Mutumwa Mawere’s seized firm to promote 43% stake – NewZimbabwe.com

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Mutumwa Mawere’s seized company to sell 43% stake


By Alois Vinga


FALLEN asbestos producing big, Shabanie Mashava Mines Holdings (SMM Holdings) has entered into an settlement to shed off its 43.22 % stake in rubber and chemical compounds producer, Normal Beltings Holdings Restricted (GB).

SMM, previously owned by South Africa primarily based Zimbabwe businessman Mutumwa Mawere, has since reported plans to get rid of land and properties it owns to assist repay money owed and recapitalise to renew operations.

The corporate was mothballed almost 15 years in the past and positioned underneath the administration of an administrator resulting from massively choking money owed primarily owed to authorities.

Restarting operations has remained a dream resulting from gradual and complex procedures, authorized and in any other case, which have needed to be adopted.

As a part of the restructuring course of underneath the Reconstruction of State Indebted Bancrupt Corporations, the federal government turned a significant shareholder within the agency following a debt to fairness conversion, taking management from Mawere.

In a cautionary assertion issued to shareholders, GB firm secretary, Patrick Munyanyi revealed that the suitor is a 3rd occasion representing a consortium of native businesspeople.

“Shareholders and the investing public are hereby suggested that the Firm has acquired discover that its main shareholder SMM Holdings (Non-public) Restricted have entered negotiations for a sale and Buy Settlement with a 3rd occasion for your entire 43.22 % shareholding within the firm,” he stated.

He stated the envisaged transaction might have a cloth impact on the value of firm shares and warned shareholders and the investing public to train warning when dealing within the shares of the corporate.

GB’s monetary assertion for the interval ended December 31 2019 reveals that volumes declined by 36 % at 636 tonnes when put next with the prior yr identical interval resulting from lowered exercise within the first quarter of 2019 because the enterprise remodelled within the wake of a number of statutory promulgations.

On an inflation adjusted foundation turnover at $49 million was a 40% enhance in comparison with prior yr’s identical interval $35 million resulting from improved inner efficiencies, a beneficial product combine on the Chemical compounds Division and advantages from technical partnerships.

Continued monitoring of pricing fashions in relation to value volatility enabled the corporate to realize extra floor within the mining sector whereas on the identical time consolidated its market place within the Chemical compounds division.

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