ePaper 3 August 2023

BUSINESS TIMES REDEFINING BUSINESS Established in 2018 Anniversar www.businesstimes.co.zw 3 - 9 August 2023 US$2 Companies & Markets y Inside Politics RTG make forays into Dubai Tunisia president dismisses Najla Bouden, appoints new prime minister — PAGE 19 - PAGE 5 gUrinpcseirntdauinsttyry Briefs ULIVINGSTONE MARUFU the election season upon us. We also Lithium firm value increases ncertainty has engulfed anticipate a continuation of the current to US$3bn local industry as multi-currency environment,” the heightened harmonised Nampak managing director John Van Lithium mining firm Sandawana Mines in election campaign season Gend said. Mberengwa, Midlands province has raised its builds up to August 23, value to over US$3bn from US$5m despite Business Times can report. The company secretary for Zimbabwe’s facing operations challenges that led to its biggest brewer Delta Corporation, Faith shutdown in 2010. This follows the coming Some businesses across a range Musinga concurred. in of Kuvimba Mining House that has of industries have scaled back their invested over US$56m into the company in expansion plans as a result of the She said: “Zimbabwe is in the election a development that has seen the reawakening uncertainty. season running up to harmonised of the company and the community that was elections scheduled for 23 August 2023. facing severe challenges due to unemployment There are growing concerns that and other challenges. Following latest the elections may result in policy “The operating environment in developments, there has been activity on the uncertainties that would scuttle prospects Zimbabwe will be impacted by the ground that also includes the rehabilitation of for volume and revenue growth. election season and the complex roads, employment creation and more business economic factors.” in the community. Sandawana Mines general Business executives anticipate that manager Godwin Gambiza said the coming in the operating environment will remain Musinga added: “There are of new investment has breathed fresh life into difficult. uncertainties posed (by the likelihood of ) the once quiet district and exploration was rapid policy changes, and the polarised going on. -Page 4 “The overall situation facing the political environment.” economy remains challenging, with AfDIS turns to small traders  To Page 2 Zimbabwe Stock Exchange-listed spirits and Threats of El Nino loom wines maker, African Distillers (AfDIS), has LIVINGSTONE MARUFU (ENSO) climate pattern, which in Zimbabwe, Seed Co, is also greediness of the La Nia and for agriculture as we expected turned to small traders as it makes every effort has been predicted by weather worried about the potential effects El Nio phenomena brought reduced production.This will to capture the American dollars, Business Times Zimbabwe could experience experts around the world to lead of El Nino, as this could affect on by human-induced weather also disrupt global supply chains can report. It comes as retail chain stores a devastating El Nino in the to an increase in extreme weather seed sales volumes during the instability, which has increased as most of the countries in the are paying in Zimbabwe dollars for AfDIS 2023/24 summer cropping instability. coming agricultural season. swings between floods and world will be disrupted, causing products. The development was confirmed by season, the Meteorological droughts, extreme heat and the sourcing food from alternative company secretary, Lydiah Mutamuko, in a Services Department (MSD) “Waters in the eastern Pacific “Early weather forecasts are not cold, and extreme heat and cold, markets to be more difficult,” statement accompanying a trading update for warned yesterday. are warmer than usual which favourable and we are therefore causing exponential damage to the Zimbabwe National Farmers the quarter to June 30, 2023. “The quarter also usually points to El Niño planning our varietal placement crops and farm operations. Union vice president Edward witnessed a considerable shift of business from It also comes at a time when phenomenon and that could accordingly,” Seed Co CEO, Dune said. formal retail chain stores to smaller traders as global warming is influencing the supercharge extreme weather,” Morgan Nzwere, said. “Most of our people around the use of US$ currency continued to increase,” voracity of both the El Nio and an official at MSD told Business the country depend on rain-  To Page 2 Mutamuko said. -Page 4 La Nia phenomena, known as Times yesterday. Local farmers anticipate a fed agriculture hence this the El Nino-Southern Oscillation reduced output as a result of climatic instability is always bad High cost of production The biggest seed producer the increased volatility and forces Zimasco to shut down furnace Zimasco Private Limited, a producer of ferrochrome, has shut down two furnaces as part of its efforts to reduce the rising production costs in the face of a downturn in the world market, Business Times can report. Zimasco spokesperson, Clara Sadomba, confirmed the shut down of furnaces saying: “Zimasco confirms the recent curtailment of its operations by 25% as we have temporarily shut down two of our six running furnaces,” Sadomba told Business Times . She added: “This is in response to the high cost of production of ferrochrome in the face of a global market downturn. The company, however, continues to engage with key enablers of our smelting process for more competitive pricing to support a more viable cost of production.”-Page 5 Subscribe for e-paper and online World Markets ZHL to strengthen regional operations www.businesstimes.co.zw Stock Markets Currencies LAST CHANGE % CHG email: [email protected] Investment holding company, ZIMRE Tel: +263 8677004701 Index LAST CHANGE % CHG JPY/USD 0.734 +0 +0.04 Holdings Limited (ZHL), is planning to Cell: 0771322510 strengthen its regional operations so it can seize DJIA 32,579.67 -77.03 -0.24 USD INDEX 104.48 -0.39 -0.37 new opportunities, Business Times can report. Advertise in e-paper and online The development was confirmed by the group NASDAQ 11,374.58 -80.97 -0.71 USD/JPY 136.14 -0.06 -0.044 CEO, Stanley Kudenga, who stated that ZHL [email protected] would first focus on bolstering its operations in +263 8677004701 S&P 500 3,948.28 -21.87 -0.55 GBP/USD 1.202 -0 -0.033 Mozambique. He said ZHL has since received www.businesstimes.co.zw regulatory approvals to recapitalise Emeritus *RUSS 2K 1,892.15 -4.84 -0.26 Commodities LAST CHANGE % CHG Re Mozambique. In addition to Mozambique @businesstimeszw operationsa, ZHLlso has regional operations in BusinessTimesZW ZSE Market Cap Indices - Index Value Change OIL 77.63 +0.58 +0.75 Malawi, Zambia and Botswana. - Page 6 or visit us at: 7 Kenilworth Road , Harare All Share 29,299.06 +2.63% NAT GAS 2.811 +0.064 +2.33 0 731717 909286 Top 10 17,151.32 +0.99% GOLD 1,845.5 +8.8 +0.48 Top 15 20,204.28 +2.71% SILVER 21.105 +0.034 +0.16 Small Cap 631,770.39 +0.09% WHEAT 712 +6.5 +0.92 Medium Cap 64,025.40 +1.68% *COPPER 4.169 +0.079 +1.92

2 Business Times 3 - 9 August 2023 News BT Leave the country, Zanu PF warn saboteurs ZMOREBLESSING MARANGE “Those who do not want to reduce anu PF vice president commodities prices should leave the Kembo Mohadi has country,” he said. threatened to kick out businesses that are not Mohadi said the government following the country’s remains committed to ensuring laws by engaging in unscrupulous clean and constant water supply activities fuelling inflation. by rehabilitation of Morton Jaffray water works and the Presidential He was speaking during his Borehole scheme introduced by party’s campaign rally in Epworth President Emmerson Mnangagwa. on Tuesday. In the mining sector, Mohadi “We are winning the financial war said the government has managed to as evidenced by the falling exchange grow from US$3bn to a US$12bn rates. Prices have started to fall and mining economy. the expectation is once the old stock is finished, we are going to have He added that Zanu PF was cheaper products,” he said. poised for a major victory in all provinces capitalising from the Zanu PF vice president Kembo opposition’s numerous blunders Mohadi including double candidates and the nomination court chaos that has seen them losing 12 seats in Bulawayo province. “Zanu PF is different from all other opposition parties that have been in operation for 23 years yet nothing has changed and things have become worse. Roads that were left in better condition are now full with potholes, and waste collection is not taking place. It’s time to kick them out.” Uncertainty grips industry Threats of El Nino loom  From Page 1  From Page 1 the two leading candidates, Elizabeth Others in the race for the country’s Valerio, the leader of the United top seat are Joseph Busha, Trust Business executives in Zimbabwe Zimbabwe Alliance, will be the Chikohora, Blessing Kasiyamhuru, Farmers have been urged to are worried that there may be an only female candidate for president Lovemore Madhuku, Wilbert diversify crops by including crops upsurge in violence as a result of in Zimbabwe’s August 23 election Mubaiwa, Gwinyai Muzorewa, able to tolerate variable climatic remarks made by Citizens Coalition after being given permission by the Douglas Mwonzora and Wilson conditions, such as cassava and tree for Change president Nelson Electoral Court to run after the Peter. crops like avocado, macadamia and Chamisa after 12 of his candidates Nomination Court threw out her litchi. were disqualified by the High Court papers for being late in submitting Following a complaint made by last week. them. a Lovedale Mangwana who asked Interestingly, the threat from Seed Co group CEO, Morgan the High Court to remove him El Nino coincides with President Nzwere is also worried about the from the ballot, self-exiled Saviour Emmerson Mnangagwa’s intention uncertainties brought about by the Kasukuwere, a former minister in to export maize. election. Robert Mugabe’s cabinet, will not be “Zimbabwe’s business running for president. “Cabinet wishes to inform the a cumulative 49 694 mt comprising of Preparedness on the 18th of May environment remains uncertain nation that as at July 9 , 2023,the 33 008 mt of maize, 9 095 mt of 2023. The plan seeks to achieve with elections coming up...,” Kasukuwere’s residence outside Grain Marketing Board had in stock traditional grains, 4 780 mt of soya national food, feed,and edible oils Nzwere said. of Zimbabwe for more than 18 a total of 204 084 metric tonnes of bean and 2 773 mt of sunflower self-sufficiency. The national target Eleven candidates will run in months, according to Mangwana, maize and 41 464 mt of traditional have been delivered to the GMB as hectarage for strategic crops is 3 040 Zimbabwe’s presidential election rendered him ineligible to run for grains. Millers and stock-feed at July 9 ,2023. An additional 300 000 ha with an expected yield of 3 this month. office because he was no longer a manufacturers are being allocated 27 000 mt of maize will be mobilised to 782 658 metric tonnes (MT). Nelson Chamisa of the Citizens registered voter. 