Major International Business Headlines Brief::: 29 August 2020

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Major International Business Headlines Brief::: 29 August 2020

 


 

 


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ü  Administrators for S.Africa's Comair say binding offer received

ü  South Africa sees worst power cuts on record in 2020, research shows

ü  Nigerian lawmakers order probe into $18 bln NLNG dividend

ü  Nigeria's Lekoil seeks $100 mln for Ogo oilfield drilling

ü  Nigeria might fall into recession as virus takes toll, budget office says

ü  Guinness Nigeria posts first annual loss in four years, shares fall

ü  S.Africa's coronavirus loan scheme likely to pay out only $1.5 bln by
2021 - banking association

ü  Kenya Airways sees drop in revenues of between 60 and 70 bln shillings
for 2020

ü  South Africa's Discovery warns profit could be wiped out due to
coronavirus

ü  South Africa's Northam Platinum more than doubles annual earnings

ü  Flights within China to 'fully recover' next month

ü  NZ takes action over stock market cyber attacks

ü  Gatwick passenger numbers collapse by 14.7 million

ü  Trump or Biden? China expects no favours either way

 


 <mailto:info at bulls.co.zw> 

 


 

Administrators for S.Africa's Comair say binding offer received

JOHANNESBURG (Reuters) - Administrators for South Africa’s Comair Ltd said
on Friday they had received a binding offer from their preferred investors
in the airline, and would request to delay the publication of their rescue
plan to Sept. 2 as a result.

 

“[Administrators] have now received a final binding offer from the preferred
investors late this afternoon, and the terms of this offer must now be
incorporated into the business rescue plan,” they said in a statement.

 

Comair has been under a form of bankruptcy protection since May and the
publication of its rescue plan has so far been delayed by more than two
months.

 

 

 

South Africa sees worst power cuts on record in 2020, research shows

JOHANNESBURG (Reuters) - South Africa has endured its worst power cuts on
record this year, research by the country’s national science council showed
on Friday.

 

The power cuts by ailing state utility Eskom are one of the biggest
challenges facing President Cyril Ramaphosa as he tries to revive investor
confidence in Africa’s most industrialised economy.

 

Analysis by South Africa’s Council for Scientific and Industrial Research
(CSIR) found that 1,498 Gigawatt hours (GWh) of energy had been shed so far
in the first eight months of 2020, more than 1,352 GWh in the whole of last
year and 1,325 GWh in 2015, the previous two worst years on record.

 

The CSIR estimates planned power cuts, known locally as load-shedding, cost
the economy up to 120 billion rand ($7.2 billion) last year.

 

Eskom generates more than 90% of South Africa’s power but has struggled to
meet demand for years because of faults at its coal-fired power stations.
Some of these stations have not been properly maintained and two new ones
have been hobbled by design flaws.

 

Ramaphosa has promised to break up Eskom to make it more efficient and has
granted it a series of mammoth bailouts to stabilise its finances, but its
problems have persisted.

 

Eskom last implemented planned power cuts last week.

 

The CSIR predicts load-shedding will continue for two to three years,
depending on the actions the government takes to address the electricity
shortfall.

 

($1 = 16.7032 rand)

 

 

 

 

Nigerian lawmakers order probe into $18 bln NLNG dividend

ABUJA (Reuters) - Nigerian lawmakers have instructed the country’s most
senior accountant to investigate payments totalling $18 billion as dividends
from Nigeria’s investment in Nigeria Liquefied Natural Gas (NLNG) between
2004 and 2019, a Senate statement said.

 

NLNG is a consortium between state-run Nigerian National Petroleum
Corporation (NNPC), Eni, Total and Royal Dutch Shell.

 

An NLNG spokeswoman did not immediately respond to a request for comment.

 

The Senate, parliament’s upper house, has ordered the accountant general to
investigate the dividend payments, it said in a statement issued on
Thursday, without giving details of what wrongdoing, if any, it suspected.

 

“The accountant general was mandated to investigate among other things if
the amount was actually remitted to NNPC, how much was actually remitted to
the Federation Account, if there is any deduction by NNPC, how much was
deducted and who authorized the deductions,” it said in its statement.

