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Harare - Impala Platinum Holdings [JSE:IMP] (Implats) subsidiary Zimplats on Tuesday said it would have preferred localising the firm through listing on the Zimbabwe Stock Exchange, as opposed to the ongoing indigenisation process.
Speaking at the company’s first analysts’ briefing in Zimbabwe, CEO Alexander Mhembere said the company would have preferred a plan which entails listing on the Zimbabwe Stock Exchange. However, that would be difficult as the market is also open to foreign investors.
“But I believe a mechanism could be put in place to allocate the shares to indigenous people,” said Mhembere, adding that the company is hopeful it would be able to achieve that someday and be able to localise through the stock exchange.
Mhembere however said indigenisation is still work in progress. The miner is hopeful of an amicable resolution to the process, as it has agreed in principle to the 51% rule.
Turning to the company’s operations, Mhembere said revenue for the nine months to March 2013 were down 4% to $345.8m, from $358.9m recorded for the same period last year.
The bulk of the revenue (56.5%) came from platinum, with 19.7% from palladium while gold contributed 6.6%.
Profit before tax was down 27% to $85m, while cash generated from operations went down 47% to $97.6m.
The group contributed about $115m to the fiscus.
Local procurement from indigenous suppliers amounted to $88m.
- Fin24
Speaking at the company’s first analysts’ briefing in Zimbabwe, CEO Alexander Mhembere said the company would have preferred a plan which entails listing on the Zimbabwe Stock Exchange. However, that would be difficult as the market is also open to foreign investors.
“But I believe a mechanism could be put in place to allocate the shares to indigenous people,” said Mhembere, adding that the company is hopeful it would be able to achieve that someday and be able to localise through the stock exchange.
Mhembere however said indigenisation is still work in progress. The miner is hopeful of an amicable resolution to the process, as it has agreed in principle to the 51% rule.
Turning to the company’s operations, Mhembere said revenue for the nine months to March 2013 were down 4% to $345.8m, from $358.9m recorded for the same period last year.
The bulk of the revenue (56.5%) came from platinum, with 19.7% from palladium while gold contributed 6.6%.
Profit before tax was down 27% to $85m, while cash generated from operations went down 47% to $97.6m.
The group contributed about $115m to the fiscus.
Local procurement from indigenous suppliers amounted to $88m.
- Fin24
