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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.”
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Tags:
Civil Society Coalition, Kimberley Process, Rapaport News, Zimbabwe, Zimbabwe Consolidated Diamond Company
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