Zim News Blog -NEWS NETWORK

Source: Shareholding squabbles scuttle Zisco deal – NewsDay Zimbabwe February 23, 2019

BY XOLISANI NCUBE

A $1 BILLION Chinese deal to resuscitate the Zimbabwe Iron and Steel Company (Ziscosteel) is facing collapse after government changed its shareholding offer to Zhang Li, the president of Guangzhou R&FA, NewsDay Weekender has learnt.

The Chinese billionaire, who is into real estate development, had until last month been pushing to start work on the collapsed steel giant.

But early this month, according to sources, the investors started to pack their bags after they failed to agree on the shareholding structure.

“At first, the Chinese guy was offered 100%, but then it later changed to something like 48%. The Chinese team did not like the new deal,” a source from the Industry ministry
said.

Industry minister Nqobizitha Mangaliso Ndlovu was not answering his phone yesterday.

In January last year, President Emmerson Mnangagwa promised that Ziscosteel and Shabani Mashaba Mines would begin operations within his first 100 days.

However, no activity has yet started at the two entities, which used to provide thousands of jobs and other downstream benefits into the economy at their peak.
Ziscosteel, which at its peak had a 5 000-strong workforce, officially closed its doors in 2016 and laid off its remaining workers without terminal benefits.

Most of its infrastructure, equipment and spares have either been vandalised or looted over the years of the company’s redundancy.

In 2006, Indian firm Global Steel Holdings Limited courted Ziscosteel and was to inject $400 million in a rehabilitate, operate and transfer arrangement.

In 2011, Essar Africa Holdings’ bid to take over in a deal worth $750 million also hit a brickwall due to bickering in the then inclusive government.

“Already, equipment which was being assembled on site has been dismantled and there is no hope for the revival of the mine in the near future,” another source said.

Ziscosteel’s revival is expected to trigger growth in Hwange Colliery Company Limited, National Railways of Zimbabwe and other companies.

The post Shareholding squabbles scuttle Zisco deal  appeared first on Zimbabwe Situation.

CULTURE Fund of Zimbabwe Trust grants for the arts sector are now a thing of the past  as artistes are now having to explore fresh avenues for funding. The trust will for the third year in a row not be calling for arts practitioners to submit their project proposals. Key financiers of Culture Fund have pulled the plug on the arts funding establishment citing global economic instability.

EXACTLY 40 years ago, Zimbabwe Assemblies of God-Africa (Zaoga) founder Archbishop Ezekiel Guti and wife Eunor tied the knot in a special marriage that was to stand the test of time and become an exemplary symbol of true love and commitment. What makes this love story unique is that the couple walked down the aisle on their first date and a day after lobola payment. Until he was

ON Monday February 18 at 6.23pm, a statement appeared on the Tuku Music Official Facebook page, part of it read; “We would like to distance ourselves from any events or gatherings that are being held in the name of the Mtukudzi family as we are still grieving.” For the next 48 hours, the statement would cause an uproar on social media as a one-sided debate raged with the bulk of comments

Botswana President Mokgweetsi Eric Masisi will be in Harare this week for the inaugural Zimbabwe-Botswana Bi-National Commission (BNC), as President Emmerson Mnangagwa’s administration ratchets up diplomatic re-engagement efforts designed to unlock mutually beneficial relations. Eight [...]