000 mt, SILO Foods 16 000 mt per provide cover up to June next year at Coalition for Change, who is month, and an additional 10 000 mt the current allocation rate of 43 000 “ Accordingly , the Cabinet seen to be the strongest Morgan Nzwere will be sold to Rwanda. mt per month,” she said. has put in place robust measures encompassing irrigation and challenger , will face off “The available grain will last Mutsvangwa said the government agricultural climate-proofing in order against incumbent 5.6months. This shows that has put in place 2023/2024 to maintain increased production. President Emmerson Zimbabwe has sufficient grain Summer Plan additional measures to In line with government priorities in Mnangagwa of the to carry it through to the next climate-proof production to increase the agricultural sector, the National Zanu-PF party in season,” Information, Publicity productivity. Enhanced Agriculture Productivity the election. and Broadcasting Services Minister Scheme will be expanded, with In addition to Monica Mutsvangwa said at a “The nation will recall that more banks contracting increased recently in a post-Cabinet briefing. Cabinet approved the 2023/24 hectarages,” she said. Summer Cropping Plan and State “Under Summer Crops Marketing,it is being highlighted that British company commissions Zimbabwe’s newest coking coal mine It was not just just the layers of changing geopolitical environment”, also expressed its interest in taking which proposed to bring US$400 coal that stood out as President investment in coal is still necessary, any additional coal that becomes million towards coal mining and IPEC commissioner Grace Muradzikwa Emmerson Mnangagwa pulled the Mnangagwa said at the plant. available, either in the event of mine thermal power generation in the veils on the country’s newest coal expansion or if the expected contract Matabeleland North province,” the mine on Monday. It was also the “This is more so for us in Africa with the MNC does not materialise.” agency says. thick layers of irony. with vast deposits of coal,” he said. Contango is also talking to an Zimbabwean coal producers Western governments are Zimbabwe last year exported unnamed “global multi-national don’t have it easy getting their coal pushing developing nations such US$166.4 million worth of coking company, which is expected to to market, because of the country’s as Zimbabwe to ditch coal, but it coal, up from US$39 million in complete its due diligence shortly”. decayed rail network. For Contango, is a British company that has just 2020, according to government Its coal may be bought by Tsingshan, TransOre has the advantage of opened a new coking coal plant. figures. Government hopes the likes which is developing the Manhize having a logistics affiliate African The company may, in the near of Contango can deliver more. steel plant near Chivhu. Rail International. It has rail access, future, sell its coal to Chinese steel locomotives and port access through manufacturers in Zimbabwe. “This is a landmark moment Zimbabwe wants to build a coal the Dry Bulk Terminal at Maputo. for Contango. It is no small feat hub in Matabeleland North, which Contango, listed in London, to bring a mine into production is already home to producers such as “They bring a sizeable logistics started building the Muchesu plant and something most junior mining Hwange Colliery, Western Coal and operation, which we believe is more in 2022. In May, the company companies never achieve,” Contango Makomo Resources. New projects aligned with Contango’s objectives produced its first coking coal, which CEO Carl Esprey said when the in the area include investments moving forward as we develop is used in steel making. Mnangagwa plant started running. by Afrochine Energy, a unit of Muchesu,” Contango CEO Carl made the site his first stop, as he Tsingshan. Esprey says. - newZWire visits more projects in Matabeleland His company is lining up buyers North, including a new Chinese coal for its coking coal. Contango has A new license has recently been Drilling for grade control at Contango’s mine. signed a deal with TransOre, a UAE issued for a large coal plant in the Muchesu Mine in Binga commodities trader that supplies area, according to a recent report Mnangagwa said it was “pleasing coal to Europe and the Middle East. by the Zimbabwe Investment to note that a UK-based company” is Under that deal, Contango will sell Development Agency. developing the project, “despite the up to 20,000 tonnes of coking coal country putting us under sanctions”. at US$120 per tonne. “The highest projection for With climate change and “an ever- investment (in the second quarter) Transmore wants more coal, says was from Zhongjin Heli Energy Contango, adding: “TransOre has

3 - 9 August 2023 Business Times 3 BT News ED scoffs at Chamisa nomination court chaos residentPTENDAI BHEBE IN BULAWAYOEmmerson “Zanu PF is an organised He said Zanu PF was also uncontested Mnangagwa yesterday scoffed at political party. It keeps time in the provincial councils. Citizens Coalition for Change when there is a nomination (CCC) for being in disarray Last week, Bulawayo High Court judge leading to the party failing to court we know when the Justice Nokuthula Moyo acting on behalf field 12 candidates at the Nomination court opens and closes. I of Justice Bongani Ndlovu ruled that the Court that sat in June after filing after the say to those who are unable 12 Citizens Coalition for Change (CCC) set 4pm deadline. to read programmes and and three independent parliamentary He was addressing thousands of party times they should go back candidates in the upcoming harmonised supporters in Cowdray Park constituency and claim their school fees. should not take part in the polls as where Finance Minister Professor Mthuli Zanu PF is uncontested in they filed nomination papers after the Ncube was gifted the seat following the Cowdray Park, Bulawayo stipulated time. CCC candidate’s disqualification. central and Bulawayo South Mnangagwa said the ruling party was constituencies not because The decision means Professor Mthuli now poised for a resounding victory in we stopped anybody but Ncube and Tendai Charuka of Zanu the forthcoming elections adding that PF have been duly elected Members there was no room for a failing opposition because they stopped of Parliament as there were only two especially in urban local authorities. themselves.” contestants in Cowdray Park and “So we are masters of our destination. Bulawayo Central. No one can claim this crown of leadership “I say to those who are unable to read but Zanu PF,” he said. programmes and times they should go He said the failure by opposition run “Zanu PF is an organised political party. back and claim their school fees. Zanu councils to provide basic services was It keeps time when there is a nomination PF is uncontested in Cowdray Park, indication that their time was up. court we know when the court opens and Bulawayo central and Bulawayo South closes,” he said in apparent dig at Chamisa constituencies not because we stopped “We will win tremendously. The whose candidates in the province failed to anybody but because they stopped opposition has failed across the country. submit their nomination papers on time. themselves,” Mnangagwa said. They are a shame. Shame on you, the opposition party. Zanu PF’s signature is that we deliver. We deliver and deliver the opposition talks in the morning, talks in the afternoon and talks at night. Zanu PF is about action and we deliver. Pfumvudza chokes Seed Co LIVINGSTONE MARUFU financial results for the 12 months to S020823 March 31 2023, Seed Co company Government’s failure to timeously secretary Tineyi Chatiza bemoaned pay Seed Co Limited for seed delayed payments by the government. purchased on credit intended for the Presidential Input Scheme also “The appetite to borrow was known as Pfumvudza, is threatening worsened by delayed payments from the viability of the country’s largest the government schemes and a sharp seed company. increase in prices for both operating expenses and seed deliveries. The administration, which buys the bulk of Seed Co’s seed on credit, “Finance costs were at 26% of now gives out free inputs directly to turnover with an interest cover ratio the communal farmers, limiting the of 4.4,” Chatiza said. seed producer’s ability to sell directly to the farmers. He added: “The increase in receivables at the year end date was According to CEO Morgan attributable to the growing sales and Nzwere, the Pfumvudza programme the outstanding debt from growers gives away seeds to communal and government programmes.” farmers, who make up the majority of seed buyers in the nation. Despite limited direct sales, Seed Co maize and soyabean seed sales “The problem we are facing in volumes increased by 12% and 49% Zimbabwe is that as soon as the from prior year respectively driven farmer hears there is free seed, as a by the heightened seed demand result they certainly don’t buy from due to improved rainfall received us. As you know, 90% of the maize is and government programmes grown by communal farmers, that is aimed towards ensuring food the main economic activity that they security supplemented by export do and most of them are incorporated opportunities across the region. into government programmes. However, winter wheat sales were “If the free seed mantra ends from subdued when compared to prior the government, we will see a much year, dropping by 7%driven mainly bigger uptake in terms of the direct by high prices of inputs, unreliable sales from the communal farmers, power supply and uncertainty around which is what it used to be as a lot of commodity producer prices. seed used to go directly to farmers,” Nzwere said. The reported revenue growth was driven by 14% increase in sales He added: “That is actually we volumes and selling price adjustments would prefer as your cash cycles in response to inflation-induced improve. We will be directly dealing increases in operating costs, as well with the market rather than the as the general effects of exchange rate current system which doesn’t give us fluctuations. direct access to the farmer.” In a statement accompanying Seed Co company Cheers to the Business Times for secretary Tineyi Chatiza reaching this significant milestone,  five years of publication. ZIMBABWE 36 Birmingham Road Southerton, Harare, Zimbabwe Tel: 08677 007182, Email: [email protected], Website: www.zimplow.co.zw

4 Business Times 3 - 9 August 2023 Editorial Dilbert cartoon BT BT Editorial comment EMA NEWS ON THE GO intervention commendable Lithium firm value increases to US$3bn Following a recent Cabinet directive for government intervention, LMOREBLESSING MARANGE breathed fresh life into the once the Environmental Management Authority (EMA), a statutory ithium mining firm quiet district and exploration was Part of the 1500 workers busy at work body tasked with ensuring the sustainable management of Sandawana Mines in going on. natural resources and protection, as well as the prevention of Mberengwa, Midlands pollution and land degradation, has started cleaning up waste province has raised its “The valuation was at US$5m dumps in Harare suburbs and the central business district. value to over US$3bn but the investment that Kuvimba As the municipalities of Harare and Chitungwiza struggle to collect trash from US$5m despite facing Mining House has done in terms dumped on any vacant land, creating a serious health hazard, trash has been operations challenges that led to its of the exploration work and this piling up on any vacant land in residential and commercial areas. shutdown in 2010. has increased rapidly the value of As a result, the government intervened through EMA to take control of Sandawana in terms of valuation the operation, which is a commendable action. This follows the coming in of between US$2.5bn and US$3bn,” In total, 560 metric tonnes of rubbish have been removed from the Kuvimba Mining House that has Gambiza said. residential and business districts and transported to the Pomona Waste invested over US$56m into the Management site as part of the operation, according to a post-cabinet company in a development that Officials said the lithium ore briefing yesterday. has seen the reawakening of the being mined at the company was of Cabinet highlighted that, following the failure of the opposition-run company and the community that good quality and competitive on the Harare City Council to collect garbage, heaps of solid waste have accumulated was facing severe challenges due to international market. around the City of Harare, and the Central Government has intervened to unemployment and other challenges. reverse the trend. Gambiza said the company is President Emmerson Mnangagwa, signed the State of Disaster Declaration Following latest developments, working together with other partners on Emergency Solid Waste Management two weeks ago to further improve there has been activity on the ground that have also shown interest to set the removal of