Market report: Zimtile to boost capacity next year

by Sunday News Online | Sunday, Nov 4, 2018 | 334 views

zimtile

MANUFACTURER of concrete roof tiles, pavers and bricks Zimtile (Pvt) Ltd is set to boost its capacity with new investments set to commence at the start of 2019, chief executive officer Hilary Munyati has said.

Zimtile is a wholly-owned subsidiary of PG Industries Zimbabwe. Earlier last week, the parent company announced the conclusion of the Secondary Scheme, which paved the way for its acquisition by Indian firm, Dewei Investments.

Through the Scheme, PG industries set out a payment schedule for its creditors that saw the company over time paying statutory creditors $3,76 million, secured creditors$1,64 million, preferred creditors $1,18 million, concurrent local creditors $2,73 million and foreign creditors $117 648.

And around $500 000 has been set aside for old PG Industries shareholders who will be paid when they surrender their share certificates, which will be cancelled pending issuance of new ones.

ALL SHARE

The All Share index closed the week in the negative losing 2.46 points (1,53 percent) to close at 158.49 points. Hippo Valley Estates lost $0,4400 to $1,8000, Meikles dropped $0,1370 to $0,5530 and RioZim was $0,1050 down at $1,8900.

Innscor also dropped $0,0785 to end at $1,6994 and Simbisa traded $0,0500 lower at $0,6500.

In the positive was Old Mutual Limited which recovered $0,0361 to $6,5456, NMB Bank added $0,0344 to end at $0,2344 and First Mutual Limited was $0,0171 stronger at $0,2121.

NAMPAK also gained $0,0100 to $0,2100 while Bindura and Axia both increased by a marginal $0,0009 to close at $0,0719 and $0,4400 respectively.

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