Major International Business Headlines Brief::: 26 August 2020

Wed Aug 26 06:50:16 CAT 2020

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Major International Business Headlines Brief::: 26 August 2020

 <mailto:info at bulls.co.zw> 

ü  Standard Chartered sues S.Africa's Land Bank to recover debt

ü  South Africa's Nedbank CFO to join Vodacom

ü  South Africa's rand extends gains as risk-on mood offers support

ü  Zambia's ZCCM-IH in talks with Glencore over Mopani Copper Mines stake

ü  South Africa's Imperial Logistics earnings fall on costs

ü  Home makeovers boost S.Africa's Lewis post lockdown, declares dividend

ü  IMF says central banks must be independent after change of Zambia's governor

ü  Total and Mozambique sign security pact for $20 bln natural gas project

ü  S.Africa's Absa shares up as investors look past profit plunge

ü  Edcon administrators sign sale of Edgars to Durban's Retailability

ü  China's mighty Ant heads for a mega market debut

ü  No plan for a return to the office for millions of staff

ü  American Airlines cuts 19,000 jobs amid travel slump

ü  Virgin Atlantic wins backing for £1.2bn rescue deal

ü  KFC drops Finger Lickin' Good slogan amid coronavirus

 <mailto:info at bulls.co.zw> 

Standard Chartered sues S.Africa's Land Bank to recover debt

JOHANNESBURG (Reuters) - Standard Chartered is suing South Africa’s Land Bank to recover some of its debt, Land Bank said on Tuesday, after the state-owned agricultural lender defaulted on 50 billion rand ($2.97 billion) worth of debt in April.

“On 18 August 2020, Standard Chartered Bank served an application out of court on the Land Bank to recover certain debt from the Land Bank,” it said, adding it would oppose the application.

Standard Chartered did not immediately respond to a request for comment.

($1 = 16.8250 rand)

South Africa's Nedbank CFO to join Vodacom

JOHANNESBURG (Reuters) - South Africa’s Nedbank Group Chief Financial Officer Raisibe Morathi has resigned from the lender to take up a similar role at Vodacom Group, the companies said in separate statements on Tuesday.

Morathi has been the group CFO at Nedbank since 2009, where she was responsible for leading a team of over 900 people involved in finance, operations and strategy.

She will join Vodacom from Nov. 1.

“Given Vodacom Group’s leadership position as a mobile money provider in Africa and our accelerated growth ambitions beyond traditional telco services, Raisibe’s extensive financial services experience makes her an excellent addition to the Vodacom Group Board and Executive Committee,” Vodacom Group Chief Executive Shameel Joosub said.

Vodacom and other mobile operators in Africa are looking to offer lending and other financial services to the vast majority of Africans who do not have bank accounts, a move likely to threaten traditional and digital banks.

They are also seeking to expand their mobile payment apps into online market places to leverage their network and customer base.

Morathi, who will leave Nedbank on Sept.30, succeeds Till Streichert following his departure in June.

In a separate statement, Nedbank said it has appointed Mike Davis as CFO designate with immediate effect and as the group’s CFO from Oct. 1.

South Africa's rand extends gains as risk-on mood offers support

JOHANNESBURG (Reuters) - The South African rand extended its gains against the U.S. dollar early on Tuesday, helped by improved appetite in global markets for riskier currencies over the greenback.

At 0630 GMT, the rand traded at 16.8825 per dollar, 0.5% firmer than its close on Monday, as the dollar slipped.

The rand has in recent weeks moved mainly on shifts in global sentiment, in the absence of market moving data locally.

Local traders are now awaiting consumer price index figures due on Wednesday and producer price index numbers on Thursday.

Also, in focus is U.S. Federal Reserve Chair Jerome Powell’s speech on the opening day of the Kansas City Fed’s annual central banking conference on Thursday for clues on the outlook for U.S. monetary policy — a key influence on investors’ appetite for risk, including for emerging market assets.

Government bonds were a tad firmer in early trade, with the yield on the instrument due in 2030 down a basis point to 9.305%.

Zambia's ZCCM-IH in talks with Glencore over Mopani Copper Mines stake

LUSAKA/JOHANNESBURG (Reuters) - Glencore and Zambia’s mining investment arm ZCCM-IH are in talks about ZCCM-IH acquiring additional shares in Glencore subsidiary Mopani Copper Mines, Glencore and Zambia’s mines minister said on Tuesday.