solid waste in the city. The declaration sets a goal of having a that also includes the rehabilitation up a beneficiation and value addition clean Harare Metropolitan Province in three months. of roads, employment creation and plant at the mine in a few years. As a result, the government will provide the support required to meet the more business in the community. goal and ensure that corrective action is taken in the three local authorities of Under projects to benefit the the metropolitan province—Harare, Chitungwiza, and Ruwa—to effectively Sandawana Mines general community the company is working manage solid waste throughout the duration of the declaration. manager Godwin Gambiza said the on, 150 kilometres of roads will be coming in of new investment has constructed at a cost of US$110m with the work having already commenced. Residents’ debt to BCC baloons to ZWL$97bn IN FINANCIAL HISTORY TENDAI BHEBE IN BULAWAYO the residents are paying us. And challenges. We do have certain direct and apply for grants that will it becomes very difficult to do services and departments that are assist them in terms of accessing TODAY Residents’ debt to the Bulawayo everything that residents want us to heavily subsidised. However, in some services, “Mpunzi said. City Council (BCC) ballooned to perform. cases where people cannot genuinely ZWL$97bn from ZWL$18bn in afford, they can come to the council January this year, Business Times can “We are asking residents to pay report. their debts,” said Matare. This was revealed by BCC finance A resident said : “The monthly manager, Isaac Matare. bills are high, parking fees are high, and people can hardly pay their “The debt has grown from around bills on time. We beg the council ZWL$18bn at the beginning to consider the needs of the people of the year and now its around when crafting budgets. We are ZWL$97bn. If residents were able to affected by the same economy that pay us, a lot of projects would have affects you as the council.” been completed, “ Matare said. Tennyson Mpunzi, director of He claimed that due to financial BCC finance, advised residents difficulties, BCC was finding it facing difficulties to approach difficult to carry out projects. council and suggest payment plans. “We have been struggling to do “We agree that we face the same all these projects using the (little) 1858—Lyman Blake patents acquisition of the Denver Nuggets, AfDIS turns to small traders shoe-manufacturing machine Colorado Avalanche and the Pepsi Centre for $450m from the Ascent 1922—Dutch auto/airplane Entertainment Group manufacturer Trompenburg declares bankruptcy 2017— France announces it will BUSINESS REPORTER related price adjustments,” she said. ban petrol and diesel cars by 2040 Mutamuko said. According to Mutamuko, the Zimbabwe Stock Exchange-listed business is now concentrating on 1975—Argentine government 2022—First ever joint spirits and wines maker, African AfDIS reported a volume growth the affordable market segment as falls appearance by MI5 head Ken Distillers (AfDIS), has turned to of 11% in the period under review, it attempts to reclaim market share McCallum and the FBI Director small traders as it makes every effort with the Ready-to-Drink segment 1995—Venezuelan Congress Christopher A. Wray, warning to capture the American dollars, accounting for the majority of this from cheaper and illegal goods. approves the country’s first China is the “biggest long-term Business Times can report. growth at 26%, thanks to better Despite the uncertainties investment law allowing for foreign threat to our economic and product accessibility. surrounding exchange rates and the participation in oil exploration and national security” It comes as retail chain stores availability of utilities, she claimed production are paying in Zimbabwe dollars for Mutamuko said the spirits volume that the economic environment still AfDIS products. grew by 1%. offers opportunities for business growth. 2000—Real estate developer The development was confirmed She said AfDIS was coming up Management, Mutamuko said Stan Kroenke announces the by company secretary, Lydiah with strategies to recapture lost continues to put measures in place to Mutamuko, in a statement market share in the wine market accompanying a trading update for which is under threat of cheap exploit the available opportunities the quarter to June 30, 2023. imports. to sustain market share, DIARY OF EVENTS revenue, and profitability “The quarter also witnessed a The company once held a growth. considerable shift of business from monopoly on the Zimbabwean ”The company 7 August 16 August formal retail chain stores to smaller market, but over the past few years will focus on EcoCash Holdings Zimbabwe Padenga Holdings Limited traders as the use of US$ currency it has suffered a severe setback as a product innovation, Limited EGM, 1906 Liberation EGM, Royal Harare Golf Club/ continued to increase,” Mutamuko result of the influx of inexpensive production Legacy Way, Borrowdale, 1000hrs virtual, 1000hrs said. imported and illegally smuggled efficiencies and goods that have significantly reduced Econet Wireless Zimbabwe 18 August According to a trading update for its market share. cost containment Limited EGM, 14:30hrs, virtual Border Timbers Limited EGM, the quarter ending June 30, 2023, measures,” she said. 4 – 12 Paisley Road, Southerton, AfDIS’s revenue increased by 143% “Wine category volume declined Harare/ virtual, 1000hrs over the prior comparable period, by 13% due to competition from and its American dollar turnover cheaper imported brands and increased by 15% to US$12.5m. reduced consumer traffic in key Lydiah Mutamuko account retail chain stores which “Revenue growth was due to impacted negatively on demand,” increased volume and inflation BT Business Times is published by: AB Communications, 6 Williams Way, Msasa, Harare Tel: 0242- 446990-6 www.businesstimes.co.zw Editor-in-Chief : Moses Matenga Editor: Ndamu Sandu - [email protected] Deputy Editor: Phillimon Mhlanga Managing Editor: Livingstone Marufu, Copy Editor: Godwell Gwavava Sub-Editor: Sowell Chikwari Sales Executives: Vusi - [email protected], Merrylin - [email protected], [email protected] Production: Stephen Musoro General Manager: Albert Mushonga - [email protected] Feedback: [email protected] BUSINESS TIMES

Companies& Markets3 - 9 August 2023 5 BUSINESS TIMES Property owners target SMEs New production lines to boost Delta’s - PAGE 6 product supply - PAGE 6 RTG make forays into Dubai HPHILLIMON MHLANGA things are. lot of tax-free zones that you can “ Not that there is anything wrong instruments because Dubai has tax- gearing ratio increases the likelihood ospitality concern, “So, as we do refurbishments, invest a business in for example your with Harare. But, listen, it’s (Dubai) free zones. that their loans won’t be repaid. Rainbow Tourism technology hubs. We want to be a financial hub, it’s a technology Group (RTG), is as we take over new entities and so part of that because we want to have centre.” “It has got mainland and offshore A low gearing ratio represents a setting up an offshore forth, we want to be able to have a cutting edge in Africa. In Dubai, Madzivanyika told Business Times companies and each of those have low proportion of debt to equity. technological centre access to the best technologies, the we will be speaking to like-minded that RTG has begun the process of advantages and disadvantages. So, in Dubai in order to access the best best materials. That is the only way businesspeople, we will be seeing obtaining regulatory approvals. whether you go in as a mainland A gearing ratio is a measurement technology available worldwide and we can upscale our facilities even the latest technologies and He said the hospitality company or an offshore company, of companies’ financial risk, which to procure smartly, Business Times in Zimbabwe, because when we the latest programming group has also engaged there are positives and negatives. is one of the most popular methods can reveal. are here, we only depend on China languages. consultants. So one has to make sure that you of evaluating a company’s financial directly or South Africa next door. “We have already are clear about which is the best fitness. CEO, Tendai Madziwanyika We now want to be world class. We “So, we want to be begun to ask the model for the particular business,” confirmed the development saying always lag behind because of supply there(in Dubai) . It authorities for Madzivanyika said. A company is said to be highly RTG was now seeking regulatory chains.” will help us with the regulatory approvals, levered or geared if its gearing ratio is approvals. RTG has since engaged address. Imagine a including those from Madziwanyika also revealed that greater than 50% because, in periods consultants to carry out additional According to Madzivanyika, company trying to the central bank. We RTG has cut back on borrowing, of lower profits and higher interest research in Dubai. Dubai is a major international hub go to Africa and we have been doing further which has caused its gearing ratio to rates, it would be more vulnerable to for travel and tourism. say we are Gateway research and we have drop from 70% reported in 2012 to loan default and bankruptcy. “Dubai is an exciting prospect. We Stream out of Harare engaged consultancy to less than 1% at the end July 2023. want to set up a technology centre “When it comes to Dubai, and then we are advise us on the best A gearing ratio lower than 25% is to go into the rest of the world using it’s an emerging global financial Gateway Stream out set up, and on The gearing ratio is of particular considered low risk by investors and Gateway Stream (mobile and web centre. It has also set up mega of Dubai. the best concern to lenders because a high lenders. application platform). We also want procurement centres . Additionally, to be able to procure smartly. In other it has capacitation and facilitation Rainbow Tourism Group CEO, This means with a gearing ratio words, when you are in Dubai you for global procurement. So, being Tendai Madziwanyika of less than 1%, RTG is financially are able to see the world because they based out there, you can see a lot of stable. have got facilitation,” Madziwanyika products that could be useful for us. told Business Times. And they have invested in logistics to “It (debt) should be about be able to move. So, we think that it’s ZWL$300 000, which is short-term. He added: “And it doesn’t (Dubai) a good base for investing in It means that our balance sheet has necessarily mean that we are going travel and tourism.” so much capacity to unlock value for to be buying from there . No. But it our shareholders. We paid off (the gives us a bird’s eye view as to where He added: “It’s a good base in bulk of the debt) from operational terms of procurement as well as for funds, that’s why it took us more technology . Also, Dubai has got a than seven years to fully come out of debt. High cost of with Mona-Lisa Dube production forces Zimasco to shut down furnaces Thursdays @1930hrs BUSINESS REPORTER of the main problems was the the construction of an ore 7 Kenilworth Road high cost of electricity, which agglomeration and sintering P.O. Box HG993, Highlands, Harare Zimasco Private Limited, a was impeding production. plant with a 300,000-ton- tel. +263 242 746688 / 746864 / 08677004701 producer of ferrochrome, has per-year capacity and the fax. +263 242 776124 shut down two furnaces as part “The major challenge is renovation of two furnaces at of its efforts to reduce the rising electricity costs. The macro- the West Plant. zifmstereo @zifmstereo production costs in the face of a economic environment has www.zifmstereo.co.zw downturn in the world market, also been challenging with The company has also Business Times can report. significant exchange losses witnessed mining operation having been incurred for long projects being completed and Zimasco spokesperson, periods, which also affected put into operation over the Clara Sadomba, confirmed the viability. We have seen some past five years, with one of the shut down of furnaces saying: stability in this regard recently most significant ones being “Zimasco confirms the recent and we hope this continues,” the installation of four chrome curtailment of its operations Sadomba said. concentrates plants in the by 25% as we have temporarily Norths Dyke (Mutorashanga shut down two of our six At its Kwekwe plant, Zimasco and Impinge area), which have running furnaces,” Sadomba is currently undergoing an produced nearly 1.5 million told Business Times. expansion program that will be tonnes since 2017. finished by the middle of 2024. She added: “This is in According to a recent response to the high cost of The company’s smelting statement made by the production of ferrochrome capacity will increase from company, Zimasco has the in the face of a global market about 144 000 tonnes annually capacity to produce about downturn. The company, to over 300 000 tonnes as a 180,000 tons of ferrochrome however, continues to engage result of the project, which annually and intends to more with key enablers of our started in 2022. than double that amount by smelting process for more 2024. competitive pricing to support a The ferrochrome expansion more viable cost of production.” project entails the construction of two contemporary furnaces According to Sadomba, one at the East Plant, as well as

