Advanced Search

Zimbabwe Government Urged to Float Consolidated Diamond Company

Nov 26, 2015 2:51 AM   By Rapaport News
Email Email Print Print Facebook Facebook Twitter Twitter Share Share
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
Similar Articles
Mountain Province Northern Lights 140Mountain Province Output Slides in 2020
Jan 14, 2021
Mountain Province’s share of production at the Gahcho Kué mine fell 4% to 3.2 million carats in 2020 as the
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.