Recently large South African and international companies have closed down shop in Zimbabwe due to the crippling economic crisis. Joining CNBC Africa to unpack why companies such as Pepkor, PPC, Nampak and Distell have given up on the Zimbabwean markets is Batanai Matsika, Head of Research at Morgan & Co.
Retailer Pepkor will be exiting the Zimbabwean market after the country’s economic crisis has hurt the business making a loss of about R70 million. The company also cut its earning per share by a quarter due to an impairment charge in its building company business. Headline earnings for the retailer grew by 14.5 per cent and revenues from continuing operations grew by 9 per cent to R69.6 billion. Pepkor CEO, Leon Lourens joins CNBC Africa for more.
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