Zimplats given two weeks to hand over 29.5 pct stake

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HARARE – Impala Platinum’s Zimbabwe unit, Zimplats, has been ordered to transfer 29.5 percent of its shares to a state-run fund in order to comply with local empowerment laws, according to a letter written by a government minister.

Zimplats, 87 percent owned by Implats, had failed to comply fully with the law, which seeks to localize at least 51 percent of shares in all foreign-owned firms, empowerment minister Saviour Kasukuwere wrote in a letter seen by Reuters on Sunday.