6 Business Times 3 - 9 August 2023 Companies & Markets BT Property owners target SMEs TLIVINGSTONE MARUFUhe majority of property high vacancy rates. of the wholesale and retail sector. The owners in the central However, the influx of SMEs in wholesale and retail sector, which is business district the biggest contributor to the GDP (CBD) of Harare Harare and Bulawayo has given the at 20.7%, has shown 10.9% growth and Bulawayo are CBD buildings a lifeline. on a year-on-year basis. converting their large buildings to accommodate Small to Medium “CBD property owners have “Therefore, we expect the demand Enterprises (SMEs) as a result of been repurposing their buildings to for small spaces to increase and large companies leaving the area accommodate small and medium occupancy levels in the CBDs to and moving to the suburbs, a new sized enterprises. Consequently, improve.” report has shown. vacancy rates have remained high In its latest report for the real estate because demanded space is smaller,” The report said the demand for sector, Inter-Horizon, said CBD part of the Inter-Horizon report suburban offices has boomed, and offices were the worst-performing reads. their high average occupancy rate has category. also increased. An abundance of CBD office It continued: “Moving forward, buildings has resulted from a more we expect big companies and other “Most landlords in the northern noticeable exodus of large corporates formal businesses to continue suburbs are experiencing a 100% moving into residential areas near moving from the CBDs to suburban occupancy rate for their spaces. the city center such as Eastlea, offices where there is freedom from Market rentals in suburban parks Hillside, Milton Park, Belgravia, and over-zealous parking attendants and range between US$8.00 and Avondale in Harare. touts and companies can provide US$13.00 per square metre per As a result, CBD offices have had individual water and backup power month,” the report said. solutions. The off-takers of the vacant space will be SMEs. On the other hand CBD office rental rates range between US$5.00 “We expect continued repurposing and US$8.00 per square metre per of office buildings in the Harare and month depending on the size and Bulawayo CBDs due to the growth the state of the space. Kutsaga rolls out more ZHL to strengthen climate-smart varieties regional operations the previous record of 259m kg stakeholders to encourage growers LIVINGSTONE MARUFU attained in the 2019 season. to adopt this technology more He said Kutsaga developed and aggressively. If all small-scale farmers LIVINGSTONE MARUFU Zimbabwe’s research body,Kutsaga adopted these more efficient curing Research, is rolling out tobacco successfully tested more efficient barns, deforestation will be reduced Investment holding company, climate-smart varieties in response tobacco curing barns that reduce by half and enable Zimbabwe to ZIMRE Holdings Limited (ZHL), to impending El Nino phenomenon firewood use by 50% and, reduce plant more trees to ensure sustainable is planning to strengthen its regional anticipated during the 2023/2024 the curing cycle from seven to eight tobacco production,” Marapira said. operations so it can seize new summer cropping season. days to five to six days, without opportunities, Business Times can compromising on tobacco quality. Kutsaga was established in 1950 report. El Nino is a natural climate “While there has been a fair under the Tobacco Research Act pattern borne out of unusually rate of adoption of these barns, (Chapter 18:21) and its mandate The development was confirmed warm waters in the eastern Pacific I want to urge all is to direct, control and carry out by the group CEO, Stanley Kudenga, that causes poor rainfall. tobacco research in Zimbabwe. who stated that ZHL would first focus on bolstering its operations in against a volatile business operating that,” Kudenga said. In response to this impending There have been threats to tobacco Mozambique. environment in Zimbabwe. The life and pension cluster phenomenon, Kutsaga is developing grown in Zimbabwe. In its trading update for the five drought-tolerant varieties after He said ZHL has since received months to May 31, 2023, regional contributed 31% of the group’s extensive research. In response to threats from regulatory approvals to recapitalise reinsurance operations contributed overall revenue during the period the World Health Organization Emeritus Re Mozambique. 54% to its total gross premium under review, while local insurance The development was revealed (WHO) to forbid the cultivation written and 36% to total income. and reinsurance contributed 23%. by Lands, Agriculture, Fisheries, of the golden leaf, Kutsaga has been In addition to Mozambique With a 48% performance Water and Rural Development developing alternative crops. operationsa, ZHLlso has regional contribution, Emeritus Malawi had “The growth in the life and pension deputy minister Davison Marapira operations in units Malawi, Zambia a significant impact on the region. cluster was driven by individual life (pictured). Kutsaga research CEO Frank and Botswana. Despite being the best performer, premiums through the success of the Magama said the country takes ZHL also wants to improve Vaka Yako product. “…. I am happy to see that the WHO threats seriously and has “We want to go regional big operations in Malawi. research work on tobacco has not started venturing into alternative time which is why we are taking “We also need to upgrade and While reinsurance experienced suffered as evidenced by the fact crops. some of the assets and capital out of strengthen other operations a 51% improvement, ZHL’s local that new genetics continue to be Zimbabwe into the region. especially Malawi as it has always reinsurance operations during the developed. Magama said : “We are alive to the been the best. We have a stronghold period also saw an improvement in potential ban of the golden leaf crop. “The first port of call, in terms claims experience, which was down At this point, I want to of strengthening our regional 49% from 2022. challenge the Kutsaga to We are not working on tobacco operation, is Mozambique because develop varieties with 6,000 to alone but we are working around of the oil and gas that are going to 8,000 kg per ha yield potential tobacco and alternatives. We be rolled out there. There are some but maintaining the quality of exciting prospects there,” Kudenga already existing genetics. are carrying out a number of said. projects here which gives us a This will be a game-changer significant top line and the It comes after ZHL recently for the industry and Zimbabwe,” proceeds from various attained approval to integrate its Marapira told Business Times. ventures will go into Botswana operations into Emeritus tobacco research International. This year, Zimbabwe has itself or research into recorded the highest tobacco alternatives.” According to Kudenga, the production in its history. regional operations continue to be strategic investments and a buffer in Malawi and we want to strengthen Sales currently stands at 294m kg kilograms,surpassing New production lines to boost Delta’s product supply BUSINESS REPORTER She added: “Product supply The sorghum beer volume in cuts. will improve following the Zimbabwe grew by 7% for the According to Musinga, the Zimbabwe’s largest brewer, commissioning of a new bottling quarter compared to prior year. Delta Corporation Limited says line at the end of the quarter emphasis is still on entering new the new production lines will and the continued investment in Its wines and spirit unit, African trade channels and streamlining boost domestic and regional returnable glass bottles. Distillers Limited reported a 11% the consumer distribution chain. product supply. volume growth in the period “There were some gaps in under review, driven by the Ready In the future, Musinga, said In order to increase production product supply arising from the to Drink and spirits categories. the emphasis will be on seizing as demand kept rising, Delta last disruptions to supply of utilities opportunities from activities that month commissioned the new and scheduled critical plant Associate entity Schweppes produce aggregate demand, such as PET packaging and Chibuku maintenance.” Holdings Africa Limited reported mining operations, infrastructure Super plants. a 5% volume growth, which was development projects, and Revenue for the group grew constrained by the limited output remittances from abroad. “The business will benefit from by163% in the quarter to June of juice drinks and bottled water the improved product supply 30, 2023,driven by the growth in arising from a plant breakdown, However, there are still economic following the commissioning of volume. which has since been resolved. headwinds that have an impact on additional packaging capacity,” the supply, logistics, pricing, and company secretary, Faith Musinga The revenue in American dollar The volumes at Nampak volatility of commodities. (pictured) said in a statement terms grew by 10% over prior year. Zimbabwe Limited were trending accompanying the company’s in line with the growth in the key trading update for the quarter to Volumes for the lager beer grew customer sectors. June 30, 2023.7.31 by 12% in the reviewed period compared to prior comparative There were disruptions to period. production arising from power

