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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Zimbabwe government has started re-
structuring 41 state-owned entities

HARARE Zimbabwe (Xinhua) -- The Zimbabwe government says it has started restructuring 41 state-owned entities as it ratchets up reforms to boost economic recovery.

Zimbabwe has about 90 state-owned entities that have been perennially making losses over the years and have become a huge drain on the fiscus.

Efforts to restructure the firms and make them viable have not been successful in the past but the government now says it needs to revamp the entities as part of Vision 2030, which seeks to transform Zimbabwe into a middle-income country by 2030.

The Ministry of Information announced on its Twitter handle Monday that out of the 41 firms earmarked for restructuring, 13 would be privatized, 12 will be listed on the national stock exchange while the rest will be departmentalized, partially privatized, commercialized or liquidated.

Firms to be privatized include the agricultural bank, Agribank, and passenger bus firm ZUPCO.

Those to be partially privatized include the Zimbabwe Mining Development Corporation, while grain procurer Grain Marketing Board and the Civil Aviation Authority of Zimbabwe would be unbundled to separate their regulatory and commercial functions.

Firms to be liquidated include National Glass Industries, Zimglass, stationary and text book seller Kingstons and tractor firm Motira.

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EARLIER REPORT:

Zimbabwean national carrier courts investors as it seeks to revive fortunes

HARARE Zimbabwe (Xinhua) -- National carrier Air Zimbabwe, which was recently placed under an administration, on Monday invited interested parties to invest in it.

Parties interested in investing in the group are required to register interest with the Air Zimbabwe administrator at Grant Thornton Chartered Accountants, an informal tender notice from the administrator said.

Interested investors are required to pay a non-refundable documentation fee of 20,000 U.S. dollars and sign a non-disclosure agreement prior to receiving the information memorandum and other relevant documentation.

The administrator has also placed a tender for the wet lease of one of Air Zimbabwe’s two Boeing 767-200ERs.

A wet lease is an arrangement covering the hire of an aircraft including the provision of a flight crew and sometimes fuel.

Transport and Infrastructural Development Minister Joel Matiza has said recommendations that the government should assume Air Zimbabwe’s debt amounting to 377 million U.S. dollars could pave way for attracting a strategic partner.

“This (debt assumption by Government), as recommended by the committee (Portfolio Committee on Transport and Infrastructural Development), will give a competitive advantage to the airline as it seeks to engage a partner,” state media quoted him saying last week.

“I intend to go to tender this coming week to seek an investor for the airline,” he said.

The airline has been saddled with debt and has been failing to competitively service its routes with passengers suffering delays and even flight cancellations.

             

 

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