Print
Email Article
"
Zimbabwe’s Indigenization and Empowerment Act compels all foreign owned companies to sell 51 percent of their shareholdings to black Zimbabweans w..."
The Zimbabwe government has extended the deadline by which companies should have submitted their indigenisation proposals by a month.
Under a law signed in March, companies had until the end of May to show how they would ensure that 51 percent of their equity was held by black Zimbabweans. The deadline was extended until June 30, Indigenisation minister Saviour Kasukuwere said in a phone interview today from Harare, the capital.
Zimbabwe’s Indigenization and Empowerment Act compels all foreign owned companies to sell 51 percent of their shareholdings to black Zimbabweans within five years.
The law applies to companies with assets of more than $500,000. If enforced, it may affect lenders including London- based Standard Chartered Plc, Barclays Bank Plc and Standard Bank Group Ltd. and mining companies such as Anglo American Plc.
Under a law signed in March, companies had until the end of May to show how they would ensure that 51 percent of their equity was held by black Zimbabweans. The deadline was extended until June 30, Indigenisation minister Saviour Kasukuwere said in a phone interview today from Harare, the capital.
Zimbabwe’s Indigenization and Empowerment Act compels all foreign owned companies to sell 51 percent of their shareholdings to black Zimbabweans within five years.
The law applies to companies with assets of more than $500,000. If enforced, it may affect lenders including London- based Standard Chartered Plc, Barclays Bank Plc and Standard Bank Group Ltd. and mining companies such as Anglo American Plc.
|
