Foreign owned firms recently had to submit their proposals of how they plan to indigenise their shareholding, under the new Indigenisation and Empowerment Act.
The controversial law, spearheaded by ZANU PF’s Indigenisation Minister Saviour Kasukuwere, will see all foreign owned companies in Zimbabwe forced to cede 51% of their shares to local Zimbabweans or government approved groups.
175 mining firms, including top groups like Rio Tinto and Anglo-American, have since submitted their empowerment plans. But all 175 proposals have been rejected.
Kasukuwere said on Wednesday that the groups must revise their plans to meet the September deadline to indigenise their shareholding. He also threatened to “kick out” all companies that fail to meet this deadline.
Post published in: News