment period of Additionally, there will be medical resilient societies and working
property owners and investors, close to the estate. a future hotspot and C. 25 months. amenities on the estate. towards Vision 2030, Zimbabwe’s
including apartments, townhouses, for a way of life at the Wild Geese These stands are on a freehold The goal is to create a The company’s goal is to develop bright future.
and stands. Lodge and the Wingate Park Golf basis with title deeds. Phase 1A is technologically advanced city the estate in phases, which include
19
20 - 26 October 2022 BUSINESS TIMES
InsidePolitics
The Ethiopian military has taken control of three Somalia faces famine on a scale last seen half a
towns from rebel forces in the war-torn northern Tig- century ago, the United Nations has said as it set a
ray region, the government said, amid growing alarm new target of more than $2bn in funding needs.
about the resurgent conflict pitting federal forces and — Al Jazeera
their allies against Tigrayan rebels. — Al Jazeera
Gukurahundi not a
political weapon: ED
…MPs trade insults over Insiza violence
TENDAI BHEBE IN BULAWAYO
P
resident Emmerson
Mnangagwa (pictured)
said opposition outfits perennial fountain of conflict, I say our people encounter,” he said.
working with external to you lingena ngaphi? (Where do Chiefs are expected to soon lead
forces should stop you come in). This is a matter for the public hearings in communities
attempts to ignite conflict by evoking Zimbabweans and shall be resolved on Gukurahundi which remains
Gukurahundi emotions for selfish by the people of Zimbabwe. a thorny subject in some parts
political gains. “These mischievous actors have of Matabeleland and Midlands
Mnangagwa’s calls that came not succeeded and they will not provinces.
during the launch of a manual succeed. As Zimbabweans, we have Meanwhile, Justice Minister
on Gukurahundi in Bulawayo continued to boldly seek the path Ziyambi Ziyambi yesterday warned
came as opposition Members of of peace and dialogue as a way of opposition MPs against abusing
Parliament yesterday clashed with resolving all the issues that confront the issue of Gukurahundi to score
Justice Minister Ziyambi Ziyambi us.” “cheap political points.”
after claiming the political violence He said the external forces have This came after Glen Norah
that rocked Insiza and Matobo “hostile intentions” hence attempts MP Wellington Chikombo said
on Monday were reminiscence of to use the Gukurahundi issue for the violence that rocked Insiza and
Gukurahundi. their agenda. Matobo were reminiscence of the
Government is working with “For too long, we have let our Gukurahundi atrocities.
traditional leaders in affected differences hinder our collective Citizens Coalition for Change
provinces to try and address the issue development. We have allowed Bulawayo MP Jasmine Toffa was
that civic society say left over 20 external forces with hostile intentions treated for fractured hands and leg
000 dead in the Matabeleland and towards this country to dictate to us injuries after the Insiza attack.
Midlands provinces. how we should conduct our affairs “What have you done as
“The Gukurahundi issue has and relationships with each other,” government to bring those culprits
provided fertile ground for those Mnangagwa said. to book? What happened in
who seek perpetual conflict and Traditional leaders crafted and Matobo last week is reminiscence
acrimony. Some political formations adopted a Gukurahundi manual to of Gukurahundi where women were
have sought to use the Gukurahundi guide the holding of victim-friendly subjected to torture,” Chikombo
issue as a political weapon which public hearings to ensure national said.
they deploy in the regions of healing. This however drew the ire
Matabeleland and Midlands in order “The resolution of conflict in our of Ziyambi who described the
to gain political mileage for selfish tradition is not a prescriptive process opposition MP as excitable.
political ends,” Mnangagwa said. but one that involves consultations “The Honourable member is
He however, warned external and dialogue among affected parties. excitable and believe in bringing the
forces against interfering in the “The very construction of our word Gukurahundi in areas where
matter his government is working traditional conflict resolution system they do not relate,” Ziyambi said.
to resolve together with traditional renders chiefs the most suitable Angry CCC MPs demanded an
leaders. leaders to engage in the process apology from Ziyambi who is also
“To the external detractors who of finding concrete and lasting the leader of government business in
seek to maintain Gukurahundi as a solutions to all the challenges that Parliament.
Mwonzora justifies more recalls BRIAN SITHOLE ness Dube said recalls are made when
one starts supporting another political
MDC-T leader Senator Douglas party, in this case, the CCC.
Mwonzora (pictured) has justified re- Mwonzora last week joined the
calls of elected officials saying it was Political Actors’ Dialogue platform
provided for in the constitution as the which was formed by President Emm-
opposition leader this week recalled erson Mnangagwa following the 2018
Victoria Falls, Binga and Gweru coun- elections to forge dialogue among all
cillors for aligning with the Citizens political parties.
Coalition for Change (CCC). Chamisa has refused to be part of
Mwonzora has recalled dozens of the platform.
MPs and councillors since 2020 for
allegedly supporting CCC leader Nel-
son Chamisa.
The CCC has described Mwonzora
as vindictive and his continued recalls “You people of Zim-
as needless especially as the 2023 elec- babwe voted for a re-
tions draw closer.
Mwonzora’s spokesperson Lloyd
call clause and it is
Damba said there was nothing unu- there in the constitu-
sual about the recalls.
“You people of Zimbabwe voted
tion. Harare East MP)
for a recall clause and it is there in the Tendai Biti was re-
constitution,” Damba said. called and 10 others.
“Harare East MP) Tendai Biti was
recalled and 10 others. Edgar Tekere Edgar Tekere was re-
was recalled by (the late former Presi- called by (the late for-
mer President) Robert
dent) Robert Mugabe. It is not an in-
dividual thing. It’s a party thing, it’s
a national thing. So don’t personalise Mugabe. It is not an
this issue.”
This week, the MDC Alliance re- individual thing. It’s a
called eight councillors in Binga and party thing, it’s a na-
Victoria Falls in Matabeleland North
province and they are accused of
tional thing. So don’t
working with the CCC. personalise this is-
Three other councillors were re-
called in Gweru amid reports of more
sue.”
recalls.
MDC Alliance spokesperson Wit-
20 20 - 26 October 2022
BOOKS MUSIC TRAVEL MOTORING
Life Arts
The 10,000m records set by Eilish
McColgan in the 2022 Great Scottish Run
Qatar World Cup 2022 organisers have
promised a carbon-neutral tournament but
have been invalidated after the course in environmental groups are warning that the
Glasgow was found to be 150m short. football event will be far more polluting than
advertised.
All set for inaugural