ZCCM-IH holds a 10% stake in Mopani Copper Mines. Glencore is the majority owner with 73.1% and First Quantum Minerals owns 16.9%.

ZCCM-IH submitted an expression of interest to acquire additional shares in Mopani and Glencore responded favourably, Mines Minister Richard Musukwa told a media briefing on Tuesday.

“The government has constituted a team to liaise with ZCCM-IH for the negotiations with Glencore. Furthermore, ZCCM-IH is in the process of engaging a transaction advisor,” Musukwa said.

Glencore said in a statement discussions with ZCCM-IH “and other shareholders” were progressing and further updates would be issued as appropriate.

Neither Musukwa nor Glencore said how many shares ZCCM-IH was looking to acquire.

Glencore’s announcement in April that it planned to place Mopani on care and maintenance sparked a backlash from Zambia’s government, which said it had not given enough notice and threatened to revoke the company’s mining licences.

In May, Mopani said it would resume mining operations for 90 days but still expected to go into care and maintenance - a term for a temporary production halt during which a mine site is maintained ahead of an eventual restart.

On July 16 the company said it would appeal the mines ministry’s decision to reject its proposal to suspend the operations.

The government is working closely with stakeholders, such as labour unions and suppliers, to ensure that operations continue to run smoothly during the negotiations, Musukwa said.

South Africa's Imperial Logistics earnings fall on costs

JOHANNESBURG (Reuters) - South Africa’s Imperial Logistics Ltd reported a 65% fall in full-year earnings on Tuesday, largely due to the impact of COVID-19 on revenue, associated once-off costs and impairments and further restructuring at home.

The ground freight firm handled fewer containers in the second half of its financial year due to lockdown restrictions in various countries.

April was the worst affected, with South Africa trading at about 55% of normal volumes, 70% in African regions and Europe traded at about 50%, it said.

Its African logistics business, mainly in South Africa, saw increased demand from fast moving consumer goods (FMCG) and healthcare clients as the pandemic drove heightened demand and consumption. The firm added capacity to meet demand, it said.

Many of its markets have now eased lockdown restrictions and July and August have seen significant recovery “although volumes remain at pre-COVID-19 levels”, it said.

Imperial reported continuing headline earnings per share (HEPS) of 156 cents for the year ended June 30, down from a restated 448 cents in the previous year.

Operating profit fell 40% to 1.5 billion rand, while revenue inched up 5% to 46.4 billion rand ($2.75 billion).

“We anticipate the impact of the COVID-19 pandemic to significantly impact our operations and performance in the short term,” the firm said.

Imperial said it expects to deliver revenue and operating profit growth in the 2021 financial year as well as growth in continuing HEPS compared to the prior year.

($1 = 16.8941 rand)

Home makeovers boost S.Africa's Lewis post lockdown, declares dividend

JOHANNESBURG (Reuters) - South Africa’s Lewis Group on Tuesday declared a dividend and said sales had picked up strongly as a result of pent up demand following the country’s lockdown, sending its shares up by more than 10%.

The furniture and appliance retailer lost crucial trading days at the end of March when non-essential retailers were closed due to coronavirus restrictions, leading it to post a close to 40% slump in annual earnings.

But it said sales were now rising as consumers working from home looked to revamp their living spaces.

Merchandise sales rose by 22.3% in June compared to the same month a year earlier and by 16.8% in July, Chief Executive Johan Enslin said during a results presentation, adding that he expects August sales to top those in July.

“It is really clear that people are updating their living space, we are selling a lot of lounge suites and bed sets and televisions,” he told Reuters in an interview.

Retail sales data showed that the category accounting for household furniture, appliances and hardware was the only one to grow in June, when overall sales fell 7.5% compared to last year.

Lewis Group said it had lost merchandise sales of about 80 million rand ($4.73 million) and customer credit account collections of 180 million rand as a result of the restrictions.

Its merchandise sales rose by 6.9% in the first 11 months to February, however sales growth for the 12 months ended March 31 slowed to 4.7%, as the first few days of lockdown took their toll.

Headline earnings per share - the main profit measure in South Africa - fell by almost a third to 260.2 cents, verses 376.2 cents a year earlier, also due to a provision for unpaid customer debts.

The company declared a final dividend of 65 cents per share, around a fifth lower than last year.

