HomeNewsCorporate events postponed as Mugabe takes oath

Corporate events postponed as Mugabe takes oath


TWO Zimbabwe Stock Exchange-listed companies yesterday postponed planned corporate events after a last-minute declaration of a public holiday for the swearing-in of President Robert Mugabe.

Report by Business Reporter

Following a Constitutional Court ruling which declared the July 31 elections as free, fair and credible, then President-elect Mugabe declared Thursday August 22 as a public holiday. The court ruling was preceded by a challenge by Mugabe’s long-time rival Morgan Tsvangirai who later withdrew the challenge.

Mugabe, now Africa longest-serving leader, polled 61% of the votes while Tsvangirai was a distant second at 31%.

Manufacturing concern National Tyre Services (NTS) and ZB Financial Holdings yesterday postponed scheduled annual general meetings and analyst briefings after Mugabe announced the public holiday on the eve of his inauguration.

The AGMs among other issues were expected to receive and consider the companies’ financial statements for the year ended March 31 2013.

“Shareholders are hereby advised that the company’s annual general meeting which was due to be held on Thursday, 22 August, 2013 has been postponed,” said NTS in a statement issued yesterday.

“At the time of publication of our notice, the public holiday on August 22, 2013 had not been announced. In view of this, it was felt that it would be more expedient to have the meeting after this date. Accordingly, the meeting will now be held at a later date to be advised in due course.”

ZB, which has over the past month been issuing cautionary statements, was expected to update shareholders on the group’s capital-raising initiatives following an upward revision of minimum capital requirements by the Reserve Bank of Zimbabwe. Central bank governor Gideon Gono last year increased the minimum capital requirements for commercial banks to $100 million from $12,5 million.

Mugabe has been in power since independence 1980 and pledged to step up indigenisation and empowerment regulations compelling foreign-owned companies to sell controlling stakes to locals..

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