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Zimbabwe Government Urged to Float Consolidated Diamond Company

Nov 26, 2015 2:51 AM   By Rapaport News
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RAPAPORT... A co-ordinator of the Kimberley Process Civil Society Coalition for Zimbabwe has called on the government to float the soon-to-be set-up Zimbabwe Consolidated Diamond Company (ZCDC) as the move would strengthen transparency and accountability, the NewsDay reported.

ZCDC is expected to be formed by the end of this year by merging seven miners operating in the country’s Marange diamond fields, with the state owning 50 percent of the business, the Zimbabwean newspaper said in a report November 24.

Listing ZCDC on the Zimbabwe Stock Exchange would promote “transparency, accountability and good corporate governance,” coordinator Shamiso Mtisi told the newspaper.However, a flotation would require a cut in the government’s stake because of a rule that prohibits any entity from holding more than 35 percent of a listed company’s shares.

As part of floatation, “the companies will be required by the stock exchange rules to publish their results,” Mtisi told the newspaper. “This means they will become public companies in which Zimbabweans and other investors may invest.”
Tags: Civil Society Coalition, Kimberley Process, Rapaport News, Zimbabwe, Zimbabwe Consolidated Diamond Company
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