Author: David Indeje

The Zimbabwe Stock Exchange (ZSE) resumed trading on Monday after trading was indefinitely suspended in June to protect the country’s currency. https://twitter.com/ZSE_ZW/status/1290178914887720962?s=20 ZSE CEO Justin Bgoni confirmed on Twitter that the market was open following an “excruciating period” since the suspension. However, its resumption was without three listed companies: cement manufacturer PPC, financial services company Old Mutual and Seedco International. https://twitter.com/BgoniJustin/status/1290192657109540865?s=20 According to Bloomberg, the three stocks account for a combined 4.9 per cent member weighting in Harare’s main industrial index in Harare. Old Mutual, the 175-year-old SA insurer, is the largest company by market value. In a statement, finance…

South Africa’s retailer, ShopRite, has said it is considering a sale of “all or a majority stake” of its Nigerian subsidiary. It has operated in the country for 15 years through its Retail Supermarkets Nigeria Limited subsidiary. The company said it has been approached by potential investors willing to take over its Nigerian operations.  “As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year,” ShopRite said in a statement on Monday. “Any further updates will be provided to the market at the appropriate time,” read the statement. On the…

TransCentury PLC said Monday it would delay further the publishing of its full-year report for fiscal 2019 before the end of September to give its auditors more time to prepare and review statements for the period. According to the Nairobi Securities Exchange-listed Infrastructure Company, the completion of the Group’s consolidated audited financial statements will also affect its interim financial statements for the six months period ended 30 June 2020 “This is regretted and the Company wishes to assure the public that the audited financial statements shall be published no later than 30 September 2020.” TransCentury will now publish its 2019…

Planhotel Malindi resort of hotel trio in Coastal Kenya has reopened its Diamonds Dream of Africa, Sandies Malindi Dream Garden, and Sandies Tropical Village – to both domestic and international guests. Occupancy started at 60 percent on Saturday according to Alexander Zissimatos, the general manager who said the re-opening has been positive.   “We hope it continues for the rest of the year,” he said. PlanHotel is renowned worldwide for its unique combination of local tradition and Italian style in both its design and guest services. They have properties in Malindi, Kenya; Zanzibar, Tanzania; Mozambique; Maldives, Lugano, Switzerland; and Cortona, Italy.…

Kenya has said it will not prevent entry to travelers from Tanzania terming it “a  minor issue” which has been sorted. “Travelers from Tanzania can come in as early as today. We never stopped those flights. This very minor issue has been sorted out and we believe that if not today, by tomorrow we shall find Kenya Airways flying again to Tanzania,” Transport CS James Macharia said on Saturday. CS Macharia clarified that the ‘safe flights’ list issued on Friday did not mean the exclusion of operating flights to Kenya. “It would be inappropriate to start discussing individual countries because…

Botswanan retailer Choppies Enterprises has said it will exit the Kenyan market through its subsidiary in its 2020 financial year citing negative cash flow that has been impacted by adverse trading conducts. “Choppies Distribution Kenya Limited is a non‐operating entity and since the cash flow of Choppies Enterprises Kenya Limited (Kenya) was negatively impacted by adverse trading conducts. Management has decided to fully impair Choppies Distribution Kenya Limited and exit from the country during the financial year 2020,” the Group revealed in its 2019 Annual Report. “All the stores except one is disposed of during the financial year 2020 and…