($1 = 16.9039 rand)

IMF says central banks must be independent after change of Zambia's governor

LONDON (Reuters) - The International Monetary Fund said on Monday central banks’ independence must be maintained, in a statement in response to a change of Zambia’s central bank governor.

Zambian President Edgar Lungu on Saturday dismissed central bank governor Denny Kalyalya and replaced him with former deputy finance minister Christopher Mphanza Mvunga.

“Without credible institutions and sound policies, sustained economic growth and much needed improvements in living standards will not be possible,” the IMF said.

Total and Mozambique sign security pact for $20 bln natural gas project

MAPUTO (Reuters) - French oil major Total has signed a security pact with the Mozambique government to protect a $20 billion natural gas (LNG) project being developed in the southern African country, the company said on Monday.

Mozambican security forces have been battling a low-level insurgency against militias suspected of having links to Islamic State in the gas-rich north of the country.

Violence in the northern Cabo Delgado region has recently claimed dozens of lives. Earlier this month insurgents captured a heavily-defended port in the far northern town of Mocimboa da Praia.

Total’s project includes the development of the Golfinho and Atum natural gas fields in the Offshore Area 1 concession, containing more than 60 trillion cubic feet (Tcf) of gas, and the construction of a liquefaction plant with a capacity of 13.1 million tons per annum.

Initial production is slated by 2024.

“This ... bolsters security measures and endeavours to create a safe operating environment for partners like Total which enables their ongoing investment in Mozambican industry,” Ernesto Elias Tonela, minister of mineral resources and energy, said in the statement.

S.Africa's Absa shares up as investors look past profit plunge

JOHANNESBURG (Reuters) - Shares in South African lender Absa rose more than 2% on Monday as investors looked past a plunge in profit to the prospect of a better second half.

The lender, already in the midst of a turnaround drive when the coronavirus pandemic struck, said it was unlikely to pay a full-year dividend after first half profit fell by 93%.

It had previously warned that bad loans would blow a hole in its performance and drag earnings down by up to 97%. [nL8N2FE5ID]

“Given our focus on preserving capital, we do not envisage declaring an ordinary dividend for 2020,” it said in its results statement, adding that capital levels were expected to remain resilient.

Headline earnings per share - the main profit measure in South Africa - stood at 67.7 cents ($0.0396) in the six months to June 30, compared with 920 cents a year earlier.

The biggest drag was an almost 300% rise in its credit impairment charge - among the steepest flagged by South Africa’s major lenders.

But a hefty portion of this was a provision for potential future losses, with Absa choosing to take more pain upfront.

Jan Meintjes, portfolio manager at Denker Capital, an Absa investor, said that meant the bank’s second-half profit decline could be closer to 30%, which he called a “good outcome”.

“The pre-provision profit was stronger than expected and a result of some good work done in the last 18 months,” he added.

Since splitting from former parent Barclays in 2017, Absa has been on a drive to win back lost market share, including by lending more aggressively than was possible under the British lender.

The South African Reserve Bank asked lenders not to pay dividends during the health crisis, but rival Standard Bank has said it could pay a final dividend pending discussions with the central bank. [nL8N2FM0YI]

($1 = 17.1172 rand)

Edcon administrators sign sale of Edgars to Durban's Retailability

JOHANNESBURG (Reuters) - South African retail chain Edcon has signed an agreement to sell parts of its business to private equity-backed Retailability Ltd, administrators in charge of its restructuring said on Monday.

Edcon, which owns the 91-year old department store chain Edgars, entered into a form of bankruptcy protection in April after a coronavirus-led lockdown hurt the already struggling finances of the company.

“(The deal) not only indicates confidence in the Edgars business but augments Retailability’s already blue-chip level of retail expertise,” said Matuson Associates, administrators of the process.

As a next step in the process, the administrators and Retailability will start work on signing of the sale and purchase agreements for Edgar’s rest of Africa business.

The transactions will close by September and will save a “significant” number of jobs, the administrators said.

Durban-based Retailability, which also runs the clothing outlets Beaver Canoe for men’s fashion and Style for families, has 440 stores and some 2,000 employees in South Africa and neighbouring countries.

These are mainly located outside of big cities where the core of its low to middle income target market exists.

Edcon signed a deal with retailer TFG this month sell select assets of budget clothing retailer Jet.