wine festival in Matopos
CHENGETAI MURIMWA understanding of how one can enjoy wine.
T
Masuku said she partnered with a local
he inaugural two-day wine airliner to bring in guests from Harare and
festival will roar to life next Victoria Falls. She said they were also working
week on Saturday in the with a local transporter to provide a shuttle
Matopos National Park, located service.
approximately 50 kilometres Numerous activities have been lined up
from Bulawayo. such as giraffe feeding watch and champagne
Mandipa Masuku, the organiser of the breakfast for those who are staying overnight.
event dubbed Good Wine Experience, said In an effort not to disturb wild animals
preparations are at an advanced stage. in the national park Masuku said a modern
“This is the first safari outing being upbeat violinist and an afrotech DJ will
organised in Bulawayo. We are going to entertain guests.
prepare Zimbabwean owned wines and
food picked up from the Matobo region so
that revellers will enjoy the traditional food
and locally made wines. This will also be an
opportunity for those coming to enjoy the
food that is served in the region,” Masuku
said.
Masuku said the idea of a wine festival
came after an engagement with owners of
Kumusha and Mosi Wines whose wines are
now appreciated internationally.
She says the Good Wine Experience
will give an opportunity to have a better
STEVEN MCINTOSH
How Netflix turned subscriber

You will probably have noticed
how much longer it takes these days
to complete your favourite Netflix
shows.
You could be watching Ozark or
losses into growth

