Business / Companies
Zimbabwe rejects Impala's indigenisation implementation plan
24 Feb 2012 at 04:54hrs | Views
Further to the Government of Zimbabwe's requirement to submit an indigenisation implementation plan, Mimosa Holdings, a 50% subsidiary of Implats, submitted its revised plan in November 2011.
In a letter dated 22 February 2012, Mimosa was advised by the Minister of Youth Development, Indigenisation and Empowerment, Saviour Kasukuwere. that a portion of its indigenisation implementation plan has been rejected.
Implats said it is concerned to note the statement by the Minister that unless an agreement is reached with the National Indigenisation and Economic Empowerment Fund (NIEEF) to transfer the required shareholding to NIEEF within 30 days, enforcement mechanisms will be activated.
Implats advised its shareholders that negotiations with the Minister will be undertaken in an attempt to reach a mutually acceptable solution.
In a letter dated 22 February 2012, Mimosa was advised by the Minister of Youth Development, Indigenisation and Empowerment, Saviour Kasukuwere. that a portion of its indigenisation implementation plan has been rejected.
Implats said it is concerned to note the statement by the Minister that unless an agreement is reached with the National Indigenisation and Economic Empowerment Fund (NIEEF) to transfer the required shareholding to NIEEF within 30 days, enforcement mechanisms will be activated.
Implats advised its shareholders that negotiations with the Minister will be undertaken in an attempt to reach a mutually acceptable solution.
Source - Byo24News
