Business / Companies
Hwange remains focused on long-term recapitalisation programme
28 Sep 2011 at 04:07hrs | Views
After incurred an unaudited net loss after taxation of $1.5 million and this compared unfavourably to the $4.5 million profit recorded for the same period in 2010, Hwange says it remains focussed on the long term recapitalisation programme that should permanently address the perennial problems of the aged and obsolete plant and machinery. The prospects of foreign lines of credit from regional financial institutions are being pursued and look positive.
The second half of the year should see the Company entering new continental and overseas markets for coal and coke. Emphasis will also be on consolidating he domestic market focussing on power generation, tobacco industry and manufacturing. Focus will also be directed at compliance issues around environmental, empowerment and corporate social responsibility programmes.
Acquisition and development of new coal concessions will be a strategic priority.
High level strategic dialogue will be enhanced between the Company and ZESA Holdings, National Railways of Zimbabwe, and New Zim Steel.
Skills and competency training will receive priority in order to support recapitalisation efforts.
The Company is currently rationalising its overhead cost burden borne out of its municipality role over Hwange Town. A strategy to rationalise the company`s social programmes is also currently underway and is expected to improve efficiencies and profit margins for the Company.
The Company is optimistic that the current initiatives being pursued by the Board and management coupled with the conducive economic environment will result in improved financial performance.
The eighty - eighth (88th) Annual General Meeting (AGM) of the Company was postponed from 30 June 2011 to 03 August 2011. This was after a motion was proposed and adopted to include an agenda on the restructuring of the Company.
At the AGM of 03 August 2011, Messrs T Ndlovu, A M Ngapo, J Nqindi and Ms R Sibanda retired by rotation in terms of the Articles of Association and did not seek re-election. A resolution was also passed for the removal from the Board of Messrs F Chasi, S I Mutumbwa, T Savanhu, Mrs T T Mlobane and Mrs P Mupfumira, notwithstanding their tenure of office.
At the same AGM, Messrs S Chibanguza, J Chininga, I C Haruperi, N Jiyane, J R Mawere, F Mutamangira, L Nkomo, V Vera and Ms S Mapfuwa, were elected Directors of the Company. Mr F Mutamangira was elected Chairman at the Board Meeting of 17 August 2011.
The second half of the year should see the Company entering new continental and overseas markets for coal and coke. Emphasis will also be on consolidating he domestic market focussing on power generation, tobacco industry and manufacturing. Focus will also be directed at compliance issues around environmental, empowerment and corporate social responsibility programmes.
Acquisition and development of new coal concessions will be a strategic priority.
High level strategic dialogue will be enhanced between the Company and ZESA Holdings, National Railways of Zimbabwe, and New Zim Steel.
Skills and competency training will receive priority in order to support recapitalisation efforts.
The Company is currently rationalising its overhead cost burden borne out of its municipality role over Hwange Town. A strategy to rationalise the company`s social programmes is also currently underway and is expected to improve efficiencies and profit margins for the Company.
The Company is optimistic that the current initiatives being pursued by the Board and management coupled with the conducive economic environment will result in improved financial performance.
The eighty - eighth (88th) Annual General Meeting (AGM) of the Company was postponed from 30 June 2011 to 03 August 2011. This was after a motion was proposed and adopted to include an agenda on the restructuring of the Company.
At the AGM of 03 August 2011, Messrs T Ndlovu, A M Ngapo, J Nqindi and Ms R Sibanda retired by rotation in terms of the Articles of Association and did not seek re-election. A resolution was also passed for the removal from the Board of Messrs F Chasi, S I Mutumbwa, T Savanhu, Mrs T T Mlobane and Mrs P Mupfumira, notwithstanding their tenure of office.
At the same AGM, Messrs S Chibanguza, J Chininga, I C Haruperi, N Jiyane, J R Mawere, F Mutamangira, L Nkomo, V Vera and Ms S Mapfuwa, were elected Directors of the Company. Mr F Mutamangira was elected Chairman at the Board Meeting of 17 August 2011.
Source - Byo24News