 

The move followed the participation of NLNG officials in a Senate committee
hearing on the country’s budget plans for 2021 to 2023.

 

Eyono Fatai–William, NLNG’s general manager on external relations, presented
a financial summary of the company in which she said it had paid a dividend
of over $18 billion to Nigeria from 2004-2019.

 

Accountant General Ahmed Idris said it was “difficult to determine with any
certainty” the details of the dividend paid to NNPC, according to the Senate
statement.

 

The chairman of the committee told Idris to investigate the payments and
report back to the Senate in two weeks.

 

Nigeria’s lawmakers have ramped up their scrutiny of financial management
issues since President Muhammadu Buhari came to office in 2015 vowing to
plug leakages in state coffers.

 

 

 

Nigeria's Lekoil seeks $100 mln for Ogo oilfield drilling

LAGOS (Reuters) - Nigerian energy company Lekoil Ltd needs to raise around
$100 million before it can start drilling in its Ogo oilfield, its chief
executive told Reuters.

 

Lekoil reached a deferred payment deal earlier this year to keep its stake
in OML 310, where Ogo sits, after it discovered a $184 million loan it
wanted to use for the purchase was fraudulent.

 

Chief Executive Lekan Akinyanmi said the company was able to finance much of
the Ogo preparation work with cash from its producing field, Otakikpo, and
will drill once it raises the money.

 

Lekoil is in talks for a mix of direct investment into the asset and vendor
financing, which Akinyanmi said is the most cost-effective way to raise
money for drilling. He expects to spend $1 billion developing Ogo through
its life cycle.

 

“We want Ogo to raise its own capital so that we can actually start to build
cash...and maybe in a few years start to pay dividends,” he said, adding
that Otakikpo, which produced an average of 5,305 barrels per day (bpd) last
year, yielded $15-$16 million in free cash.

 

Shares in London-listed Lekoil plunged in January after it revealed the loan
that it thought was from the Qatar Investment Authority (QIA) was a “complex
facade”.

 

Shares traded at 2.46 pence on Friday, compared with as much as 11.14 pence
in January before the loan fraud was revealed.

 

In results published this week, Lekoil posted a $12 million loss in 2019,
compared with a $7.8 million loss in 2018. Its cash balances dropped to $2.7
million from $10.4 million.

 

Lekoil is also targeting a 40% reduction in annual general and
administrative expenses due to this year’s oil price crash.

 

 

Nigeria might fall into recession as virus takes toll, budget office says

ABUJA (Reuters) - Nigeria might fall into recession in the third quarter,
the head of the country’s budget office said on Thursday, citing the impact
of low oil prices and the coronavirus pandemic on Africa’s largest economy.

 

The continent’s top oil producer faces its worst economic crisis in four
decades in the wake of an oil price war between Russia and Saudi Arabia at
the start of the year, and the pandemic, which hurt demand for its main
export commodity which provides 90% of foreign exchange earnings.

 

Ben Akabueze, director general of the budget office, told reporters it was
expected that growth in the third quarter would be negative and the country
might fall into recession.

 

It would be the second quarter of negative growth after the economy
contracted by 6% in the second quarter of the year.

 

Nigeria’s economy was last in recession in 2016, its first in 25 years,
since when growth has been sluggish.

 

The International Monetary Fund has said it sees Nigeria’s GDP falling 5.4%
this year, and the government has said the economy may shrink by as much as
8.9%.

 

 

 

Guinness Nigeria posts first annual loss in four years, shares fall

ABUJA (Reuters) - Guinness Nigeria slumped to an annual pretax loss of 17.07
billion naira ($45 million), its first in four years, hurt by writedowns and
coronavirus-induced disruptions, sending its shares almost 9% lower on
Friday.

 

The company, which is 54% owned by UK-based drinks group Diageo, said the
COVID-driven lockdown had affected sales in the fourth quarter, closing bars
and making it difficult to transport products across the country.

 

The economic backdrop also made life difficult for Guinness Nigeria, with
Africa’s largest economy set to fall into recession in the third quarter
after GDP contracted by 6% in the second three months of the year.

 

Guinness Nigeria’s sales in the 12 months through June fell to 104.37
billion naira, down 21% from the year before.

