Zimbabwe investment news roundup: CAPS, Makomo and AfDB

Written by Editor Thursday, 29 July 2010 08:54

ZDDT brings a roundup of press reports on the business and investment environment in Zimbabwe as of Thursday 29 July.

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CAPS, the Zimbabwe pharmaceuticals company, has reportedly concluded talks to acquire the entire shareholding of Merck (Pvt) Ltd, a South African pharmaceutical company and industrial chemical company.

Unnamed sources said the deal had been struck and awaits approval by the Zimbabwe and SA regulatory authorities. An EGM is also expected soon – Herald.

Makomo Resources, a company owned by a consortium of Zimbabwean businessmen will sink $40 mln in coal exploration at Entuba coalfields in Hwange and the company envisages to produce at least 60 000 tonnes of coal in the first month which will then rise to 150 000 tonnes a month at full capacity – Herald.

The Africa Development Bank yesterday announced a secondary relief plan for Zimbabwe and accompanied it with a pledge to help the country take care of its external debt, giving a chance to access fresh credit.

Nkosana Moyo AfDB vice president and chief operating officer said a hybrid plan falls outside the multilateral lender’s conventional lending business and would be administered through a multi-donor trust fund backed by a country office, which would be opened soon in Harare – NewsDay.