China's mighty Ant heads for a mega market debut

Chinese financial technology group Ant has unveiled plans for a stock market debut that may raise a record $30bn (£23bn).

The company, affiliated with online retail giant Alibaba, says it will sell shares in Hong Kong and Shanghai.

The announcement comes amid rising tensions as the Trump administration cracks down on Chinese firms.

While many in the west won't have heard of Ant, it is best known in China for the mobile payments powerhouse Alipay.

What is Ant Group?

Headquartered in the Chinese city of Hangzhou, Ant was launched in 2004 by e-commerce giant Alibaba and its founder Jack Ma.

Since then Alipay has become China's dominant mobile payments business.

Along with mobile payments, more than 700m people a month and 80m businesses use the service to pay bills, buy insurance and invest in mutual funds.

Meanwhile Alibaba, which owns a 33% stake in Ant, is increasingly folding its services into the Alipay app.

David Dai, senior analyst at asset managers Bernstein in Hong Kong, told the BBC why the company is such a major player in China's digital payments industry.

"Together with Tencent, Ant processes some 200 trillion RMB (£22.5tn; $28.8tn) of payment and transfers annually. That's more volume than Visa and Mastercard combined."

But, according to the company's own online profile, it's not size that matters but longevity: "We do not pursue size or power; we aspire to be a good company that will last for 102 years."

How big could the share sale be?

While Ant's announcement didn't reveal its valuation of the company or how much it plans to raise in its stock market debut, analysts see the firm being worth as much as $300bn. That would give it a valuation higher than many of America's biggest banks.

"I expect Ant to get to a $250bn to $300bn market capitalisation. Compare that with Citigroup which I believe is a little above $100bn. The world's largest financial Institutions are now in China," Shaun Rein from China Market Research Group told the BBC.

With the company expected to sell shares equating to a stake of between 10% and 15%, it could be the biggest Initial Public Offering (IPO) in history.

"Ant will raise around $30bn and I think will be the world's largest IPO ever, beating out Saudi Arabia's Aramco from last year that went public just north of $29bn," Mr Rein added.

Why is the location of the IPO important?

Ant Group plans to make its market debut on the Shanghai Stock Exchange's Star board, which is seen as the Chinese equivalent of America's Nasdaq, and the Hong Kong Stock Exchange.

While the company has not said why it picked those stock exchanges, it is notable that it did not choose to list in the US or one of the major European financial centres.

The announcement came at a time of rising tensions between Beijing and Washington over a range of issues including China's handling of the coronavirus pandemic, the Hong Kong security law and their ongoing trade dispute.

The Trump administration has recently increased its attacks on Chinese technology companies in the US as the president signed two executive orders to ban video-sharing app TikTok and messaging platform WeChat.

Bao Vu, investment director at RE Lee Capital, told the BBC why Ant choosing Shanghai and Hong Kong is a major win for China's financial services industry: "The location of the listing is very important to China's ambition to have an alternative to the US exchanges."

"If the listing is successful, it would pave the way for other technology firms to list outside the US, which is the only real alternative at the moment," he added.--BBC

No plan for a return to the office for millions of staff

Fifty of the biggest UK employers questioned by BBC have said they have no plans to return all staff to the office full-time in the near future.

Some 24 firms said that they did not have any plans in place to return workers to the office.

However, 20 have opened their offices for staff unable to work from home.

It comes as many employees return to work from the summer holidays with the reality of a prolonged period of home working becoming increasingly likely.

The BBC questioned 50 big employers ranging from banks to retailers to get a sense of when they expected to ask employees to return to the office.

One of the main reasons given for the lack of a substantial return was that firms could not see a way of accommodating large numbers of staff while social distancing regulations were still in place.

Many companies said they were offering choice and flexibility to those who want to return, particularly in the banking and finance sectors.

A few firms have already announced they have no plans to return to the office until late autumn, and Facebook has said it does not plan a return of employees until July 2021.

Some smaller businesses are deciding to abandon their offices altogether. Tara Tomes runs a PR agency with an office in the heart of Birmingham's business district.

Her team of eight cannot fit in the space they have if they are to obey social distancing guidelines and she will not be renewing the office lease in September.

"I personally don't want to force my team back onto public transport," she told the BBC.

"Not having four walls around us won't change the dynamic or culture of the team. If anything it will make us more pioneering in the way the world of work is going."