3 - 9 August 2023 Business Times 7 BT Markets Data Daily Price Sheet Wednesday 2 August 2023 Zimbabwe Stock Exchange Pricelist ` 02 August, 2023 Market Cap ($mn) 9,435,745.76 2.39% Top 5 Gainers 8.15% Top 5 Losers -4.64% Value Leaders ($) 542,927,400 Top 5 Gainers YTD 1912.80% All Share Index 118,994.78 1.23% OK Zimbabw e 6.77% DZLH -3.93% Econet 158,800,600 SeedCo 1365.61% Top 10 Index 53,399.05 0.08% EHZL 5.54% CBZ -3.75% Masimba RTG 1342.84% Value Traded ($) -76.12% Delta 2.13% Econet -0.52% Delta 41,277,460 Nampak 1279.40% Interbank rate (USD/ZWL) 774,485,193.00 0.67% Willdale 1.80% ZHL -0.46% Meikles 18,525,040 TSL 1270.97% 4,542.3710 FBC Star Africa OK Zimbabw e FBC Market Cap (US$mn) 2.39% 3,119,800 YTD Movement (%) 2,077.2732 -31.33% Bloom berg Ope ning LTP Clos ing Price Pr e vious Volum e traded Value traded Shares In Market Cap Market Cap Price Change Price Change Afdis Tick e r (RTGSc) (RTGSc) (RTGSc) Change (%) Price (RTGSc) (s har e s ) (RTGS$) Issue (m n's) (RTGS$ m n's) (US$ m n's) RTGS YTD (%) US$ YTD (%) Ar is ton AFDIS: ZH 190,000.00 - 190,000.00 - 190,000.00 - - 119.49 227,039.59 49.98 621.34% 8.67% Art ARISTON: ZH 2,900.00 47,113.10 10.37 614.11% 7.58% Br idge r for t ARTD: ZH 2,900.00 2,895.00 2,895.00 -0.17% 4,486.36 3,000 86,850.00 1,627.40 19,604.38 4.32 220.45% Bridgerfort Class B MMDZ: ZH 4,486.36 - 4,486.36 - 1,710.00 - - 436.98 205.20 0.05 113.75% -51.72% BAT 1,710.00 - 1,710.00 - 2,930.00 - - 12.00 38.79 0.01 12.69% -67.80% Bor de r BAT: ZH 2,930.00 - 2,930.00 - - - 1.32 340,235.37 74.90 489.10% -83.02% Cafca BRDR: ZH 1,648,945.12 - 1,648,945.12 - 1,648,945.12 - - 20.63 0.00 0.00 - -11.25% CBZ CAFCA: ZH SUSPENDED - - - - - 42.94 20,953.78 4.61 CFI CBZ: ZH 239,880.00 - - - - - 8.74 454,911.47 1098.80% - De lta CFI: ZH 90,600.00 239,880.00 239,880.00 522.66 233,289.93 100.15 544.72% 80.61% Dairibord DLTA: ZH 220,000.00 80,000.00 -3.93% 90,600.00 1,600 1,392,600.00 106.04 51.36 434.37% -2.87% Ecocas h DZL: ZH 170,788.49 - 87,037.50 - - - 2,353,805.67 401.01% -19.49% Econe t*** EHZL:ZH 38,000.00 220,000.00 220,000.00 1305.85 129,722.65 518.19 935.29% -24.52% Edgars ECO: ZH 12,100.00 177,100.00 180,250.90 5.54% 170,788.49 22,900 41,277,460.00 358.00 334,694.03 28.56 222.34% 55.97% FBC EDGR: ZH 52,001.61 35,000.00 -4.64% 1,700 616,000.00 73.68 419.89% -51.44% Fidelity Life FBC: ZH 12,400.00 12,000.00 36,235.29 6.77% 38,000.00 2590.58 1,296,667.38 -21.68% First Mutual FIDL: ZH 83,500.00 50,000.00 12,919.67 -3.75% 12,100.00 22,800 2,945,685.00 2590.58 74,926.72 285.46 1205.26% 96.65% First Mutual Properties FMLH: ZH 11,325.00 - 50,053.23 52,001.61 1,084,700 542,927,400.00 16.50 1270.97% 106.54% GB Holdings FMP: ZH 18,450.00 85,000.00 12,400.00 - 12,400.00 604.25 571,157.44 -28.91% Ge tBuck s GBH: ZH 10,300.00 - 85,000.00 1.80% 83,500.00 - - 671.95 12,335.56 125.74 371.88% Hippo GBFS: ZH 1,187.02 - 11,325.00 11,325.00 100 85,000.00 108.92 2.72 620.70% 8.58% Lafarge HIPO: ZH 4,370.00 - 18,450.00 - 18,450.00 - 690.14 127,331.39 758.33% 29.31% M as h LACZ: ZH 189,900.00 - 10,300.00 - 10,300.00 - - 1,238.16 127,530.20 28.03 561.88% -0.28% Masim ba MASH: ZH 4,370.00 - - - 536.59 28.08 100.46% -69.80% M e ik le s MSHL: ZH - 1,187.02 - 1,187.02 - - 1,163.12 6,369.41 937.52% 56.31% Nam pak MEIK: ZH 12,280.75 189,000.00 4,370.00 - 4,370.00 600 - 193.02 50,828.27 1.40 NM B NPKZ: ZH 94,500.00 SUSP 189,450.00 -0.24% 189,900.00 400 26,220.00 365,677.46 11.19 - - NTS NMB: ZH 64,748.33 - - 757,800.00 80.00 80.50 1251.69% 103.64% OK Zim babw e NTS: ZH 13,000.00 12,500.00 - 1.79% 0.00 100 - 1,687.58 0.00 1081.50% Old Mutual OKZ: ZH 16,931.24 94,400.00 12,500.00 -0.03% 12,280.75 168,100 12,500.00 210,948.00 0.00 78.00% PPC OMU: ZH 65,000.00 94,467.94 0.39% 94,500.00 28,500 158,800,600.00 241.65 228,285.28 46.44 480.36% -12.57% Pr oplas tics PPC: ZH 2,120.00 13,000.00 65,000.12 - 64,748.33 400 18,525,040.00 256.15 166,498.29 50.26 1342.84% 117.37% RTG PROL: ZH 11,094.54 16,935.00 13,000.00 0.15% 13,000.00 300 52,000.00 755.65 36.65 -32.18% Se e dco RTG: ZH 16,956.67 - 16,931.24 - 50,870.00 404.17 98,234.25 21.63 350.18% -68.69% Star Africa SEED: ZH - - 8.15% 26,000 - 253.87 68,534.06 15.09 107.84% -44.07% Tanganda SACL: ZH - 12,000.00 2,120.00 - 2,120.00 - 3,119,800.00 1,296.31 271.27% Truw orths TANG:ZH 43,995.00 11,999.23 - 11,094.54 - - 62.68 5,382.10 1.18 - TSL TRUW: ZH 13,000.00 SUSP -1.74% - - 37.09 155,547.44 34.24 - - Turnall TSL: ZH 149,995.00 SUSP - -0.26% 0.00 300 - 251.94 - 97.35% Unifr e ight TURN: ZH 502.30 43,200.00 - - 0.00 - 38,900.00 2,495.50 0.00 0.00 -75.91% 120.80% Willdale UNIF: ZH 121,895.00 12,900.00 43,227.59 -0.46% 43,995.00 5,800 - 249.37 0.00 0.00 1365.61% 203.24% ZBFH WILD: ZH 1,000.00 13,000.00 -0.07% 13,000.00 2,500 29,000.00 4,715.08 108,905.70 23.98 1912.80% -64.44% Ze co ZBFH: ZH 60,700.00 - 149,995.00 - 149,995.00 - 3,045,280.00 261.06 324,414.42 71.42 136.06% 105.35% ZHL ZECO: ZH 1,400.00 500.00 500.00 - 502.30 - - 384.07 374,048.04 82.35 1263.05% -45.22% Zim papers ZHL: ZH 20,465.00 121,895.00 121,811.20 - 121,895.00 - - 358.08 23,575.42 5.19 263.64% 107.81% Hw ange ZIMP: ZH 1,850.00 1,000.00 - 1,000.00 - - 493.04 318,005.91 70.01 1279.40% -46.57% RioZim HCCL: ZH 74,700.00 - 60,700.00 2.13% 60,700.00 19,700 - 106.47 3,840.68 0.85 254.65% -40.31% Econet shares in issue include Class A Shares RIOZ: ZH 3.31 - 1,400.00 - 1,400.00 - 372,200.00 1,778.00 217,352.72 47.85 296.22% 58.13% 6,433.33 - 20,465.00 - 20,465.00 - - 175.19 6,902.56 1.52 949.63% -0.36% 997.39 - 1,889.34 -0.52% 1,850.00 4,200 - 463.34 21,789.95 4.80 561.35% -84.93% SUSPENDED 1,825.00 74,700.00 0.06% 74,700.00 600 268,800.00 1,818.22 33,592.49 7.40 0.00% 83.66% 18,400.00 - 3.31 - 3.31 - 5,988.00 576.00 130,867.41 28.81 1119.05% -37.69% - 6,400.00 - 6,433.33 100 - 167.89 15.34 0.00 313.61% - 6,400.00 998.00 997.39 49,200.00 122.03 116,366.00 25.62 - -80.21% 998.00 - 5,748.48 1.27 31.43% - 18,400.00 18,400.00 - - 49,200.00 22,453.42 4.94 Exchange Traded Funds Ope ning LTP Clos ing Price Change Previous Price Volum e traded Value traded Market Cap Market Cap Price Change Price Change (RTGSc) (RTGSc) (RTGSc) (%) (RTGSc) (RTGS$) (RTGS$ m n's) (US$ m n's) RTGS YTD (%) US$ YTD (%) Cass Saddle Agriculture ETF 641.00 800 5,128.00 -46.35% Datvest Modified Consum er Staples ETF 641.00 641.00 641.00 0.00% 848.72 7,991 274.80 0.06 256.11% -22.74% Morgan&Co Made in Zim babw e 848.72 800.00 800.00 -5.74% 550.00 2,000 63,928.00 1,812.26 0.40 412.82% -27.16% Morgan&Co Multi Sector 550.00 550.00 550.00 0.00% 9.68% OM ZSE Top-10 ETF 19,700.00 16,745.00 16,745.00 -15.00% 19,700.00 135 11,000.00 13,541.00 2.98 383.52% -43.97% 2,348.57 2,400.00 2,394.94 1.97% 2,348.57 30,550 22,605.75 21,086.62 4.64 628.04% Real Estate Investm ent Trust Price Change Ope ning LTP Clos ing Price Change Previous Price Volum e traded 731,655.00 3,439.74 0.76 271.88% US$ YTD (%) Tigere REIT (RTGSc) (RTGSc) (RTGSc) (%) (RTGSc) -26.33% 20,000.00 20,000.00 20,039.99 1,698 Value traded Market Cap Market Cap Price Change 0.20% 20,000.00 (RTGS$) (RTGS$ m n's) (US$ m n's) RTGS YTD (%) 340,279.00 144,152.26 31.74 388.98% * The complete list of ZSE Indices can be obtained from the ZSE website: www.zse.co.zw Victoria Falls Stock Exchange Pricelist 02 August, 2023 Market Cap US$ (mn) 871.04 -0.24% LTP Clos ing Price Pr e vious Volum e traded Value traded Shares In Market Cap Market Cap Price Change Price Change All Share Index 66.47 -0.19% RTGS$ Value Traded US$ (USc) (USc) Change (%) Price (USc) (s har e s ) (US$) Issue (m n's) (US$ m n's) (RTGS$ m n's) US YTD (%) 48,293.58 Ope ning 4.00 4.00 0.00% 8.64 650 26.00 1,432.52 57.30 260,281.49 52.67% YTD (%) African Sun - 5.20 0.00% - 552.15 28.71 130,419.65 -56.05% 638.67% Axia Corporation Lim ited Bloom berg (USc) - 1.13 0.00% 14.75 - - 1,272.73 14.38 65,327.55 -50.87% 191.73% BNC 4.00 - 1,350.00 0.00% 1.13 - - 0.62 8.37 38,019.65 3.85% 226.11% Cale donia Tick e r 5.20 2.00 2.00 0.00% - 2,159.81 43.20 196,213.61 20.63% 589.29% FCB ASUN:ZH 1.13 - 32.79 0.00% 1,350.00 10,100 202.00 571.20 850,766.37 -50.16% 476.81% Innscor Africa Lim ited AXIA:ZH 1,350.00 - 201.00 0.00% 2.00 - - 68.40 187.30 624,504.32 12.52% 230.79% National Foods Holdings Lim ited BIND:ZH 2.00 - 1,200.00 0.00% - - 0.16 137.48 8,730.35 4.35% 646.85% NedBank Zim Depository Receipts CMCL:ZH 32.79 - 17.50 0.00% 32.79 - - 544.30 432,673.31 -23.65% 592.62% Pade nga FCB:ZH 201.00 - 24.85 0.00% 201.00 - - 393.65 1.92 444,341.46 -17.03% 406.80% Seed Co Intl INN:ZH 1,200.00 33.00 33.00 0.00% 1,200.00 - - 562.18 95.25 842,705.12 -9.84% 450.74% Sim bisa NTFD: ZH 17.50 - 1,000.00 0.00% 48,061.58 - 97.82 - 0.00% 498.48% West Prop Holdings Lim ited 24.85 4.00 4.00 17.50 145,641 - 344.58 185.52 62,608.50 61.02% 213.50% Zim plow PHL:ZH 33.00 -13.04% 24.85 - 4.00 968.79% SCIL:ZH 1,000.00 33.00 100 - SIM:ZH 4.60 1,000.00 13.78 ZIMPLOW:ZH 4.60 * The complete list of VFEX Indices can be obtained from the VFEX website: https://www.vfex.exchange/ U.S. debt downgrade sinks global markets — but economists are not concerned Global stock markets tumbled index dropped 1.6% by mid- have a lasting impact on market downgrade of its kind since 1994, U.S. entities,” Phillips added. Though the prevailing macro on Wednesday after ratings agency morning in London, with all sentiment beyond immediate Fitch’s fellow ratings agency S&P This view was echoed by Wells message was one of looking past Fitch downgraded the United sectors and major bourses trading shock selling on Wednesday. downgraded the U.S. sovereign the Tuesday downgrade, veteran States’ long-term credit rating — deep into the red, while stocks in rating in 2011 and although it had Fargo Securities Head of Equity investor Mark Mobius told CNBC but top economists say there is Asia-Pacific also plunged across Phillips said the downgrade a “meaningfully negative impact” Strategy, Chris Harvey, who said on Wednesday that the move nothing to worry about. the board overnight. “should have little direct impact on market sentiment, Phillips the Fitch downgrade “should not may cause investors to rethink High-profile economists on financial markets as it is noted that there was “no apparent have a similar impact to S&P’s their strategies on U.S. debt and Fitch announced late on Tuesday including former U.S. Treasury unlikely there are major holders of forced selling at that time.” The 2011 downgrade (SPX 1-day: currency markets. that it had cut the U.S. long-term Secretary Larry Summers and Treasury securities who would be S&P 500 index recovered 15% -6.7%), given the starkly different foreign currency issuer default Allianz Chief Economic Advisor forced to sell based on the ratings over the following 12 months. macro environments and other “I think from a longer term rating to AA+ from AAA, citing Mohamed El-Erian lambasted change.” reasons. perspective people are going to “expected fiscal deterioration over the Fitch decision, with Summers “Because Treasury securities begin to think that they’ve got the next three years,” an erosion of calling it “bizarre and inept” and “Fitch’s projections are similar are such an important asset class, “Wells Fargo believes any to diversify their holdings, first governance in light of “repeated El-Erian “perplexed” by the timing to our own — they imply a federal most investment mandates and pullback in stocks would be away from the U.S. and also debt-limit political standoffs” and and reasoning. Current Treasury deficit of around 6% of GDP regulatory regimes refer to them “relatively short and shallow.” into equities because that’s a a generally growing debt burden. Secretary Janet Yellen described over the next few years — and specifically, rather than AAA-rated way to protect them from any the downgrade as “outdated.” Fitch cites CBO (collateralized government debt,” he said, while Harvey noted that, ahead of deterioration of the currency — U.S. stock futures were sharply Goldman Sachs bond obligation) projections in also noting that Fitch did not the 2011 S&P downgrade, stocks the U.S. dollar or for that matter lower after the downgrade, Chief Political Economist Alec its medium-term outlook, so adjust its “country ceiling,” which were in correction territory, credit any other currency,” Mobius, pointing to a fall of almost Phillips was also quick to point the downgrade does not reflect remained at AAA. spreads were widening, rates were founding partner of Mobius 300 points for the Dow Jones out that the decision did not new information or a major falling, and the global financial Capital Partners, told CNBC’s Industrial Average rely on new fiscal information difference of opinion about the “If Fitch had also lowered the crisis “was still in the market’s “Squawk Box Europe.” and is therefore not expected to fiscal outlook,” he said in a note country ceiling, it could have had collective conscience” — whereas at the Wednesday open on Wall Tuesday. negative implications for other the conditions today are “almost — CNBC Street. AAA-rated securities issued by the opposite.” Though this was the first The pan-European Stoxx 600 Other triggers for consolidation