Stranger Things and reach a gripping
cliff-hanger, but then have to wait
another month or two to see the
second half of the series.
It might be annoying, but dicing
up its hits is one of several tactics to pick something they’re confident
Netflix has been using recently they will enjoy.
to encourage users to keep their Netflix also has the luxury of
subscriptions active for longer. being compatible with almost
And it seems to have worked - on every platform, including games
Tuesday, the company unveiled its consoles, connected TV devices
Q3 results, showing it had added 2.4 and smartphones. Certain other
million households to its subscriber streaming services are not routinely
base, after two consecutive quarters available everywhere.
of losses. But of course, no amount of
Its reversal of fortunes is great technology would be enough
especially surprising given the cost on its own to attract subscribers.
of living crisis. Cancelling streaming Ultimately, it is the content that
subscriptions is thought to be one of keeps people coming back.
the easiest options people have when Julian Aquilina, senior TV analyst
cutting household budgets. at Enders Analysis, suggests that each
But Netflix has been attempting streaming service “must have content
to make the platform more enticing that makes them stand out” in order
- starting with the way it packages its to survive.
shows. “There’s been fierce competition
“The framework used to be the between platforms to get their hands
binge model. The whole USP of on the best pieces of content; the last
Netflix was that an entire series of few years have been a golden age for
something would be available in scripted content,” he says.
one go, which at the time seemed This is one area where Netflix
completely mind-blowing,” says has traditionally excelled. Almost
Frances Taylor, who monitors both every week, the service launches a
linear and streaming programming big show which everybody seems to
as TV previews editor at the Radio be watching. Bridgerton, Inventing
Times. Anna and Monster: The Jeffrey
Netflix now splits some of its popular shows, including Ozark, to encourage subscribers to stick around longer.
“You’d have one episode of a Dahmer Story are among its biggest
similar drama going out per week on weekly model for the rest. a designated kids’ zone, which has “For as long as I can remember, Netflix offers some information hits this year.
the BBC, and then that one episode “Dropping one episode a week made Netflix a much more valuable it has pushed notifications to users on their website of how the The service tries to cater for as
would go up on iPlayer. Now, creates a real buzz, gets viewers commodity for families. based on their viewing habits, but recommendations system works. wide a variety of tastes as possible
obviously, the BBC has adapted and excited and leaves them on a cliff- Elsewhere, improvements are some have told me they’re now Contributing factors listed include — something which is particularly
does box-set drops, too, but what hanger,” says Taylor. always being made to algorithms, getting recommendations for shows the time of day, the device being evident on the film side of the
is amazing is that streamers like “But it’s really canny because it which learn what content viewers and movies they wouldn’t usually used, a user’s previous viewing business, where the company is trying
Netflix, who led the way in their means you can’t sign up for a seven- like so Netflix can provide tailored watch — surprise, surprise, they all choices and the preferences of other to attract fans of both blockbusters
models, are now adopting some of day free trial, binge the whole thing recommendations. However, some seem to be Netflix Originals as well. members with similar tastes. and more niche art-house films.
the models that linear TV depended and then cancel and walk away. You’d subscribers think they’ve spotted “This comes as no shock, as Other technological advances in In the past year, Netflix has housed
on for so long.” have to either wait until it’s finished the company increasingly making Netflix is really having to go big on recent years include the auto-play both The Gray Man, a £200m Ryan
Nearly every streaming service is and try to avoid spoilers, or bite the efforts to steer them towards its own its own content now, with Disney, function, where the credits of a film Gosling popcorn action thriller, and
doing some version of this. Apple’s bullet and sign up to the streaming original content. Paramount and so many others you’ve just finished will only last a The Power of the Dog, a film with
Ted Lasso, Amazon’s The Boys service for two or three months.” ‘They want their crown back’ launching their own streaming few seconds before a new programme much less mass appeal but which
and Disney’s Pam & Tommy are Other ways Netflix is trying Jamie Harris, technology and services, and taking their movies with automatically starts playing. netted 12 Oscar nominations.
just a few of the shows which have to make it more difficult to leave science reporter at The Sun, says: them once the rights end. It’s a tough Meanwhile, the preview feature —BBC
experimented with more staggered include using ever-advancing “Algorithms have long been the market out there - Disney+ took means a short clip of a film or TV
rollouts. Many of them will release technology to make its ecosystem bread and butter of tech firms to Netflix’s spot as the most popular show will auto-play when you hover
the first two or three episodes of a stickier for subscribers. keep you on their platforms, and streamer over the summer, and you over it, lengthening the browsing
season together, before moving to a This includes the introduction of Netflix is no different. can bet they want their crown back.” process and making it easier for users
BT International
Putin declares martial law in

