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Source: CBZ to raise, list US$600m infrastructure bond – herald

Nelson Gahadza

Senior Business Reporter

CBZ Holdings plans to raise and list a US$600 million bond on the Victoria Falls Stock Exchange, targeting international and regional investors to mobilise long-term capital for major infrastructure and development projects.

The group indicated that US$75 million of the funding has already been secured, allowing work on some of the targeted projects to begin while preparations for the larger programme continue.

Group chief executive officer Mr Lawrence Nyazema said the bond programme would be implemented in phases, with the first tranche providing immediate funding while the group completes the more complex processes associated with listing debt instruments locally and internationally.

Mr Nyazema disclosed this in Harare yesterday at an analysts’ briefing on the group’s financial performance for the half year ended June 30, 2026.

“So, the whole programme, the first and second stage, is US$600 million. We did not want to wait for the processes that come with listing bonds in Victoria Falls and outside the country.

“That is why the first tranche is going to be US$100 million.

“We have simply said, before we do the more complicated paperwork on listings, let’s get started. So, we will start with the first US$100 million and US$75 million is already in place,” he said.

The proposal comes as CBZ seeks to position itself as a major source of long-term funding for infrastructure development, with the group looking beyond traditional banking activities to participate in projects that require substantial capital.

The initial funding will support infrastructure projects, particularly road rehabilitation, while the broader programme will also create capacity for participation in water, housing, property development and other strategic projects.

Mr Nyazema said CBZ was deliberately taking a phased approach because of the scale of Zimbabwe’s infrastructure requirements.

He said the road rehabilitation programme alone could eventually require as much as US$5 billion, making it impractical to mobilise the entire amount at once.

“So when I talk of the US$600 million that will go towards the road fund, that is what we intend to do in the first and second phases. But because the road network runs into thousands of kilometres, it’s likely to be a continuing project,” Mr Nyazema said.

“That is why, as CBZ, we are keen to get international financiers and regional financiers to also come in and participate alongside ourselves.”

Mr Nyazema said the Bulawayo-Victoria Falls Road, covering just over 400 kilometres, could require about US$450 million to complete, based on an estimated construction cost of around US$1 million per kilometre.

The Harare-Chirundu Road, stretching for about 350 kilometres, could require a further US$350 million, while approximately US$35 million would be needed to complete outstanding works on the Harare-Beitbridge Road.

Mr Nyazema said CBZ’s plans are therefore not limited to the US$600 million programme, with the group seeking to attract international financiers who can participate in subsequent phases of infrastructure development.

Mr Nyazema said the group would use the VFEX listing as part of a broader strategy to reach investors outside Zimbabwe.

VFEX is a licensed securities market in Zimbabwe.

It is a United States dollar-denominated stock exchange based in Victoria Falls that allows companies to list and raise capital through equities, debt instruments, exchange-traded funds (ETFs), and real estate investment trusts (REITs).

“The reason for that is we intend to attract international and regional funds to come into the bond. We are not stopping at US$600 million. We want to play a very active role in the infrastructure and projects that are required in this country,” he said.

The group is also expected to conduct roadshows in major financial centres to market the bond and infrastructure opportunities to institutional investors and other capital providers.

The process, he said, would require CBZ to actively engage investors rather than rely on international capital to come into the market without direct engagement.

“I don’t think you can sit here in Harare and expect international capital to just come on its own. You will need to go to New York, you will need to go to London, to Joburg, to Cape Town, and talk to the owners of the capital,” he said.

The roadshows are expected to focus on demonstrating the commercial viability of the projects, the returns available to investors and the mechanisms for ensuring timely repayment.

Mr Nyazema said CBZ had about six months to undertake preparatory work for the larger funding programme, including investor engagement and the necessary structuring and listing processes.

The group wants construction and rehabilitation works to commence before the onset of the rainy season, while the larger US$500 million component of the programme is being structured.

“Whilst we are putting the structures together for the half a billion, it means work would have started. And we want to start the work before the rainy season starts,” he said.