8 3 - 9 August 2023 BT NewsBUSINESSTIMES Half of the Locals benefit from population in urban Mwenezi Project areas are lodgers SAMUEL NJINGA RECENTLY IN more levies. This has helped us to MWENEZI improve our service delivery to the HSTAFF REPORTER According to the report, 76.8% and Social Amenities to accelerate Mwenezi Rural District CEO, Albert community. About 1 500 families alf of people in of residents in rural areas owned the programmes aimed at improving The marula/ mapfura processing Chivanga are subscribing to this project. It Zimbabwe’s urban homes where they lived. access to affordable and quality and value addition project, which is such that on average a farmer is areas live in rented was officially launched by President currently working with Masvingo able to get US$150-US$300 every homes amid a serious “Of the 34% that owned their housing. Emmerson Mnangagwa two years Polytechnic to produce improved season. Villagers continue to benefit economic meltdown, households in urban areas, about “Focus should be on construction ago, has transformed lives in the products of the fruit,” Savadye said. every season as they sell the fruit at a Zimbabwe Vulnerability 21% of them had title deeds to of new housing units and upgrading drought stricken southern district of US$5 for a 50kg,” Chivanga said. Assessment Committee (ZimVac) their property and 13% did not of informal settlements and the need Masvingo. Mwenezi Rural District CEO, report shows. have title deeds. This just points for the private sector to complement Albert Chivanga, applauded the Following the success of the to the bottlenecks that exist in the government efforts in improving About 128 locals are employed project. Mwenezi Mapfura project, the According to ZIMSTAT, there acquisition of title deeds by home access to decent accommodation,” at the plant, which stands out government has now embarked on are approximately 5.7 million urban owners in the country. the report said. as one unique example of rural He said: “We have managed to get a similar project in Muzarabani, residents in the country, of whom Zimbabwe’s population grew by industrialization in the nation. although this one is for masawi. nearly 3 million rent their homes. “This in turn has implications on 16.2% to 15.18m from 13.1m in the homeowners’ credit worthiness 2012 and the 15.18m population Local farmers are also benefiting The project is being implemented “At least half of people living in and access to capital,” reads part of constituted 3 818 992 households, from the plant, which produces in collaboration with Bindura urban areas in the country live in the report. giving an average of four persons per juices, wine, snacks, oil and stock University of Science andTechnology rented accommodation according household. feeds. and Masvingo Polytechnic. to the 2023 ZimVac report. Rented According to ZimVac, the The 2022 National Housing and accommodation is an economic percentage of households with Population Census also captured “In terms of employment we The National BioTechnology survival strategy especially for those homes without title deeds increased data on living conditions and access employed 128 people of which 14 Authority gives out Mapfura tree who cannot afford their own homes. from 8% in 2020 to 13% in 2019. to basic needs such as water and were outsiders while the rest were seedlings to the locals as part of the electricity. directly employed from Mwenezi afforestation project to protect and “The majority of urban households “There is a need for collaborations The country’s housing backlog district,” the CEO of National preserve the environment. (50%) were tenants and 8% were between ratepayers, councils remained at 2m. BioTechnology Authority, Deckster using tied accommodation,” part of and deeds office to address the Tonny Savadye,told Business Times. Mapfura wine is a natural beverage the report reads. aforementioned challenges. hence cheap and happens to be of He added: “The project has been great benefit to health. “There is a need for the ministry very successful because we managed responsible for National Housing to empower the community by The fruit tree grows naturally buying the fruit (from them).” without need for fertilisers or chemicals hence the wine product Savadye also indicated that the does not therefore have any chemical plant was being upgraded to achieve residue that could affect drinkers. higher output. “We are upgrading the factory so that it is fully automated. We are

10 Business Times 3 - 9 August 2023 BT Regional Niger reopens borders with five neighbours a week after coup Niger has announced the reopening of its A delegation from the regional All of Niger’s borders had been closed after an announcement borders with several bloc was also expected to arrive by the coup makers on state television last week when of its neighbours a in Niger’s capital Niamey on President Mohamed Bazoum was removed. week after a coup Wednesday to start talks with the that has been condemned by foreign military government, led by General General Abdourahmane Tchiani, declared the new head of state of Niger by leaders of a coup, arrives to meet with ministers in Niamey, Niger July 28, 2023 [Balima powers and raised fears of a wider Abdourahmane Tchiani. Boureima/Reuters] conflict in West Africa’s Sahel region. Already, the first military planes “The land and air borders with carrying mostly European nationals Algeria, Burkina Faso, Mali, Libya landed in Paris and Rome on and Chad are reopened from August Wednesday, although there has been 1, 2023,” a spokesperson for the no announcement of foreign troops transitional military government said being withdrawn so far. on state television on Tuesday. France, the United States, The government closed the Germany, and Italy have troops in borders on July 26 while announcing Niger on counterinsurgency and that it had removed democratically training missions, helping the army elected President Mohamed Bazoum to fight groups linked to al-Qaeda from power. and ISIL (ISIS). The borders that have reopened Germany’s Defence Minister Boris are mainly in remote desert areas. Pistorius said on Wednesday there Niger’s key entryways for trade and were no concerns about the safety of commerce remain closed due to German soldiers. restrictions imposed by the regional bloc. Italian Foreign Minister Antonio Tajani also said any Western military Niger’s coup was the seventh intervention to restore democracy military takeover in less than three must be ruled out as it would be years in Western and Central Africa. “perceived as a new colonisation”. — Al Jazeera And News Agencies On Sunday, the Economic Community of West African States (ECOWAS) threatened to use force if soldiers do not reinstate Bazoum after a one-week ultimatum. In response, Burkina Faso and Mali, which have seen two coups apiece since 2020, banded together in opposition to the rest of the 15-nation regional bloc, saying they would consider external aggression in Niger as a declaration of war. Defence chiefs from ECOWAS are set to start a two-day meeting in the Nigerian capital, Abuja, on Wednesday to discuss the situation in Niger. Mozambique President Nyusi claims immunity in $2bn ‘tuna bond’ case Henri Konan Bédié ruled from 1993 to Mozambican President Filipe then Nyusi should be liable to them. 1999 when he was ousted in a coup. Nyusi on Tuesday asked London’s Nyusi, however, has said he is High Court to block allegations Former Ivory Coast he accepted unlawful payments in entitled to immunity as a sitting president dies aged 89 the country’s lawsuit against Credit head of state. He was not in court Suisse and others in the $2bn “tuna on Tuesday but his lawyer, Rodney The former president of Ivory three years ago but was defeated by bond” scandal. Mozambique’s President Filipe Nyusi attends a signing ceremony following the talks Dixon, argued that there was “no Coast Henri Konan Bédié has died. his long-time political rival President difference as a matter of law” between Alassane Ouattara. The tuna bond, or “hidden with Russia’s President Vladimir Putin in Moscow, Russia August 22, 2019 [Sput- someone trying to sue Nyusi in He was 89. debt”, case has triggered criminal London or The United Kingdom’s Mr Bédié took over as the country’s The cause of Mr Bédié‘s death is investigations from Maputo to nik/Alexey Nikolsky/Kremlin via Reuters] King Charles in Australia. second head of state after the death unknown. New York, plus a series of lawsuits of Félix Houphouët-Boigny in 1993. in London involving Credit Suisse, on payments of $11m they say election campaign. Nyusi’s bid for immunity is the But allegations of widespread His death will be felt as a big loss shipbuilder Privinvest, its owner Privinvest made in 2014 to fund Privinvest and Safa have argued latest twist in the long-running corruption and an economic slump for the whole country. Iskandar Safa and many others. Nyusi’s successful run for president dispute, centred on three deals led to him being ousted in a military and his ruling Frelimo party’s that if the payments were not lawful between state-owned companies coup in 1999. Despite his rivalry with President Mozambique, one of the world’s and they are liable to Mozambique, and Privinvest, ostensibly to develop Despite being born into a Ouattara, he was mostly seen as poorest countries, wants to revoke Mozambique’s fishing industry and relatively poor family, he excelled at a wise man who always cherished a sovereign guarantee on a loan it for maritime security. school and was picked to study in peace and an advocate for national has alleged was corruptly procured France where he gained a doctorate unity. and secure compensation for other The deals were funded in part by in economics. alleged wrongdoing. loans and bonds from Credit Suisse He attempted to return to power Many Ivorians are paying – since taken over by UBS – and tribute to him on social media. But the cases in London have backed by undisclosed Mozambican — BBC been mired in difficulties in advance government guarantees. of a trial scheduled for October as Mozambique’s repeated failure But hundreds of millions of dollars to disclose key documents has went missing and, when the state loan threatened to derail the litigation. guarantees became public in 2016, donors such as the International Privinvest and Safa are trying to Monetary Fund halted support, drag Nyusi into the case, arguing he triggering a currency collapse, should contribute to any damages debt crisis, and years of litigation. they may be ordered to pay if they — Reuters are found liable to Mozambique. Their claim against Nyusi focuses Kenya suspends crypto project Worldcoin over safety concerns Kenya’s interior ministry financial network”. was concerned with Worldcoin’s ($49.09). said on Wednesday that it had “Relevant security, financial activities, and agencies would Since its launch, people suspended the local activities probe how it intends to use the of cryptocurrency project services and data protection data it gathers. around the world including in Worldcoin while government agencies have commenced Kenya, Germany, Spain and agencies assess potential risks to inquiries and investigations He said action would be France have been flocking to public safety. to establish the authenticity taken against anyone who registration sites to get their eyes and legality of the aforesaid engages with its activities, scanned by a shiny spherical The project founded by activities,” interior minister without elaborating. “orb”. OpenAI CEO Sam Altman Kithure Kindiki said in a launched last week. It requires statement. Local media have reported The project has also come users to give their iris scans in that more than 350,000 Kenyans under scrutiny in Britain, exchange for a digital ID, and in Worldcoin did not had signed up for Worldcoin as Germany and France. some countries users also get free immediately respond to a of Tuesday, in exchange for free — Reuters cryptocurrency as part of plans request for comment. cryptocurrency tokens worth to create a new “identity and around 7,000 Kenyan shillings Kindiki said the government Stickers handed out to people who signed up for WorldCoin are seen at a sign-up site in Shoreditch, East London, Britain July 24, 2023. REUTERS/Elizabeth Howcroft/File Photo