occupied Ukrainian regions
K
irill Stremousov, deputy can,” he said.
head of the local Russia- “We do not plan to surrender
backed administration, the city, we will stand until the last
made a video appeal moment.”
after Russian forces in The Russian-installed chief of
the area were driven back by 20-30 Kherson region, Stremousov’s boss,
km (13-20 miles) in the last few said about 50,000-60,000 people
weeks. They risk being pinned against would be evacuated in the next six
the western bank of the 2,200-km days. The city of Kherson had a pre-
(1367 miles) -long Dnipro river that war population of around 280,000
bisects Ukraine. people but many of them have since
In a move which looked designed fled.
to help Russia firm its grip on the “The Ukrainian side is building
Ukrainian regions it partly occupies up forces for a large-scale offensive,”
- including Kherson - Putin told his Vladimir Saldo, the official, told state
Security Council he was introducing TV. “Where the military operates,
martial law in them. there is no place for civilians.”
Beyond much tighter security Saldo, who said Russia had the
measures on the ground, it was resources to hold Kherson and even
unclear what the immediate impact counter attack if necessary, also
of that would be. said he was banning civilians from
Kyiv, which does not recognise entering the region for seven days.
Moscow’s self-styled annexations of Staff at Kherson’s Russian-backed
the four regions, derided the move. administration were also being
“Martial law’ implementation on relocated to the left bank of the
the occupied territories by Russia Dnipro, he said.
should be considered only as a The evacuation calls followed
pseudo-legalisation of (the) looting a gloomy assessment of Russia’s
of Ukrainians’ property,” tweeted prospects in the area from
Mykhailo Podolyak, a Ukrainian General Sergei Surovikin, the new
presidential adviser. commander of Russian forces in
“This does not change anything for A view shows the city administration building hit by recent shelling in the course of Ukraine-Russia conflict, in Donetsk, Russian-controlled Ukraine, October 16, 2022. Ukraine.
Ukraine: we continue the liberation REUTERS/Alexander Ermochenko “The situation in the area of the
and deoccupation of our territories.” restricting movement in and out show there. defences were in action once again “We are preparing for various ‘Special Military Operation’ can
Eight months after being invaded, of eight regions adjoining Ukraine “The Russians are trying to scare on Wednesday. scenarios of possible consequences. be described as tense,” Surovikin
Ukraine is prosecuting major and ordered the creation of a special the people of Kherson with fake Ukrainian President Volodymry Ukraine will defend itself. No matter told state-owned Rossiya 24 news
counter-offensives in the east and coordinating council under Prime newsletters about the shelling of the Zelenskiy, who has said a third of his what the enemy plans and does.” channel. “The situation in this area
south to try to take as much territory Minister Mikhail Mishustin to step city by our army, and also arrange a country’s power stations have been In Kherson, Stremousov said the (Kherson) is difficult. The enemy is
as it can before winter after routing up the faltering war effort. propaganda show with evacuation,” hit by Russian strikes, on Wednesday city and especially its right bank deliberately striking infrastructure
Russian forces in some areas. Kherson is the biggest population Yermak wrote on the Telegram discussed security at power supply could be shelled by Ukrainian forces, and residential buildings.”
The conflict has killed thousands, centre Moscow has seized and held messaging app. facilities with senior officials. adding that residents who left would
displaced millions, pulverised since it began its “special military ‘Looming Offensive’ “We are working to create be given accommodation inside Reporting by Reuters bureaux;
Ukrainian cities, shaken the global operation” in Ukraine on Feb. 24. Ukrainian cities have also been mobile power points for the critical Russia. Writing by Andrew Osborn;
economy and revived Cold War-era Andriy Yermak, head of the struck in recent days by drones infrastructure of cities, towns and “I ask you to take my words Editing by Andrew Cawthorne
geopolitical fissures. Ukrainian president’s office, accused and missiles, and Vitali Klitschko, villages,” Zelenskiy wrote on the seriously and to interpret them as a — Reuters
Putin also issued a decree Russia of laying on a propaganda Kyiv’s mayor, said the capital’s air Telegram messaging app. call to evacuate as fast as you possibly
RwandAir maiden direct flight

to Heathrow set for November
EDWIN ASHIMWE The return flight departs the Brit- see the country’s famous mountain Heathrow, the UK’s busiest airport,
ish capital at 20:30pm each Monday, gorillas, experience Rwanda’s majes- helping to significantly improve con-
National carrier RwandAir says it Wednesday, Friday and Sunday, ar- tic scenery, or go on a safari at Akag- nections for those traveling from fur-
will, effective November, 6, launch riving at the Kigali International Air- era National Park. ther afield.
direct flights to London Heathrow, port at 07:00 the following morning. The airline’s convenient sched- From its hub at the Kigali In-
as the airline looks to cater for its “We are excited to launch direct ule also allows for easy connections ternational Airport, RwandAir is
growing demand. flights to London, which are on sale through Kigali to a wide choice of renowned for its excellent on-time
Passengers travelling to London from today, due to the popularity destinations across Africa, the Mid- performance, customer service and
have been going through Brussels for of our current services,” said Rwan- dle East and Asia. safety.
the past five years. dAir’s Chief Executive, Yvonne Man- Just recently, the airline was
The move, RwandAir noted, will zi Makolo. RwandAir has, since May, 2017, awarded its second-in-a-row ‘Best
see four direct flights a week, an “The UK is an incredibly impor- flown between London and Kigali Airline Staff in Africa.’
Drought forces Kenya’s

