All Entries in the "Finance, Banking, Insurance" Category
NicozDiamond rights Offer undersubscribed
The NicozDiamond rights issue results have shown that they were undersubscribed.
A total of 159 842 772 were offered for the rights which opened on the 16th of November and closed on December 4.
Out of these, only 107 716 387 were subscribed which represent a 67 percent take up rate.
The undewriters of the Rights Issue have [...]
Kingdom Now on Course to Recovery
Kingdom Financial Holdings is now refocusing its energy on the future after the tumultous two years when it was in a marriage with Meikles, the founder Nigel Chanakira has said.
Opening up to the media on Wednesday night, Chanakira said the financial institution was now focused on what has to be done after they undertook a [...]
Kingdom Meikles Africa Shareholders Veto Provision
In a very case in Zimbabwean business, Kingdom Meikles Africa shareholders on Monday vetoed a provision made by chairman Mr Muchadeyi Masunda relating to the ongoing litigation pertaining to its South African investment.
It is very rare in Zimbabwe for shareholders to vote against a decision or provision that would have been made by a chairperson.
Shareholders [...]
Give Out Loans or Else – Dr Gono
Reserve Bank of Zimbabwe Governor Dr Gideon Gono has once again attacked banks for their reluctancy to issue out loans to industry.
Speaking during a meeting with bankers, miners and journalists Gono attacked banking institutions for charging high and exorbitant bank charges, commissions and penal lending.
It is alleged that the foreign owned trio of Barclays, Standard [...]
Fidelity Life Assurance Policies Converted to US$
Fidelity Life Assuarance policies have been converted to United States dollars with effect from April this year.
However, this US$ value, will be the new take on value to policy holders who choose to activate their accounts.
“Selected reactivated investment policies will have a minimum take on values of US$100 which has been paid in by Fidelity [...]
MBCA Boss Leaves Bank – Hunt on for Replacement
MBCA Bank Limited managing director Charles Chitambo leaves the financial institution at the end of this month and the hunt is on for his replacement.
Chitambo joined MBCA in October 2006.
“The board of directors of MBCA Limited wishes to inform all stakeholders that it has accepted with regret the resignation of its managing director. The departure [...]
Bank Deposits Increase
Bank deposits have increased in the four months to October US$1,016 billion, up from US$706 million recorded in June 2009.
CBZ had the largest deposits with at total of US$250 million followed by Stanbic with US$150 million while Barclays and Stanchart had deposits of US$112 million and US$103 million respectively.
The four institutions held 61% [...]
ZSE closes at 159.94
The Zimbabwe Stock Exchange lost 2.54 percent to close at 159.94 as sellers dominated the first two trading days at the bourse.
Whereas the market was dominated by sellers, there is relatively good news that has been giltering in and this was expected to excite the market as the week progressed.
Some of the good news comes [...]
Stanbic introduces debit card
Stanbic Bank has reintroduced the debit card which is for local use only.
This debit card has the following functionalities: it can be used on Stanbic Bank automated teller machines as well as those of other banks that have Zimswitch compatibility.
This card can be used on point of sale machines belonging to other banks with Zimswitch [...]
$50 million for KFHL Stake
Mr Nigel Chanakira has to fork out US$50 million for the effective control of Kingdom Financial Holdings.
While this stake is reserved for Mr Chanakira, any other investor can come in should the founder of the floundering empire fail to raise the amount.
This amount would account for 42.9 percent of KFHL and of this, it is [...]