She said that the money saved on rent and utilities and the time spent not commuting were other benefits to giving up the office.

Mayor of Birmingham Andy Street acknowledged that the challenges facing city centre businesses were grave but said he was hopeful the climate would gradually improve.

"This is undeniably a very difficult situation for businesses that thrive on the back of the big office occupiers being there. What we are trying to do is steadily build confidence that it is safe to return to the city centre."

He said Birmingham's transport system was currently carrying about 20% of pre-covid numbers but that he hoped this would rise to 50% over the autumn.

Still, that means that city centre footfall - which is the lifeblood of businesses that rely on office workers and commuters - would in the best case scenario be half of what it is in normal times.

That may be cold comfort to Naomi and her brother James who opened up a new coffee shop in the heart of Birmingham's business district earlier this year. They are now getting less than a fifth of the trade they were banking on.

"It's been devastating really," Naomi told the BBC. "Office workers are absolutely critical to us. We are hoping things improve in September but if they don't we will have to rethink the whole business."

It is, however, too soon to announce the death of the office, according to Rob Groves from office developer Argent, which has just completed the construction of 120,000 feet of office space in Birmingham's Chamberlain Square.

While he admitted that some would-be tenants were pressing the pause button, he also insisted there would always be a need for a workplace where people could congregate and collaborate.

"I'd like to challenge people saying they will never need an office and ask them in 12-18 months time whether that was the right decision or just a reaction to what's happening now."

One of Argent's blue chip tenants agrees. Accounting and consultancy firm PwC has just moved into the property next door. It is supposed to house 2,000 people but is currently catering to just 150 each day.

Nevertheless, Matthew Hammond, chairman of the Midlands region for PwC, said that the office was a must have, particularly for younger workers.

"We have colleagues who may be working at the end of their bed or on a return unit in their kitchen. That is not sustainable or healthy for the longer term. As employers we invest a huge amount in providing the right environment, the right seating, the right technology so people can be at their most productive."

Not everyone has deep enough pockets to afford such flexible working spaces. While many employees want the option of coming to the office, many now see home working as a right, according to midlands recruitment specialist Kam Vara.

"For many candidates it's now a deal-breaker if there isn't an option for home working, and some are saying they want 100% home working with no physical contact with the office whatsoever."

The knock-on effects of these changes to the world of work could be enormous and long lasting. If people don't need to be in the office, they can be anywhere. And the cost of commuter season tickets and expensive suburban housing within commuting distance of big cities is an expense employers could deduct.

Mayor of Birmingham Andy Street is optimistic that what we are witnessing is simply an age old tale of urban evolution, with Covid-19 holding down the fast forward button.

"The calling of the death of the office is very premature. Cities have repurposed themselves before over decades... the coronavirus has just speeded it up."

That may be so, but the short term shock to the city business model feels more like a cardiac arrest than a gentle evolution. And the reluctance on the part of both workers and employers to return to the office poses a grave economic threat to the future of city centres.--BBC

American Airlines cuts 19,000 jobs amid travel slump

American Airlines has said it will cut 19,000 jobs in October when a government wage support scheme extended to airlines during the pandemic comes to an end.

The world's biggest airline said the cuts, on top of voluntary departures and leave, would leave its workforce 30% smaller than it was in March.

Other carriers have warned of similarly large cuts amid a slump in air travel.

United last month said as many as 36,000 jobs were at risk.

Germany's Lufthansa has warned it may cut 22,000 positions, while British Airways is slashing 12,000 jobs.

The reductions come amid warnings that the impact of the pandemic will cause airline losses of more than $84bn (£64bn) globally this year.

In the US, the terms of a $25bn (£19bn) government bailout barred airlines from making significant job cuts before 30 September. While airlines have called for further support, talks in Washington about an aid package collapsed this month without a deal.

American had received $5.8bn from the payroll aid programme. It recently announced plans to suspend service to 15 smaller airports in the US due to low travel demand.

"We must prepare for the possibility that our nation's leadership will not be able to find a way to further support aviation professionals and the service we provide, especially to smaller communities," chief executive Doug Parker and president Robert Isom said in a message to staff.

In the letter, executives said they expected American to be flying at about 50% capacity in the final three months of 2020. International flights are expected to be reduced to 25% of 2019 levels.