increase from the airline’s indirect tant market for us, and we know through an indirect service, through RwandAir currently serves 28
three times a week service. our customers will value the shorter Brussels, having launched flights destinations across East, Central,
Flights are expected to depart flight times and increased connec- from London Gatwick on May, 26, West, and Southern Africa, the
Maasai to sell starving

Kigali every Tuesday, Thursday, Sat- tions that will be offered by the new in the same year. Middle East, Europe and Asia.
urday and Sunday at 23:35pm, ar- service,” she added. In 2020, after three success- — The New Times
riving in London at 06:20am the RwandAir’s new direct flights will ful years of operations, the African
following morning. increase access for visitors looking to carrier airline switched flights to
cattle for a pittance
Cows too weak to stand, with or 65,000 shillings ($500-$530).
sores on their hides from lying on Now they are selling for only 1,500
the ground and ribcages protruding Kenyan shillings ($12),” he said.
from their sides -- such is the painful The animals at the market were
sight faced by Kenya’s Maasai herders so weak from lack of food that men
as they struggle to keep their cattle were having to lift them in and out
alive in a severe drought. of vehicles like unwieldy parcels.
Livestock are central to the “Maize meal prices have shot up,
traditional Maasai way of life, not petrol too, while livestock prices
only as the main source of food and have seriously depreciated,” said
income but also as a marker of social cattle trader Joshua Kedoya. “We
status and constant presence, with just come to the market because we
cows living alongside people inside are desperate and there is nothing
circular enclosures called kraals. else to do.”
Kenya, along with neighbouring At his kraal, herder Ntyuyoto
Ethiopia and Somalia, is Sepeina gestured towards cows
experiencing its worst drought in 40 feeding on hay, purchased from
years, with four consecutive rainy merchants at barely affordable rates.
seasons having failed to materialise, “Most of these cows you see
wiping out livestock and crops here have lost all their calves to the
in some regions and deepening a drought. We sometimes manage to
hunger crisis. save a few, especially when we feed
“This is the kind of situation we them like this but a majority of them
have all found ourselves in, with end up dying.”
emaciated cattle,” said Maasai Reporting by Edwin Waita,
pastoralist Jackson Sane, speaking at Writing by Estelle Shirbon; Editing
a cattle market in the town of Ilbisil, by Emelia Sithole-Matarise
south of Nairobi. — Reuters
“The brownish ones lying beside RwandAir’s airplane at Kigali International Airport. The national carrier will, effective November 6, launch direct flights to London Heathrow.
me would fetch up to around 60,000
Ireland kept alive their hopes of progressing at the Men’s T20 Detectives are investigating a complaint of alleged criminal damage to the
World Cup with a stunning comeback to beat Scotland by six Manchester City bus as it returned home from Liverpool.
wickets in Hobart. — BBC Sport
BTSPORT
— BBC Sport
20 - 26 October 2022
Neymar blasts Ballon d’Or

