Zimplats given two week ultimatum

Zimplats given two week ultimatum to hand over 29.5 percent shares 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.

Failure to present the government with a plan to transfer the holding within two weeks would result in unspecified "enforcement mechanisms", the letter added.

Post published in: News

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