HARARE - The cash-strapped Reserve Bank of Zimbabwe is disposing of its shareholding in seven private companies as part of a restructuring exercise aimed at ridding the troubled central bank of assets not related to its core functions.The RBZ said in a public notice this week that it was looking for buyers for its majority stakes in Homelink, Astra Holdings, Tractive Power, Tuli Coal (Private) Limited, Transload (Bio-Diesel) (Pvt) Ltd, Sirtech (Pvt) Ltd and Carslone Enterprises.
Participation in the acquisition and/or disposal of the said RBZ assets is open to all Zimbabwean citizens, local registered companies as well as to foreigners and externally registered firms, subject to the indigenisation laws, the bank said.
Carslone and Tuli are mining firms while Tractive Power, Astra Holdings and Sirtech are involved in the manufacturing sector.
Homelink was the pet project of discredited RBZ governor Gideon Gono, which he formed at the height of Zimbabwes foreign currency shortages. It has two divisions involved in money transfers and construction of houses, mainly targeted at those in the Diaspora.
Transload is the holding company for another of Gonos pet projects that owned the Mount Hampden bio-diesel manufacturing plant. The plant has failed to take off despite the hype that accompanied its sensational launch by President Robert Mugabe in 2007.
The disposal of the shares comes as the Bank battles mounting debts that have seen the it losing several assets to creditors who have attached its property.
Post published in: Economy