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Harare - The Zimbabwean unit of British American Tobacco (BAT) has reported a loss of US$1.4m for the half year ended June 30 2013, against a profit of $5m the previous comparative year.
The loss however came after the group accounted for a $10.6m indigenisation expense.
In a statement accompanying the group’s results, management said the $10.6, share-based payment expense represented the fair value of shares awarded to employees through the Employee Share Ownership Trust as part of compliance with indigenisation laws.
A total 26% of the shareholding of BAT Zimbabwe now vests in the hands of indigenous Zimbabweans, with 5% of those shares issued to Employee Share Ownership Trust and 10.76% to BAT Tobacco Empowerment Trust, while the remaining 5.24% on the ZSE has been retained by existing indigenous shareholders.
Due to the loss for the period, the directors resolved not to declare an interim dividend.
BAT has been one of the best performing companies in Zimbabwe, declaring hefty dividends.
The loss however came after the group accounted for a $10.6m indigenisation expense.
In a statement accompanying the group’s results, management said the $10.6, share-based payment expense represented the fair value of shares awarded to employees through the Employee Share Ownership Trust as part of compliance with indigenisation laws.
A total 26% of the shareholding of BAT Zimbabwe now vests in the hands of indigenous Zimbabweans, with 5% of those shares issued to Employee Share Ownership Trust and 10.76% to BAT Tobacco Empowerment Trust, while the remaining 5.24% on the ZSE has been retained by existing indigenous shareholders.
Due to the loss for the period, the directors resolved not to declare an interim dividend.
BAT has been one of the best performing companies in Zimbabwe, declaring hefty dividends.