He said CBZ expected the larger funding programme, or at least a substantial portion of it, to be in place by February next year.

The planned debt raising comes against the backdrop of an ambitious growth strategy by CBZ, which is targeting a 15 percent return on equity and 15 percent growth in assets.

The group also expects deposits to increase from about US$1,1 billion at the end of last year to at least US$1,5 billion by the end of this year, providing additional capacity to support lending and investment activity.

CBZ is separately pursuing new lines of credit worth about US$150 million, with Mr Nyazema saying these facilities were expected to be concluded by the end of September.

The additional funding would complement the group’s efforts to expand lending and support its broader balance sheet growth strategy.

In the long term, CBZ is targeting a US$2 billion balance sheet by 2028, supported by a combination of debt and equity funding.

The proposed bond programme is therefore expected to become an important component of the group’s funding strategy as it seeks to expand its role in the economy beyond conventional financial intermediation.

Economist Mr Eddie Cross said the proposed capital raising was ambitious but could be within the capacity of VFEX as the market develops.

“Caledonia raised capital on this market and it was heavily oversubscribed,” Mr Cross said.

“CBZ may be being a bit ambitious, but it may prove to be within the capacity of this new market. Of one thing I am sure, this is going to play an ever-increasing role in the region, not only in Zimbabwe.”

The proposed CBZ bond would add further depth to VFEX, which has been positioning itself as a platform for foreign currency-denominated capital raising and investment.

The post CBZ to raise, list US$600m infrastructure bond appeared first on Zimbabwe Situation.

Source: Indonesia, Zimbabwe celebrate 40 years of ties through music – herald

Gift Moyo giftmoyo2005@gmail.com

Indonesia and Zimbabwe celebrated 40 years of diplomatic relations through music when an Indonesian delegation and Zimbabwean Government officials gathered in Bulawayo for a cultural evening showcasing the two countries’ rich musical traditions.

Dubbed the Indonesia-Zimbabwe Musical Night, the event was held at a local hotel on August 21 and brought together the two cultures through traditional music, with the Indonesian angklung and Zimbabwean mbira taking centre stage.

The event was hosted by Indonesian Ambassador to Zimbabwe Arief Hidayat and his wife, Judy Arief, and provided guests with an opportunity to experience Indonesian culture while also sampling Zimbabwean cuisine.

Minister of State for Provincial Affairs and Devolution for Bulawayo Judith Ncube was the guest of honour, while Bulawayo Deputy Mayor Councillor Edwin Ndlovu was among the high-profile guests.

Representatives from the National Arts Council of Zimbabwe (NACZ), as well as former Zimbabwean students who studied at the University of Indonesia under a student programme offered by the Indonesian Embassy in Zimbabwe, also attended the event.

In his opening remarks, Ambassador Hidayat said the musical showcase symbolised the strong bond between the two countries and demonstrated how music could bring different cultures together.

“Tonight’s programme is very simple, but it has a special meaning. Through this gathering, we would like to share our culture and happiness of Indonesia. We are here tonight, celebrating the 40 years of strong and prosperous diplomatic relations between Indonesia and Zimbabwe,” he said.

Minister Ncube said Bulawayo was honoured to host the celebration, describing the city as a place with a rich cultural identity and a long tradition of welcoming people from across the world.

“We are honoured that this celebration is taking place here tonight in Bulawayo, the city of Kings.

Bulawayo is a city with a proud cultural identity, a rich history, and a long tradition of welcoming people from across the world to experience and partake in its wonderful culture and way of life.

“We are delighted to extend the warmth and hospitality that Bulawayo is famous for to our Indonesian colleagues and friends. We hope that this evening will not only showcase Indonesian culture through the people of Bulawayo, but will also provide our Indonesian counterparts with an opportunity to experience the richness of Zimbabwean culture,” she said.

As a gesture of appreciation, Ambassador Hidayat and his wife presented Minister Ncube with a traditional Indonesian scarf.

