Trading resumed on the Zimbabwean Stock Exchange this week after a month of being shut down. The Zimbabwean government suspended the stock exchange and mobile money payments in a bid to clamp down on alleged illegal activities. Although the bourse is operational, three stocks remain suspended, Old Mutual, PPC and SeedCo. Batanai Matsika, Head of Research at Morgan & Co spoke to CNBC Africa for more.
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.
Cement company PPC looks to build a wall to recovery as the company works on cost-saving efforts to find composure after it reported a 12 per cent decline in revenue to about R4.95 billion due to a decrease in building activity in SA and hyperinflation in Zimbabwe. The cement producer’s headline earnings per share dropped 71.4 per cent to 6c. PPC CEO, Roland van Wijnen joins CNBC Africa for more.
South African cement maker, PPC reported its full year numbers which shows revenues in Zimbabwe dropped by 20 per cent to R1.4 billion. The cement producer also has invested over R300 million into the Zimbabwean economy. CNBC Africa’s Fifi Peters spoke to Tryphosa Ramano, Chief Financial Officer at PPC and asked how confident PPC is in getting that money back.
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