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Harare - Zimbabwe’s Indigenisation Minister Francis Nhema has said the government will not necessarily insist on a 51% stake from all foreign companies operating in Zimbabwe.
Nhema was quoted by The Herald saying: “if you are going into sections of the service industry like banks, manufacturing and others where there is no resource to begin with then you cannot say 51% is mine”.
He did however say foreign-owned companies that were exploiting the country’s natural resources would be immediately compelled to cede a 51% stake.
Nhema’s stance on banks will be welcome news to foreign-owned companies such as Barclays, Standard Chartered, Standard Bank’s Stanbic, Ecobank and Nedbank-owned MBCA.
These banks were the subject of indigenisation threats by former minister Saviour Kasukuwere.
Nhema was speaking at a two-day indigenisation and empowerment conference organised by Zanu-PF in Harare on Wednesday.
Nhema was quoted by The Herald saying: “if you are going into sections of the service industry like banks, manufacturing and others where there is no resource to begin with then you cannot say 51% is mine”.
He did however say foreign-owned companies that were exploiting the country’s natural resources would be immediately compelled to cede a 51% stake.
Nhema’s stance on banks will be welcome news to foreign-owned companies such as Barclays, Standard Chartered, Standard Bank’s Stanbic, Ecobank and Nedbank-owned MBCA.
These banks were the subject of indigenisation threats by former minister Saviour Kasukuwere.
Nhema was speaking at a two-day indigenisation and empowerment conference organised by Zanu-PF in Harare on Wednesday.