 

The company, which had made a pretax profit of 7.10 billion naira last year,
faced declining sales, dollar shortages and higher inflation, similar
factors to what had in 2016 triggered its first loss in 30 years at a time
when Nigeria entered recession.

 

Guinness Nigeria was also hit by naira devaluation, which contributed to
increased financing costs, and a drop in the value of its shares, prompting
it to take a writedown based on their market value.

 

The brewer, which had concentrated on the premium beer and malt segment,
shifted focus in 2017 to the cheaper or volume end of the market. Now it is
betting on spirits, such as Johnnie Walker whisky and Orijin gin, to revive
its fortunes.

 

“It’s been a tough quarter and we took decisions to refresh the business,”
Finance Director Stanley Njoroge told an analyst call.

 

“Its going to be tight in Nigeria this year ... The financial results have a
lot of correction items. We believe we have reduced overcapacities we do not
need under our current strategy,” Njoroge said.

 

But the company cut its debt to 2.5 billion naira from 20.5 billion a year
ago.

 

Shares fell to a two-week low of 14.3 naira, valuing the company at 21.5
billion naira. The stock has fallen 88% from its 2018 peak of 120.25 naira.

 

 

 

 

S.Africa's coronavirus loan scheme likely to pay out only $1.5 bln by 2021 -
banking association

JOHANNESBURG (Reuters) - The Banking Association of South Africa (BASA) said
on Friday disbursements of the government’s coronavirus loan scheme, worth
up to 200 billion rand ($11.9 billion), are likely to reach just 24.4
billion rand by January amid low demand.

 

In a presentation to reporters, BASA’s slide said that it expects demand for
the scheme to taper off, with the “probable case” being that disbursements
will reach 24.4 billion rand by the start of next year.

 

($1 = 16.8561 rand)

 

 

 

Kenya Airways sees drop in revenues of between 60 and 70 bln shillings for
2020

NAIROBI (Reuters) - Kenya Airways expects to see a drop in revenues of
between 60 billion Kenyan shillings ($555.30 million) and 70 billion
shillings for full year 2020, its chief executive said on Friday, after
posting a wider first half pretax loss.

 

“In terms of projected revenue for up to the end o the year, we see that we
will have a decline of about between 60 and 70 billion shillings, probably
more, depending on how the uptake in demand is,” Allan Kilavuka told an
online investor briefing.($1 = 108.0500 Kenyan shillings)

 

 

 

South Africa's Discovery warns profit could be wiped out due to coronavirus

JOHANNESBURG (Reuters) - South African insurer Discovery Ltd said on Friday
its profit for the year ended June 30 could be completely erased due to
provisions to take account of coronavirus and volatility in long-term
interest rates.

 

Its headline earnings per share (HEPS), the main measure of profit for South
African companies, will fall by 90% to 100%, to between 78.9 cents ($0.0468)
and zero, it said in a statement.

 

It had reported a HEPS of 789 cents in the last fiscal year.

 

It will report full-year results on Sept. 16.

 

($1 = 16.8561 rand)

 

 

 

South Africa's Northam Platinum more than doubles annual earnings

JOHANNESBURG (Reuters) - South Africa’s Northam Platinum on Friday posted a
150% rise in full-year earnings, fuelled by higher metals prices, increased
sales revenues and a weaker rand currency.

 

The miner reported normalised headline earnings per share (HEPS) of 676.3
cents ($0.39) for the full year ended June from 270.1 cents a year ago.

 

“Despite the challenges of the COVID-19 pandemic, this has been a record
year for Northam,” the company said in a statement.

 

Northam did not declare an annual dividend but said it was open to “all
options” for returning value to shareholders. It has in the past opted to
buy preference shares in its Zambezi Platinum unit as an alternative to
dividend payments.

 

“We remain single-minded in our commitment to returning value to
shareholders, and will continue to do so, despite the current turmoil,”
Chief Executive Paul Dunne said.

 

The company acquired 3.7 billion worth of Zambezi shares in the reporting
period, and 1.7 billion subsequently.

 

Shares in Northam rose 3% at market open, but have given back some of their
gains to be up 2% by 1018 GMT.