after Vinicius Jr snub
P
aris Saint-Germain forward Madrid goalkeeper Courtois bemoaned
Neymar has taken a swipe at positional bias and said it is “impossible”
the Ballon d’Or after Brazil for a goalkeeper to claim the Ballon d’Or,
teammate Vinicius Jr was only while there has also been debate about the
ranked eighth at Monday’s gala decision to award Gavi the Kopa Trophy.
in Paris.
The Barcelona midfielder saw off
Real Madrid striker Karim Benzema
won the prize for the first time in his competition from Madrid’s Eduardo
career, with Bayern Munich’s Sadio Mane Camavinga, Bayern’s Jamal Musiala and
and Manchester City’s Kevin de Bruyne Borussia Dortmund’s Jude Bellingham to
finishing second and third respectively. win the prize given to the best footballer
Robert Lewandowski, Mohamed under the age of 21.
Salah, Kylian Mbappe and Thibaut Bayern and Canada left-back Alphonso
Courtois followed them, with Madrid Davies voiced his opinion on the subject
winger Vinicius completing the top 10 on social media, saying it should have
along with Luka Modric and Erling gone to his teammate Musiala.
Haaland. “They may have denied you of your
“Benzema, well deserved, crack,”
Kopa Trophy, but they won’t deny you of
Neymar wrote on Twitter. “Now for
Vinicius, finishing eighth is not right. At your future Ballon d’Or #GoldenBoy,” he
the very least he is among the top three.” wrote.
Vinicius, 22, starred for a Madrid team Bayern coach Julian Nagelsmann also
that won LaLiga, the Champions League felt Musiala or Bellingham would have
and the Spanish Supercopa last season. been more worthy winners than Gavi.
He ended the campaign with 22 goals “Of course, there is club bias, but
in 52 appearances, including the solitary usually I also have my own opinion,”
strike in May’s 1-0 Champions League Nagelsmann said in a news conference.
final win over Liverpool. “I would have voted otherwise. Musiala
His form has continued into this and Bellingham have had better seasons
season. He has scored seven times in 14 than the winner. From my point of view,
appearances with Madrid still unbeaten
those two are ahead of Gavi.
in all competitions after Sunday’s Clasico
win over Barcelona. “[But] Gavi is a great footballer,
As is customary when individual with a lot of talent. The award was
awards are given out, there has been a not undeserved. He has a a real
lot of criticism over the winners and the winning mentality for his age.”
overall rankings. — ESPN
Neymar and Vinicius Jr are teammates for Brazil. PHOTO BY BUDA MENDES/GETTY IMAGES
England bowler Topley T20 World Cup:

ruled out of tourney West Indies beat Zim ICC Men’s T20 World Cup,
Group B, Hobart
Ireland fourth.
Joseph rescues Windies
of Regis Chakabva and Tony
Munyonga in the powerplay.
England bowler Reece Topley has been West Indies 153-7 (20 overs): After winning the toss and Zimbabwe then collapsed,
ruled out of the Men’s T20 World Cup Charles 45 (36); Raza 3-19 choosing to bat, West Indies losing five wickets for 32 runs,
with an ankle injury, three days before Zimbabwe 122 (18.2 overs): looked in a strong position at including the dangerous Raza
his side’s opening match on Saturday. Joseph 4-16, Holder 3-12 90-2 after 12 overs, but the for 14, to slump to 79-6.
Topley rolled his left ankle at training West Indies win by 31 runs innings turned in a chaotic 11- Luke Jongwe’s lively 29 from
on Monday and scans have revealed ball spell. 22 balls gave Zimbabwe hope,
ligament damage which will likely keep Alzarri Joseph starred as West but when he became the fourth
him out until early 2023. Indies boosted their chances First, captain Nicholas Pooran batter to be clean bowled by
Fellow left-armer Tymal Mills has of advancing in the Men’s T20 shuffled down the track and Joseph the game was up, with
been called up as Topley’s replacement. World Cup with a 31-run win gifted Sean Williams a simple Holder taking the final wicket
The loss of Topley is a serious blow to over Zimbabwe. routine caught and bowled to complete figures of 3-12.
England’s World Cup hopes, given the Fast bowler Joseph took 4-16 chance, before a terrible mix-up “Since the beginning of the
28-year-old’s fine form this year. to help dismiss Zimbabwe for saw Johnson Charles run out for year Alzarri Joseph has been our
He sustained the injury when he 122 with 10 balls remaining in 45 five balls later. best bowler in T20 cricket,” said
stepped on the boundary sponge during Hobart. The impressive Sikandar Pooran. “He’s our leader, getting
a fielding drill at training on Monday. The Windies had earlier Raza, who took 3-19, then wickets for us and bringing that
It is a cruel disappointment for Topley, reached 153-7 after a mid- trapped Shamarh Brooks energy.”
who has overcome serious setbacks in innings collapse saw them lose bang in front, before Jason Chakabva, who led
recent years. four wickets for 11 runs. Holder chipped straight to the Zimbabwe in place of the ill
He had four back stress fractures The result means all four Zimbabwe spinner to leave West Craig Ervine, said: “Credit to
in five years, mostly recently in 2018, teams in Group B have two Indies reeling on 101-6 West Indies and Alzarri Joseph.
which led him to consider retirement. points after Ireland beat The Windies had Rovman He really opened up the gates
But after regaining his place he has Scotland earlier on Wednesday. Powell (28 off 21 balls) and Akeal for them and bowled brilliantly.
become a key player in England’s white- Friday’s deciding final round Hosein (23 not out off 18) to “The boys are still pretty
ball sides and this year took his best of matches sees Ireland face thank for a spritely partnership confident. We’re disappointed
figures for England in both T20 and West Indies at 05:00 BST, before worth 49 from 28 balls to drag how short we ended up being
one-day international cricket - 3-22, and Scotland take on Zimbabwe at them up to a competitive total. after such a good start but we’ll
an England record 6-24 - against India 09:00. Powell, who was dropped on look to bounce back on Friday.”
in the summer. The top two sides from each 11, brought up the West Indies — BBC Sport
Reece Topley has taken 22 wickets in 22 T20s for England.
He had become a crucial part of group will qualify for the Super 150 in the final over with two
England’s bowling attack, operating Mills, who has not played since August 12s, which start on Saturday. meaty sixes, the second of which
effectively with the new ball and during because of a toe injury, has been preferred England face Afghanistan in The winner of Group A and went out of the stadium.
the death overs. to right-arm seamer Richard Gleeson, Perth at 12:00 BST on Saturday. runner-up from Group B will go In reply, Zimbabwe raced to
England also lost batter Jonny the other pace bowler in Australia as one — BBC Sport into a group including England. 29-0 after two overs to put them
Bairstow to a freak leg injury before of England’s travelling reserves. With rain forecast for Hobart ahead in the chase.
the tournament, while fast bowler Jofra Lancashire left-arm seamer Luke on Friday, if both matches are An awful fumble by Charles
Archer is a long-term injury absentee. Wood, who made his England debut washed out then Scotland and summed up West Indies’ early
However, Jos Buttler’s side have had an against Pakistan in September, will travel Zimbabwe will progress. efforts in the field and the body
encouraging build-up to the tournament to join the reserve list. Scotland top the table language of the players suggested
after a 4-3 series win in Pakistan and a Topley is not expected to have an courtesy of their superior net they were contemplating defeat.
2-0 victory over hosts and defending operation but will undergo further run rate ahead of Zimbabwe, But Joseph dragged them back
champions Australia. assessment on his return to the UK. with West Indies third and into the game with the wickets

