. . . as govt probes transaction

Dumisani Ndlela, Deputy Editor-in-Chief

RIOZIM Limited's US$45 million capital raising arrangement with Mauritius-based GEM Raintree Investment Limited could crumble after government withheld its assent to a planned issue of convertible debentures that could significantly dilute existing shareholders in the beleaguered mining concern.

Staff Reporter

- May 2009: RioZim shareholders overwhelmingly vote for a private placement placing at least 10 percent shareholding in RioZim to a new shareholder.

Staff Reporter

ALTERNATIVE Investment Market (AIM)-listed Zimbabwe-focused resources firm African Consolidated Resources' (ACR) chief executive officer (CEO), Andrew Cranswick has condemned lawlessness in Zimbabwe, saying it was undermining investment.

Staff Reporter

Aldo Dell'Ariccia, Ambassador - Head of the European Union Delegation to Zimbabwe, has noted an error in the interpretation of trade statistics from Eurostat made by this newspaper recently in an article entitled Zim in massive deficit with EU. He has noted that the figures used should be read the other way round.

Paul Nyakazeya

THE Bankers Association of Zim-babwe (BAZ) has elected George Guvamatanga, the managing director of Barclays Bank (Zimbabwe) Limited, as its new president. Guvamatanga succeeds FBC Holdings Group chief executive officer, John Mushay-avanhu, who has led BAZ for the past year.

Shame Makoshori, Senior Business Reporter

Zimbabwe's banks had a 76 percent jump in loans and advances at US$2,9 billion in 2011, from US$1,6 billion in 2010, a report by a local advisory firm said.

Staff Reporter

AFRICAN Consolidated Resources (ACR), the Zimb-abwe-focussed Alternative Investment Market (AIM)-quoted mining firm, says it will pump US$5 million into operations at its Gadzema gold deposits in Zimbabwe, which is expected to start production by the third quarter of 2012.

. . . submits indigenisation proposals for local unit

Tabitha Mutenga, Staff Reporter

BRITISH-DUTCH multinational, Unilever, the world's third-largest consumer goods company by revenue, has submitted its indigenisation and empowerment proposal for its local unit, Unilever Zimbabwe, to government, The Financial Gazette's Companies & Markets (C&M) can report.

 Shame Makoshori, Senior Business Reporter

ZIMBABWE'S export trade promotion body, ZimTrade, has warned against over-reliance on South African imports, stressing that Harare could plunge into a serious economic crisis should its southern neighbour experience unexpected production and supply challenges.

Business Reporter

AGRO-IMPLEMENTS dealer, Tractive Power Holdings Limited (TPHL), has posted a depressed set of results for the half-year to February 29, 2012, with a 55,6 percent slump in attributable earnings as group performance suffered from market-wide challenges.