 

Sales revenue in the full year rose 67% to a record 17.8 billion rand, with
the PGM basket price increasing 61% and an 11% weaker rand/dollar exchange
rate, Northam said.

 

Overall metal output however dropped to 515,370 ounces, from 519,954 ounces
a year earlier, due to COVID-19 related disruptions.

 

The company pegged the direct cost of the pandemic at 1 billion rand, with a
loss of 108,685 ounces during the period.

 

Mining companies in South Africa, which were forced to temporally close in
March, have been anxious about managing the COVID-19 crisis and preventing
outbreaks at mine sites where workers are in close quarters and confined
spaces.

 

Total group capital expenditure during the year fell to 2.4 billion rand as
the company cut back on planned growth projects to manage liquidity during
the pandemic.

 

($1=16.9559 rand)

 

 

 

Flights within China to 'fully recover' next month

Flights within China should fully recover by the start of next month
according to a global travel data firm.

 

Air travel has been picking up gradually since the coronavirus grounded the
majority of planes in February.

 

This month domestic arrivals at Chinese airports reached 86% of 2019 levels
according to figures from ForwardKeys.

 

Its prediction is a glimmer of hope for the airline industry which is
suffering mass layoffs and losses.

 

By mid-February the majority of flights within China were cancelled as it
took measures to control the spread of the virus.

 

As virus cases reduced, more flights were re-instated and bookings are now
back to 98%, with most being for travel in mid to late August.

 

"This is a highly significant moment because it is the first time, since the
start of the Covid-19 outbreak, that a major segment of the aviation market
anywhere in the world has returned to pre-pandemic levels," said Olivier
Ponti at ForwardKeys.

 

Its forecast that domestic flights will fully recover by early September is
based on a number of factors, such as keeping the pandemic under control and
the continued use of "aggressive price promotions".

 

Many Chinese airlines have launched discounts to entice passengers back,
with some promotions targeted at university students.

 

Travel to Sanya, the holiday hotspot in the South China Sea, has seen strong
recovery helped by a new duty-free policy.

 

"The crunch question is whether heavy discounting will still be needed to
maintain the recovery," added Mr Ponti.

 

"China's advantage is that they have a huge domestic hinterland, and they
have a strong domestic tourism market, which can help the Chinese carriers
mitigate any impact," added Alfred Chua at FlightGlobal magazine.

 

However, Chinese travel to Beijing is still 24.8% behind the same period in
2019, held back by the city's second coronavirus outbreak in early June.

 

International flights

The recovery in domestic air travel in China is one positive development in
an otherwise bleak outlook for the aviation industry. But international
flights are not expected to fully recover for many years.

 

The International Air Transport Association, a global industry group, has
warned global passenger numbers will not return to pre-virus levels until
2024, a year later than previously projected.

 

The recovery in short haul travel is still expected to happen faster than
for long haul travel it said, as travel bubbles are established between
countries.

 

Earlier this week, American Airlines 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 would leave its workforce 30%
smaller than it was in March.

 

Other carriers have also warned of similarly large cuts amid a severe slump
in air travel which is expected to see losses of more than $84bn (£66bn)
this year.

 

"At least for the rest of the year, I think we will see two very distinct
patterns: domestic will be recovering very quickly, with international
networks still very weak," added Mr Chua.--BBC

 

 

 

NZ takes action over stock market cyber attacks

New Zealand's communications security bureau has been called in to help
after its stock exchange was hit by cyber attacks for the fourth consecutive
day.

 

The exchange failed to open as planned on Friday due to so-called
"distributed denial of service" (DDoS) attacks.

 

The $135bn (£102bn) market, which is nearing a record high, has said the
attacks came from overseas.

 

The exchange's website was overwhelmed by the cyber attacks, forcing it to
halt trading.

 

“I can’t go into much more in terms of specific details other than to say
that we as a government are treating this very seriously,” Finance Minister
Grant Robertson said in a media briefing.

 

The stock market operator NZX said its networks had crashed due to the cyber
attacks, which originated overseas.

 

“We are currently experiencing connectivity issues which appear similar to
those caused by severe DDoS attacks from offshore this week,” NZX said after
the market failed to open at 10am Wellington time.