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BUSINESS TIMES

Reprieve for 000 households in the country.

Zim seeks IMF support to clear IFIs arrears

Businesses, farmers lose

CEO Africa Roundtable,

Zim seeks IMF support

to clear IFIs arrears

Forex backlog ghost haunts industry

‘Zim banking sector sound’

Zimbabwe’s banking sector

Reforms: NEWS ON THE GO

The elephant Time Bank bounces back

4% tax hits Zim banks

WBCG partners Bak Logistics

ZIMRA wobbles under

Companies & Markets BT

China, Stanbic job fair oversubscribed

AfDIS expands supply base

The dematerialisation ratio was up

Zimbabwe Stock Exchange Pricelist

Market Cap (US$mn) 2,745.9253 1.13%

Exchange Traded Funds

Victoria Falls Stock Exchange Pricelist

Sterling weakens as inflation returns

Mthuli to headline Byo Stakeholders hail introduction

Zim projects 16% surge in wheat yields

Farmers turn to officer said.

Mash West in breast Sharp rise in sex

Mashonaland West Agricultural

conduct a Breast Cancer campaign Awareness Month.

Govt warns farmers

Zim makes history HIV prevention. Tenofovir-based

Malawi close to sealing $54m IMF

Congolese NGOs decry mining

in main refuge of ‘Africa’s unicorn’

South African petrochemicals

Sasol, ArcelorMittal to jointly explore

green hydrogen, carbon capture projects

AMOUNT AMOUNT AMOUNT

AMOUNT AMOUNT AMOUNT

Collaborative Leadership in action

l Turn failures into lessons learnt

to ensure there is sufficient cash

Career path for business analyst:

Authorisation to Conduct Banking Activities

It is hereby notiﬁed that Time Bank of Zimbabwe Limited has been

Having regard to the institution’s risk management structures and

Registrar of Banking Institutions

Shumba What are

The Future is Pomona City

BOOKS MUSIC TRAVEL MOTORING

All set for inaugural

How Netflix turned subscriber

losses into growth

Putin declares martial law in

RwandAir maiden direct flight

Drought forces Kenya’s

Maasai to sell starving