Zimbabwe: ZHL Halts Assets Disposal Talks

12 October 2017

Zimre Holdings Limited (ZHL) has terminated negotiations for the disposal of certain assets held by the company as the operating environment has increasingly become unstable. In a notice to shareholders, ZHL Company Secretary, Lovemore Madzinga said negotiations over the disposal of certain assets (widely believed to be its 30 percent stake in NicozDiamond) referred to in the cautionary statement first published on August 16, 2017, have been curtailed by ongoing market developments.

"The board has mutually terminated the negotiations with the parties involved. The company will consider other funding alternatives, to pursue its strategic opportunities," said Madzinga. A source close to the negotiating parties said it was increasingly becoming difficult to conclude the negotiations in a market bedevilled by currency issues where everyone is looking for real assets.

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