 

Trading on the exchange eventually resumed three hours later.

 

 

DDoS attacks are designed to knock a website offline by flooding it with
huge amounts of requests until it crashes.

 

Such attacks are relatively simple in nature and rely on their sheer scale
to be effective.

 

Scare tactics

In November New Zealand cyber-security organisation CertNZ issued an alert
that emails were being sent to financial firms threatening DDoS attacks
unless a ransom was paid.

 

The emails claimed to be from a well known Russian hacking group called
Fancy Bear.

 

But CertNZ said at the time the threat had never been carried out, beyond a
30-minute attack as a scare tactic.

 

Other than saying that the attacks were from overseas, NZX has yet to
comment on their source or whether any demands have been made.

 

In June, technology giant Amazon said its online cloud, which provides the
infrastructure on which many websites rely, had fended off the largest DDoS
attack in history.

 

The disruptions to trading in New Zealand have come at a particularly bad
time for investors as it is currently in a busy company earnings
season.--bbc

 

 

 

Gatwick passenger numbers collapse by 14.7 million

Gatwick airport says passenger numbers fell by 14.7 million, or two-thirds,
in the first half of the year as air travel collapsed amid the pandemic.

 

The airport, which announced job losses earlier this week, also posted a
£344m loss as sales fell across its business.

 

Despite signs of recovery, Gatwick said it expected air traffic and
passenger numbers to remain under pressure.

 

It also warned passenger levels would take between four and five years to
recover to pre-Covid levels.

 

The West Sussex airport has been hard-hit by the pandemic. Virgin Atlantic
has said it will cease operating at Gatwick, while British Airways has
shifted its short-haul flights to Heathrow and is cutting hundreds of ground
staff jobs at the airport.

 

The number of travellers at Gatwick dropped by 66% to 7.5 million during the
six months to June.

 

Gatwick said this was "due to the Covid-19 pandemic, the effects of which
began to be felt during February, increasing significantly in March and
causing a near-complete drop in volume during April, May and June 2020".

 

Pre-tax losses in the first half of the year hit £343.9m compared with a
£59.4m profit a year earlier. Sales more than halved to £144.2m.

 

Gatwick Airport chief executive Stewart Wingate said: "Like any other
international airport, the negative impact of Covid-19 on our passenger
numbers and air traffic at the start of the year was dramatic and, although
there are small signs of recovery, it is a trend we expect to continue to
see."

 

The company also said: "The recovery period to pre-pandemic traffic levels
is forecast to be four to five years."

 

Gatwick has already announced plans to cut 600 jobs. About 75% of staff are
currently on the government's furlough scheme, which is due to end in
October.

 

'Use it or lose it'

Despite announcing plans to cease operations at Gatwick, struggling airline
Virgin Atlantic said it planned to retain its slots at the airport to
"enable a return in future years as demand recovers".

 

In the meantime, Virgin Atlantic intends to lease slots to rival carrier
Norwegian. But on Friday, Norwegian itself admitted that it might need more
financial help in order to survive.

 

Norwegian chief executive Jacob Schram said: "We are thankful for the loan
guarantee made available to us by the Norwegian government which we worked
hard to obtain.

 

"However, given the current market conditions it is not enough to get
through this prolonged crisis."

 

Wizz Air has been lobbying to increase its number of flights from Gatwick
from one to 20.

 

But the Hungarian airline said it was being stopped from expansion because
the European Union relaxed its "use-it-or-lose-it" slot restriction rules.
This allows airlines to hang onto the slots despite not using them.

 

Wizz Air co-founder and chief executive József Váradi told the BBC's Today
programme: "We are talking to the regulators, we are talking to decision
makers at EU level as well as country-level. We are saying that the
relaxation of the slots rules is not fair and it distorts the market, it
distorts a level playing field."

 

He said: "We would be ready to move, we would be ready to invest, ready to
create jobs. It was just announced Gatwick is going to lose 600 jobs as a
result of airlines' inability to scale back. We would reverse that."--BBc

 

 

 

Trump or Biden? China expects no favours either way

The Democratic and Republican National Conventions are typically an
opportunity for US voters to get a sense of what their next president's
domestic policies might look like.

