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Applications flood TIMB

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The Tobacco Industry and Marketing Board (TIMB) had received 20 applications seeking licences to open auction floors by the end of last month and is in the process of considering their merits, it has been learnt.

According to a trading update for the month of June, TIMB said only one applicant had successfully submitted a completed application.

“A total of 20 applications for auction floor licences were received. Application forms are now being distributed to the applicants and the deadline for submission for completion has been set for Friday July 1 2011,” TIMB said in its update.

“To date (June 23) only Premier Tobacco Auction Floor has submitted the completed application form. The board will consider the application after the deadline.”

Contacted for comment the board’s chief executive officer, Andrew Matibiri, said the market could take as many applicants for auction floors as possible.
“The board instructed the applicants resubmit their applications to TIMB,” he said.

He however then referred further questions to Monica Chinamasa, chairperson of the board overseeing the issue of auction floor applications. Efforts to reach Chinamasa were fruitless.

As of Monday this week a total of 120,9 million kilogrammes of tobacco had been sold earning the country a total of $331,1 million.

This indicates a surge of 23,56% from last year’s 97,9 million kilogrammes that earned $290 million.

The tobacco was sold at an average price of $2,74 per kilogramme. According to TIMB, a total of 13,3 million kilogrammes of tobacco have been bought at $44,4 million at an average price of $3,34 per kilogramme. The imports were for blending and processing.

Zambia was the leading country in the imports with 11 million kilogrammes followed by Malawi with 1,2 million kilogrammes.

On seasonal exports a total of 54,3 million kilogrammes raked in $270 million at an average price of $4,99 per kilogramme in June.

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