The cultural exchange continued with a live band comprising Zimbabwean and Indonesian musicians, who performed a selection of songs drawing from the musical traditions of both countries.

The performances, which featured Indonesian and Zimbabwean instruments, lyrics and vocals, had guests singing along and dancing as the two cultures merged on stage.

The evening ended with guests sampling an assortment of Indonesian and Zimbabwean dishes, providing a fitting conclusion to a celebration centred on cultural exchange and friendship.

The post Indonesia, Zimbabwe celebrate 40 years of ties through music appeared first on Zimbabwe Situation.

Source: CBZ hits historic US$1bn valuation, 2028 profit target in sight – herald

Nelson Gahadza

Senior Business Reporter

CBZ Holdings has breached the US$1 billion valuation mark on the Zimbabwe Stock Exchange, reflecting a sharp rise in investor confidence in the diversified financial services group as management targets US$100 million in annual net profit by 2028.

CBZ chief executive officer Mr Lawrence Nyazema said the group’s market capitalisation had risen from about US$200 million at the beginning of 2024 to levels equivalent to about US$1 billion, following a significant appreciation in its share price.

Briefing analysts while presenting the CBZ’s half-year results yesterday, Mr Nyazema said the group’s share price had increased by almost 250 percent over the past eight months, with the company’s market value rising from about ZiG$6 billion at the beginning of the year to nearly ZiG$25 billion.

“When we started the year, the share was valued at ZiG6 billion and on Friday, we approached ZiG25 billion. When you look at this ZiG25 billion by the ZIG exchange rate, that is almost a billion US$,” said Mr Nyazema.

He said the milestone places greater pressure on the group to translate the higher market valuation into sustained earnings growth, targeting to lift net profit to US$100 million by 2028. Mr Nyazema said the group could not afford to allow its valuation to run ahead of its underlying business performance and that accelerating earnings growth would be critical to supporting the current market value.

“The only way we can defend such levels of valuation is for us to generate value for our shareholders. We have been talking about wanting to lift net profit to US$100 million by 2028. We simply have to establish that growth and ensure that US$100 million is achieved as fast as possible,” he said.

He added that the group’s performance during the first half of the year provided the foundation for the target, and is also pointing to stronger contributions from businesses outside the traditional banking operation.

Mr Nyazema said the group was deliberately seeking to reduce its dependence on the banking unit by accelerating the growth of its insurance, agriculture and investment businesses.

Traditionally, the bank has accounted for the majority of group profits. Mr Nyazema said 93 percent of profits had come from the bank during the comparable period last year, but that contribution had now declined to 86 percent.

The shift, he said, demonstrated early progress in the group’s strategy to build a more balanced financial services business.

Agro-Yield, which has been restructured and recapitalised, contributed about 5 percent of group profits, while the life insurance business contributed 4 percent. Other subsidiaries collectively accounted for another 5 percent.

“We now call them growing subsidiaries. They don’t want to be called small subsidiaries anymore,” Mr Nyazema said.

He said the objective was to have several subsidiaries making meaningful contributions to group earnings by 2028.

“If we have six or seven subsidiaries, all contributing 5 percent as a minimum, it means by the time we get to 2028, the contribution from the bank will be around 65 percent and the other subsidiaries will be at least 10 percent,” he said.

The diversification of earnings is expected to provide CBZ with additional growth avenues while reducing concentration risk within the group.

However, Mr Nyazema stressed that the bank itself would continue to expand and that maintaining its leading market position would require faster growth as competition intensifies.

The bank’s balance sheet expanded during the first half, with total assets increasing by more than US$100 million from about US$1,4 billion to US$1,5 billion.

Deposits also continued to grow, while advances increased from about US$359 million at the end of last year to US$454 million.

Mr Nyazema said the group had the liquidity and funding capacity to support further expansion of lending, with a credible pipeline of funding available to the business.

“Liquidity is there in the market. We have got capacity in terms of funding and we have got a credible pipeline,” he said.

