Meikles’ mining JV collapses

HARARE, March 22 (The Source) – Meikles Limited’s foray into mining faces uncertainty following the withdrawal of its foreign joint venture partner, Centar Limited. Announcing Meikles’ belated 2016 financials, chairman John Moxon announced that Centar had withdrawn from Zimbabwe. He did not give reasons behind… Read More

Edgars FY profit plummets 90pct

HARARE, March 22 (The Source) – Clothing retail chain Edgars Stores’ net profit dropped nearly 90 percent to $548,000 from $4,57 million after a 19 percent drop in sales. Merchandise sales were $50,3 million for the year to January 8, 2017 compared to $62,3 million last… Read More

Axia HY profit down 16pct

HARARE, March 9 (The Source) – Axia Corporation’s after tax profit in the half-year period to December 31, 2016, dropped 16 percent to $7,8 million compared to $9,4 million in 2015, largely on increased operational costs. Revenue at $119 million was 14 percent up on… Read More

Zimbabwe shelves VAT on basic foodstuffs

HARARE, Feb 8 (The Source) – Zimbabwe’s government has shelved a 15 percent value-added tax on basic foodstuff which came into effect last week, following an uproar from consumers already burdened by a struggling economy, Finance Minister Patrick Chinamasa announced on Tuesday. Faced with shrinking… Read More

Ok Zimbabwe CE Zireva retires

HARARE, Feb 1 (The Source) – OK Zimbabwe, the country’s largest retail group, has announced the retirement of long-serving chief executive Willard Zireva. In a Zimbabwe Stock Exchange (ZSE) filing on Wednesday, OK Zimbabwe said Zireva would leave the company at the end of March.… Read More

ZSE orders Econet to postpone EGM

HARARE, Feb 1 (The Source) – Econet Wireless Zimbabwe’s extraordinary general meeting, slated for Friday to consider a proposed $130 million capital raise, has been postponed indefinitely, the Zimbabwe Stock Exchange (ZSE) has said. Econet’s capital call has generated some controversy largely due to its… Read More