American said it expected fewer than 100,000 people to be working in October, down from 140,000 at the beginning of March.

In addition to the 19,000 cuts, about 12,500 people have voluntarily left the airline since March. Another 11,000 will be on voluntary leave in October.-BBC

Virgin Atlantic wins backing for £1.2bn rescue deal

Virgin Atlantic has won backing from its creditors for a £1.2bn rescue plan that would secure its future for at least 18 months and save 6,500 jobs.

The airline said shareholders, banks, aircraft owners and suppliers owed money had approved the plan.

Virgin Atlantic said the agreement puts it in a position to "rebuild its balance sheet" and "welcome passengers back".

It had warned it would run out of cash by September without the deal.

The company will now need approval from the High Court in London, which it will seek on 2 September.

The £1.2bn rescue deal involves £400m in new cash, half of which will come from its main shareholder, Sir Richard Branson's Virgin Group.

American Airlines cuts 19,000 jobs amid travel slump

Delta, the US-based airline which owns 49% of Virgin Atlantic, said it is "optimistic that this plan will allow Virgin Atlantic to secure its future", and said it remains "firmly supportive" of the company.

Like other airlines, Virgin Atlantic's finances have been hit hard by the collapse in air travel due to the pandemic.

It is cutting 3,500 staff, but the airline has said the remaining jobs should be secure.

Mounting losses

The International Air Transport Association warned in June that the slump will drive airline losses of more than $84bn (£64bn) globally this year.

Robert Boyle, a former director of strategy at British Airways-owner IAG who now runs his own aviation consultancy, told the BBC that under the deal, Virgin Atlantic's unsecured creditors would end up being paid 20% less than they were owed.

Their repayments would also be rescheduled.

Mr Boyle said the extra cash secured under the rescue deal did not "seem like enough", given that Sir Richard had asked the government for £500m and had his request rejected.

In April, Virgin Australia - a separately run business - went into voluntary administration, making it Australia's first big corporate casualty of the coronavirus crisis. Sir Richard Branson's 10% shareholding was wiped out as a result.

The following month it was bought by Bain Capital, which said it supported the airline's current management team and its turnaround plan for the business.

Last month, Virgin Atlantic faced enforcement action over its delays in processing refunds for flights cancelled during the pandemic.

It was the only airline threatened with action by the Civil Aviation Authority (CAA), which has reviewed the refund waiting times of 18 major airlines.

Virgin has been making consumers wait up to 120 days for a refund and the CAA said it was "not satisfied".--BBC

KFC drops Finger Lickin' Good slogan amid coronavirus

Global fast food giant KFC says it is halting its "Finger Lickin' Good" slogan given the current hygiene advice because of the coronavirus pandemic.

"We find ourselves in a unique situation - having an iconic slogan that doesn't quite fit in the current environment," the company said.

It has altered its packaging with the phrase obscured but KFC said the phrase would return when the time was right.

KFC outlets closed temporarily in March, but most have now reopened.

The company revealed its new look through a YouTube video, showing the slogan pixelated on posters and its food "buckets", saying: "That thing we always say? Ignore it. For now."

Some people commented on social media the slogan was not a health hazard as you were already eating with your own hands.

But the finger-lickin' message has caused concern since the pandemic began. In March, the Advertising Standards Authority received 163 complaints about a KFC TV advert which featured people licking their fingers.

The complainants considered the advert was irresponsible because they thought it encouraged behaviour that might increase the chances of Covid-19 spreading. The advert was withdrawn by KFC.

KFC, which was founded in the 1930s by Harland Saunders, opened its first franchise in the 1950s and has used the Finger Lickin' Good slogan since then.

It dropped the slogan in the late 1990s but brought it back in 2008.

KFC has 22,500 outlets around the world - 900 in the UK and Ireland. It is owned by Yum! brands, which also owns Pizza Hut.--BBC

Invest Wisely!

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INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

SeedCo International

AGM

Virtual ( <https://eagm.creg.co.zw/eagmzim/Login.aspx#> https://eagm.creg.co.zw/eagmzim/Login.aspx#)

26 August 2020 | 9am

SeedCo

AGM

Virtual ( <https://eagm.creg.co.zw/eagmzim/Login.aspx#> https://eagm.creg.co.zw/eagmzim/Login.aspx#)

28 August 2020 | 9am

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

 <mailto:info at bulls.co.zw> 

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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