 

But this year they also provided a key insight for China Inc as it navigates
its rocky relationship with the US.

 

Several insiders at Chinese technology firms say have told me that a Joe
Biden presidency would be more appealing than another four more years of
President Trump - which would be seen as "unpredictable".

 

And while they think a Biden administration would still be tough on China,
it would be based more on reason, and fact rather than rhetoric and
politicking.

 

One thing is clear though: companies on the mainland believe that whoever is
in the White House the tough stance on China is here to stay.

 

Here are three things that are worrying Chinese companies the most about the
next US administration - and what they're doing to protect themselves:

 

Decoupling

This word gets used a lot these days. President Trump and his administration
talk about it in tweets and in press statements in relation to China.

 

Decoupling basically means undoing more than three decades' worth of US
business relations with China.

 

Everything is on the cards: from getting American factories to pull their
supply chains out of the mainland, to forcing Chinese-owned companies that
operate in the US - like TikTok and Tencent - to swap their Chinese owners
for American ones.

 

Make no mistake, under a Trump administration "decoupling will be
accelerated", according to Solomon Yue, vice chairman and chief executive of
the Republicans Overseas lobby group.

 

"The reason is because there's a genuine national security concern about our
technology being stolen," he said.

 

But decoupling isn't that simple.

 

While the US has had some success in forcing American companies to stop
doing business with Chinese tech giants like Huawei, it is pushing Chinese
firms to develop self-sufficiency in some key industries, like chip-making
and artificial intelligence.

 

"There's a realisation that you can never really trust the US again," a
strategist working for a Chinese tech firm told me. "That's got Chinese
companies thinking what they need to do to protect their interests."

 

Delisting

As part of its focus on China, the Trump administration has come up with a
set of recommendations for Chinese firms listed in the US, setting a January
2022 deadline to comply with new rules on auditing.

 

If they don't, according to the recommendations, they risk being banned.

 

While a Biden administration may not necessarily push through with the exact
same ban, analysts say the scrutiny and tone of these recommendations is
likely to stay.

 

"A Democrat, whether in the White House, Senate or Congress, would have
little reason to roll back Trump's toughness on China without some
concession in return," said Tariq Dennison, a Hong Kong-based investment
adviser at GFM Asset Management.

 

'"One thing both parties seem to agree on in 2020 is to blame China for any
of America's problems that can't be easily blamed on the other party. That's
not going to change anytime soon."

 

While fears of being delisted aren't high on the list of concerns for
Chinese companies that are already listed in the US, it's enough to sway the
decisions of companies that are looking to float in the future.

 

Take Ant Group, for example, the mammoth Chinese digital financial services
group that this week filed for an IPO.

 

Affiliated to the Alibaba Group, which is listed in the US and Hong Kong, it
chose Hong Kong and Shanghai in which to sell its shares instead of the US.

 

Increasingly other Chinese companies are likely to follow suit, as tensions
between the US and China get worse.

 

Deglobalisation

China has been one of the biggest beneficiaries of globalisation over the
last 30 years. It has helped hundreds of millions of Chinese afford a better
quality and standard of life, the bedrock upon which President Xi Jinping's
Chinese Dream is based.

 

But that's precisely what President Trump says needs to change: his
administration argues that China has become richer while the US has become
poorer.

 

During Mr Trump's term, deglobalisation - where borders are less open and
trade is less free - has become a trend. And it's something that Beijing
knows won't change even after the election.

 

"The fundamental adjustment of the US' strategic mind-set over China is
real", reads the latest op-ed in the Communist Party's mouthpiece, The
Global Times. 'This has to a large extent reset the China-US relationship."

 

One of the natural consequences of globalisation was arguably a safer world.

 

If you're doing business with one another, chances are you're not going to
want to get in a fight - or at least not open conflict.

 

A big worry for many businesses in Asia is that a real military clash
between the two superpowers is inevitable - and those concerns only grew
this week when Beijing fired missiles into the South China Sea, a lucrative
but contested waterway.

 

The reset of the US-China relationship is dangerous - not just for the US
and China - but for the rest of us too.--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#)

26 August 2020 | 9am

 


SeedCo

AGM

Virtual (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> 

 


 

 


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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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