10 Business Times 3 - 9 August 2023 (Border Timbers Limited, incorporated in Zimbabwe on 28 June 1945 under Company Registration Number 35/1945) VisualCom Page 1 of 7 ABRIDGED CIRCULAR TO SHAREHOLDERS Relating to and seeking approvals for: The terms and conditions of an Offer to the Border Timbers Limited (“BTL”) shareholders for the acquisition of the entire issued ordinary shares of BTL by Cicada Plantations Zimbabwe (Private) Limited (“CPZ”) by way of a share swap on the basis of One (1) new CPZ share to be issued for every 1.1079 BTL Shares held, resulting in the issuance of 38,758,568 new CPZ shares being issued to the shareholders of BTL. And incorporating A NOTICE OF AN EXTRAORDINARY GENERAL MEETING Notice of an Extraordinary General Meeting of the members of BTL, to be held physically at 4 – 12 Paisley Road, Southerton, Harare, and virtually by electronic means via the link “https://escrowagm. com/eagmZim/Login.aspx”, on Friday, 18 August 2023, at 1000 hours, which notice was published on Friday, 28 July 2023 in accordance with the Zimbabwe Stock Exchange (“ZSE”) Listings Requirements and the Companies and Other Business Entities Act (Chapter 24:31), as set out at the end of this Document. Financial Advisors Sponsoring Brokers Reporting Accountants Transfer Secretaries Independent Financial Advisors Legal Advisor Action Required: 1. Read this Document in its entirety. 2. Attend and vote to approve the terms of the Offer at the EGM to be held physically at 4 – 12 Paisley Road, Southerton, Harare, and virtually by electronic means via the link “https://escrowagm.com/eagmZim/Login.aspx”, on Friday, 18 August 2023, at 1000 hours; 3. S hareholders who are unable to attend the EGM, but who wish to be represented thereat, should complete, and sign the Form of Proxy included with this Document and ensure it is lodged at the physical offices of BTL situated at 4 – 12 Paisley Road, Southerton, Harare, so that it is received by the Transfer Secretaries by no later than 1600 hours, on Wednesday, 16 August 2023. Shareholders may attend the meeting virtually notwithstanding the completion and return of a Form of Proxy. A director or officer of the Company cannot be appointed as a proxy for a shareholder. Date of Issue of this Abridged Circular: Friday, 28 July 2023 1. OVERVIEW OF CPZ 1.1. Background CPZ is an agricultural entity which intends to list its share capital on the Victoria Falls Stock Exchange (“VFEX”) within twenty-four (24) months following its intended acquisition of the entire issued share capital of Makandi and of BTL, subject to market interest. CPZ is 100% owned by Cicada Plantations Investment Limited (CPIL), a Mauritian registered company, invested in Zimbabwe under a Zimbabwe Investment and Development Authority (“ZIDA”) licence. The Enlarged CPZ Group structure will include Cicada Katiyo, Northern Farming, Makandi and BTL. 1.2. Current CPZ Group Structure Cicada Holdings Limited (Jersey) 100% 100% 100% Cicada Agritech Cicada Agriculture Cicada Services (Private) Limited Mauritius Limited Zimbabwe (Private) (Zimbabwe) (Mauritius) Limited (Zimbabwe) 100% 100% 100% Cicada Katiyo (Private) Cicada Plantations Limited Investments Limited Northern Farming (Private) Limited (Zimbabwe) (Mauritius) (Zimbabwe) 100% Cicada Plantations Zimbabwe (Private) Limited (Zimbabwe) (Mauritius) 100% Cicada Agriculture Holdings (Private) Limited (Zimbabwe)

3 - 9 August 2023 Business Times 11 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION (Border Timbers Limited, incorporated in Zimbabwe on 28 June 1945 under Company Registration Number 35/1945) VisualCom Page 2 of 7 ABRIDGED CIRCULAR TO SHAREHOLDERS 1. OVERVIEW OF CPZ (cont’d) 2.2. Current BTL Corporate Structure 1.3. Cicada Katiyo (Private) Limited Cicada Holdings Limpopo Limited Limited (Malta) Cicada Katiyo (Private) Limited (“Cicada Katiyo”) is a wholly owned subsidiary of CPZ. Katiyo Estate is 1,700 ha in (Jersey) extent and situated in the northern reaches of the Honde Valley, on the Eastern Border of Zimbabwe (“the Estate”). 10% 100% The Estate currently comprises the following: 10% Zambezi Limited • 193 ha of macadamia, with an average crop age profile of 2 years 9 months from which 750 tonnes of macadamia Cicada Agriculture (Malta) Mauritius Limited are to be produced per year when fully mature in 2028 – 2029; and 0.52% • 2 50 ha of avocado, with an average crop age profile of 2 years from which 6,000 tonnes of avocados are (Mauritius) expected to be produced per year when the plants are fully mature in 2028 – 2029. 100% By 2025, the Estate will house 193 ha of fully irrigated nut bearing macadamias, 310 ha of fully irrigated fruit bearing Saxonian Estates avocados, fully rehabilitated infrastructure and a packhouse to suit its own production. By 2028 it is envisaged that Limited a further upgrade of infrastructure will see it able to handle smallholder production from within the Honde Valley. (Jersey) Cicada Katiyo has signed a 20-year (renewable to 30 years) contract with Agricultural and Rural Development Authority (“ARDA”) to redevelop the Katiyo Estate. Cicada Katiyo has a further opportunity to cultivate 200 ha of ARDA land 18 km away. This contract will not be affected by the implementation of this Offer. A valuation of Cicada Katiyo has been carried out and is referred to in the Independent Financial Advisor’s Report. 100% 67.42% 1.4 Northern Farming (Private) Limited Franconian Zimbabwe Border Timbers Investments (Private) Limited Northern Farming (Pvt) Ltd (“Northern Farming”) is a Zimbabwean agricultural entity wholly owned by CPZ. During 2020, the company sold its grower book to Paperhole Investments (Pvt) Limited. Northern Farming is therefore now Limited (Zimbabwe) comprised of one fully irrigated ARDA estate, on which the company grows 484 hectares of wheat (winter) and 484 (Zimbabwe) hectares of soya beans (summer). 100% A valuation of Northern Farming has been carried out and is referred to in the Independent Financial Advisor’s Report. Rift Valley Services Zimbabwe (Private) 1.5. Proposed acquisition of Makandi Estates (Private) Limited Limited (Zimbabwe) Makandi is based in Chipinge, Zimbabwe, was acquired by Rift Valley Holdings in 2005 and is now housed under 2.3. Forest management Cicada Agriculture Mauritius Limited, as are CPZ and BTL. It comprises nine properties consisting of three farms which are Rusitu (3800 ha), Chipinge Holdings (500 ha) and Smaldeel (880 ha) (the “Makandi Estate”). Makandi BTL owns and manages five plantations namely Charter, Sawerombi, Sheba, Imbeza and Tilbury. Total landholding produces macadamias, avocado and maize – avocados are exported to the European market, macadamia nuts are is 48,000ha with 20,000ha of plantable land of which 13,100ha is under forestry and the balance is available for exported to South Africa, while maize and bananas are produced for local markets. planting. Road establishment and maintenance are carried out within strict parameters to minimize the impact on the environment, ensure adequate levels of drainage and maximize the aesthetics of the planted area. The farms currently comprise the following: • 640 ha of macadamia, from which 1,000 tonnes of macadamia are expected to be produced in 2023; 2.3.1. Silvicultural Practices • 100 ha of avocados, from which 1,500 tonnes of avocado are expected to be produced in 2023; • 100 ha of maize, from which 500 tonnes of maize are expected to be produced in 2023; Silvicultural operations focus on the establishment and maintenance of both pine and eucalyptus plantations. In • 180 ha of bananas at Rusitu under partnership with Matanuska; establishing the plantations, care is taken to match plant species with the site characteristics in order to produce the • 700 head of beef cattle; and best possible yield and quality and reduce the risk of pathogens. The silvicultural practices employed in maintaining, • 800 employees across 3 farms. thinning, and pruning the trees are done with a primary purpose of maximizing the yield of clear and tight knot timber. Makandi also has a 50% stake in a joint venture, the Chipinge Banana Company (Private) Limited (“CBC”), located in the South-Eastern Region of Zimbabwe. CBC houses a 200-ha mature banana plantation and is one of the country’s 2.3.2. Harvesting Operations largest banana estates. Of the 7,000 – 8,000 tonnes of bananas that it currently produces annually, CBC sells about 90% locally while 10% is exported to South Africa. Sawlog harvesting takes place on a rotational period of 22 years for pine and 12 years for eucalyptus. Harvesting operations are carried out in a manner that minimizes environmental damage. Certain of the properties that comprise the Makandi Estate were expropriated by the Government of Zimbabwe in the early 2000’s but were the subject of an award handed down on 28 July 2015 by a tribunal at the International 2.4. Pole Production Centre for Settlement of Investment Disputes in Washington D.C. in favour of Heinrich von Pezold and his family (the “VP Family”) (“VP Award”) whereby the Government of Zimbabwe was ordered to restore title to the affected Border Timbers Limited produces poles from its own managed forests. BTL has 2,500 hectares devoted to eucalyptus properties of the Makandi Estate or alternatively to pay damages and or compensation. As part of the settlement production which is managed for poles. agreement entered into between the VP Family and the Border Timbers Limited and others in December 2021 relating to the Border Award and the VP Award, it was agreed among other things, that the VP Family are prohibited Border Timbers Limited produces light, telephone, and transmission poles from two species, namely eucalyptus from settling the VP Award as it relates to the Makandi Estate on terms that involve them or any other person (other grandis and eucalyptus cloeziana. Eucalyptus grandis transmission poles have a minimum strength of 55MPa while than BTL or a member of the Rift Valley Corporation group or other entity owned by the principal shareholders in eucalyptus cloeziana transmission poles have a minimum strength of 75MPa. The product availability of these two Rift Valley Corporation) acquiring any interest in all or any part of the Makandi Estate. species of poles has been a major strength to Border Timbers Limited as it gives ability to meet varied requirements from customers. Where a customer requests higher strength poles, BTL supplies eucalyptus cloeziana exclusively. 2. OVERVIEW OF BORDER TIMBERS LIMITED 2.4.1. Plant location 2.1. Background The pole treatment plant is in Mutare which is 150km away from the forests in Chimanimani and 35km from the BTL is a limited-liability company incorporated under the laws of Zimbabwe. The Company’s shares have been listed forests in Penhalonga. The plant has an annual production capacity of 15,000m3 - 20,000m3. This makes BTL the on the Zimbabwe Stock Exchange since 1959. biggest pole producer in Zimbabwe and a major player in the region. Border Timbers Limited (BTL), is a timber growing and milling company and has been in the business of managing 2.4.2. Pole Market plantations for over 50 years. The plantations are at five sites, Sheba and Imbeza estates in Penhalonga (Northern Area) and Charter, Tilbury and Sawerombe estates in Chimanimani (Southern Area). BTL operates on about 48,000 Border Timbers Limited sells its poles in the SADC region where transmission poles are sold direct to power utilities. hectares of land, of which some 20,000 is plantable, across four estates around Mutare, Zimbabwe. Its two sawmills Power utilities that are supplied by BTL are BPC (Botswana), ZESCO (Zambia), ESCOM (Malawi), EDM (Mozambique) have the capacity to produce 90,000 m3 of sawn logs annually. It also has a pole treatment plant. and ZESA (Zimbabwe). BTL also supplies various companies that are assisting or contracted by power utilities to B TL’s markets include Botswana, South Africa, Mozambique, Malawi and Zambia. erect power lines such as Eltel (Botswana and Mozambique), and projects that are funded by the rural electrification authorities of Zimbabwe and Zambia.