Mr Nyazema said the group had already secured an additional US$150 million in new lines of credit, with drawdowns underway, while negotiations were active for another US$100 million facility.

“The additional funding would take the group’s new lines of credit raised during the year to at least US$250 million. We are not stopping there,” he said.

“When we look at some of our high-profile, high-impact projects, we believe some of the international funders will come directly into those projects.”

Mr Nyazema said CBZ could potentially raise between US$350 million and US$500 million in lines of credit by the end of the year.

“By the end of the year, we would have raised between US$350 million and potentially half a billion in lines of credit,” he said.

Mr Nyazema said significant funding into Zimbabwean projects was being provided directly by global institutions.

He said the group was positioning itself to mobilise both domestic and international capital for projects capable of supporting economic activity. The funding pipeline is also expected to support growth in advances during the second half of the year, after the bank increased advances by about US$100 million in the first six months.

Mr Nyazema said the group expected lending growth to accelerate in the second half, supported by available liquidity, funding capacity and the pipeline of projects.

Mr Nyazema said CBZ Capital had secured mandates to raise substantial amounts of capital, including a US$130 million transaction in the mining sector against an initial mandate of US$75 million.  He noted that another US$150 million mining transaction was also expected to close shortly.

“The group’s mandates for future transactions had reached at least US$1 billion, highlighting the potential pipeline beyond the current financial year. For CBZ, the challenge now is to convert the stronger market valuation, growing subsidiaries and funding pipeline into sustained earnings growth,” he said.

Mr Nyazema said the group expected to perform better in the second half of 2026, supported by recovery in some of its businesses and increased lending activity.

He said the group is targeting net profit of more than US$60 million for the current year as it works towards the longer-term US$100 million target. The group also expects continued balance sheet expansion, with deposits projected to reach about US$1,5 billion by year-end from about US$1,1 billion at the end of 2025.

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Source: Zimbabweland round-up: top posts so far this year | zimbabweland

Usually around the middle of the year, Zimbabweland offers a recap of the year so far. I am a bit late this year, but I thought it might be useful for those who want to catch up.

Below is the list of the top 10 most viewed posts of the 42 that have been published so far this year. We have had plenty more views on older posts (now totalling nearly 650), including (as ever) the ones on chickens and pigs, and recently on January Disease. These are no doubt farmers googling… I hope that they found something useful.

The top blog by some way was the one on Uber drivers in Cape Town, now complemented by the more recent one on xenophobic violence in South Africa. The other top blogs so far have been the usual mix of general ones (on the future of development, pastoralism, uncertainty and so on), as well as ones from the two major blog series this year so far: on social reproduction (8 posts) and land use and environmental change (6 posts). Both these series represent first results of some major new empirical work that we have undertaken, both with important policy implications.

Do have a read! The blog will be back in a fortnight after a (very) short break with the launch of a new short documentary film on Zimbabwe’s land reform after 25 years. Not to be missed!

1. Zimbabweans abroad: Uber drivers in Cape Town
2. Rethinking with uncertainty: two new articles
3. The future of ‘development’ – and IDS@60
4. Welcome to the international year of rangelands and pastoralists, 2026
5. Charms, potions and spirits involved in the management of livestock in Zimbabwe
6. Social reproduction and land reform: introducing a blog series
7. Pastoralists as inspiration in an age of uncertainty
8. Livestock, climate change and land reform in southern Africa
9. Land use and environmental change following land reform in Zimbabwe: a new blog series
10. How accumulation after Zimbabwe’s land reform offered independence for women

The post Zimbabweland round-up: top posts so far this year | zimbabweland appeared first on Zimbabwe Situation.

A passenger bus was attacked with a suspected explosive at an illegal terminus in Chipinge in the early hours of Friday, leaving its rear tyre and axle badly damaged. This incident has prompted a police investigation into attempted murder and malicious damage to property. The Big Game Motors bus was parked at Chinheya Business Centre […]

The post Big Game Motors bus BOMBED in Chipinge, Police launch attempted murder investigations first appeared on My Zimbabwe News.