Old Mutual Zimbabwe said it is locked in negotiations with the government as part of the process of complying with the indigenisation and empowerment regulations.
The company was this week given a one-week ultimatum by Indigenisation minister Saviour Kasukuwere to comply.
Old Mutual chief executive officer Luke Ngwerume on Wednesday said the company had a plan in place that had been approved by its board of directors and was being implemented.
“We believe that the board-approved plan meets the requirements of the relevant legislation.We will continue to engage the minister and his team on the ongoing implementation process,” Ngwerume said.
Under the law, foreign companies are supposed to submit plans on how they intend to achieve 51% direct equity participation by locals.
Kasukuwere recently wrote to Old Mutual requesting an update on how far the company had gone towards implementing the indigenisation plan.
“In the circumstances, you are required to provide me with the progress report within seven days of receipt of this letter, failure of which no further indulgence shall be granted,” wrote Kasukuwere.
Several other companies including Zimbabwe Platinum Mine, Duration Gold, Blanket Mine and Murowa Diamonds, were recently advised to submit revised indigenisation proposals.