12 Business Times 3 - 9 August 2023 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION (Border Timbers Limited, incorporated in Zimbabwe on 28 June 1945 under Company Registration Number 35/1945) VisualCom Page 3 of 7 ABRIDGED CIRCULAR TO SHAREHOLDERS 3. PROPOSED ACQUISITION OF BTL BY CPZ 7. CONDITIONS PRECEDENT CPZ has put forward an offer to acquire 100% of BTL’s issued share capital in exchange for its shares (“the Acquisition”), The Proposed Transaction is subject to the following conditions being satisfactorily completed or lawfully waived: resulting in the immediate termination of BTL’s ZSE Listing, (together “the Proposed Transaction”). Should the Offer be accepted, it has been concluded that the purchase consideration at the Effective Date is to be settled via the • T he Offer being accepted by BTL Shareholders representing not less than thirty-five per cent (35%) of the total issuance of 1 new CPZ share in exchange for every 1.1079 BTL Shares held, representing 100% of BTL’s issued BTL Shares (“Control Block”); ordinary shares, resulting in the issuance of 38,758,568 new CPZ shares to the shareholders of BTL. On completion of the Acquisition, BTL will become a wholly owned subsidiary of CPZ. • CPZ notifying the Remaining Shareholders of BTL of the Secondary Offer; • The RBZ Exchange Control approval of payment of the Offer Consideration in the form of CPZ ordinary shares to Non-Resident Shareholders; BTL Shareholders will be asked to consider and action the following: • Approval of the Acquisition of the BTL Shares by CPZ by the Competition and Tariff Commission. • Pass an ordinary resolution requesting BTL Shareholders to approve the terms and conditions of the Offer for • B TL Shareholders applying for and obtaining Capital Gains Tax clearance certificates from ZIMRA for the the acquisition of the entire issued share capital of BTL; acquisition of their BTL Shares by CPZ. • P ass an ordinary resolution authorizing the Directors to take such actions as are necessary to give effect to the • Obtaining all such other necessary regulatory approvals as may be required. resolutions; • For those BTL Shareholders who wish to accept the Offer to sign and return the Form of Acceptance Surrender 8. CORPORATE GOVERNANCE and Transfer. 4. BENEFITS OF THE PROPOSED TRANSACTION 8.1. Introduction The benefits of the proposed transaction include, but are not limited to the following: BTL is committed to the highest corporate governance standards and best practices. The Company’s culture of ethical business practices, transparency, integrity and accountability provide a robust foundation for effective corporate governance. 1. The consolidation of CPZ’s, BTL’s and Makandi’s forestry, orchard and cereal interests under one organisation B TL recognizes that the primary objective of any system of corporate governance is to ensure that directors, would result in a larger, diversified asset base, and would also result in synergies between the companies in executives, and managers carry out their responsibilities faithfully, effectively and efficiently. The Company’s structure, operations, policies and procedures are continuously assessed and updated for compliance with national laws and the Enlarged CPZ Group, thus creating efficiencies for the Enlarged CPZ Group to further scale its operations, generally accepted corporate governance practices. The Company continues to align its corporate governance practices with the Companies and Other Business Entities Act (Chapter 24:31), Securities and Exchange (Zimbabwe production and improve its market position. Stock Exchange Listing Requirements) Rules 2019 (SI.134 of 2019) and the National Code on Corporate Governance in Zimbabwe (ZIMCODE). 2. It is anticipated that the Enlarged CPZ Group would trade (if successfully VFEX listed) at a higher value in The Board of Directors oversees determining the overall strategy, major policies, and risk tolerance levels. Additionally, comparison to its current performance, resulting in greater value for the BTL Shareholders. it approves major purchases, sales, and interim and yearly operating as well as strategic plans and budgets. Key performance indicators and best practice benchmarks are used to track the application of the overall strategy, 3. Through the combined balance sheet of the Enlarged CPZ Group, BTL, through the Enlarged CPZ Group, would policies, and risk management. Executive management provides organised reports so the Board can keep track of the Company’s performance. have a larger capital base to leverage from for funding for development and expansion. 4. BTL would benefit from cost savings with the potential merging of the organisations’ current administrative and other functions, freeing up cashflow for working capital and other requirements. 5. TIMETABLE FOR THE PROPOSED TRANSACTION IMPORTANT DATES Circular incorporating Offer to BTL Shareholders and BTL EGM Notice published Friday, 28 July 2023 8.2. Board of Directors Record Date, BTL Share Register closed (at 1600 hours) Friday, 11 August 2023 The Company’s Articles provide for the appointment of independent Directors. Directors were appointed in a formal Last day of lodging Forms of Proxy (at 1600 hours) Wednesday, 16 August 2023 and transparent manner. Each Director has been separately identified, as a person with the requisite qualifications, BTL EGM (at 1000 hours) Friday, 18 August 2023 skills and experience as well as ethical standing, to contribute to the strategy and performance of the Company. Publication of BTL EGM resolution results Monday, 21 August 2023 Appointments of directors are ratified at the annual general meeting (AGM) of shareholders. The Board currently Primary Offer opens at 0900 Monday, 4 September 2023 comprises two Executive Directors and six Non-Executive Directors, three of whom are independent. The Chairman Primary Offer closes at 1600 Monday, 25 September 2023 of the Board is an Independent Non-Executive Director, thus ensuring a separation of powers and authority. Primary Offer Results released Wednesday, 27 September 2023 T he Directors serving on the Board that are classified as independent have an absence of an interest, position, Termination of BTL’s ZSE listing Friday, 3 November 2023 association or relationship which is likely to influence unduly or cause bias in decision-making. The Board is satisfied that these Directors act with independence of mind and in the best interest of the Company. 6. POST-TRANSACTION CPZ GROUP STRUCTURE 8.3. Directors Interests During the year under review, no Directors had any material interests which could cause significant conflict of Cicada Holdings Limited interest with the Company’s objectives. (Jersey) As at 26 July 2023 the Directors do not hold, directly or indirectly any shares in the Company: 100% 8.4. Other interests Cicada Agriculture 8.25% Mauritius Limited Limpopo Limited As at 26 July 2023, the Directors directly and / or indirectly held no other beneficial interests in/with BTL. (Malta) (Mauritius) 9. DIRECTORS RESPONSIBILITY STATEMENT 8.25% 100% 100% 100% Zambezi Limited The Directors, whose names appear below, collectively and individually accept full responsibility for the accuracy of Streamcourse (Malta) the information provided in this Circular and certify that to the best of their knowledge and belief, there are no other Saxonian Estates Cicada Plantations facts the omission of which would make any statement false or misleading. They have made all reasonable enquiries Limited Limited Investments 9.95% to ascertain such facts, and that this Circular contains all information required by law. (Jersey) (UK) Limited Other BTL Minorities (Mauritius) The Directors confirm that this Circular includes all such information within their knowledge (or which it would be 100% 13.28% reasonable for them to obtain by making enquires) that investors and their professional advisors would reasonably 4.26% expect to find for the purpose of making an informed assessment of the assets and liabilities, financial position, Franconian 0.43% profits and losses and prospects of BTL, and of the rights attaching to the securities to which the listing particulars Zimbabwe Cicada Plantations relate. Investments Zimbabwe (Private) Limited (Zimbabwe) (Private) Limited (Zimbabwe) 100% Cicada 55.6% 100% 100% 100% Services 100% Makandi Estates Cicada Border Timbers Zimbabwe (Private) Limited Agriculture Limited (Private) Limited Cicada Agritech Holdings (Private) Limited (Zimbabwe) (Private) Limited (Zimbabwe) (Zimbabwe) (Zimbabwe) (Zimbabwe) 100% 100% Cicada Katiyo Northern Farming (Private) Limited (Private) Limited (Zimbabwe) (Zimbabwe)

3 - 9 August 2023 Business Times 13 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION (Border Timbers Limited, incorporated in Zimbabwe on 28 June 1945 under Company Registration Number 35/1945) VisualCom Page 4 of 7 ABRIDGED CIRCULAR TO SHAREHOLDERS 10. DOCUMENTS AND CONSENTS AVAILABLE FOR INSPECTION Between Friday, 28 July 2023 and the Wednesday, 16 August 2023, copies of the following documents will be available for inspection, during normal working hours, at the Sponsoring Brokers and Financial Advisors Registered Offices at the addresses set out in the “Corporate Information” section at the beginning of this document: • The Offer from CPZ; • The Memorandum of Association of the Company; • BTL Board approval of the terms of the Offer and the proposed Delisting of BTL from the ZSE; • The written consents detailed in the full Circular; • T he historical financial statements including the Independent Reporting Accountant’s Report on the historical information of BTL for the three financial years ended 30 June 2020, 30 June 2021 and 30 June 2022, which is set out in the full Circular; • The historical financial statements including the Independent Reporting Accountant’s Report on the historical information of CPZ for the two financial years ended 30 June 2021 and 30 June 2022, which is set out in the full Circular; • The historical financial statements for the three financial years ended 30 June 2020, 30 June 2021 and 30 June 2022 for Makandi; • The historical financial statements for the three financial years ended 30 June 2020, 30 June 2021 and 30 June 2022 for Cicada Katiyo; • The historical financial statements for the three financial years ended 30 June 2020, 30 June 2021 and 30 June 2022 for Northern Farming; • The IH Advisory valuation reports used in determining the swap ratios for the purposes of the Proposed Transaction; • The CPZ proforma financial information and the Independent Reporting Accountant’s Report on the CPZ Proforma financial information, which is set out in the full Circular; and • The Independent Financial Advisor’s Report dated 26 July 2023. 11. PROFORMA FINANCIAL INFORMATION CPZ Proforma Statement of Profit and Loss and Other Comprehensive Income Pre- Border Makandi Group Pre- Adjustments Acquisition acquisition Timbers Estates adjustments Proforma 2022 for Group Group 2022 US$ 2022 2022 2022 US$ US$ US$ US$ Revenue 3,322,973 12,900,445 5,659,330 21,882,748 (13,581) - 21,869,167 Cost of sales - - (20,428,489) Gross profit/(loss) (1,233,093) (14,526,751) (4,668,645) (20,428,489) - 1,440,678 (13,581) 2,089,880 (1,626,306) 990,685 1,454,259 Other income 4,152,903 750,756 1,293,614 6,197,273 - - 6,197,273 Other expenses (206,672) (5,196,410) - (5,403,082) - - (5,403,082) Net other income/(loss) 3,946,231 (4,445,654) - - Administrative expenses (2,235,615) (3,825,431) 1,293,614 794,191 13,581 1,307,909 794,191 Selling and distribution expenses (893,212) (6,954,258) - (1,307,909) (5,632,768) Fair value gain/(loss) due to biological - (351,454) - (1,659,363) assets transformation (351,454) - - - 14,832,022 (330,110) 14,501,912 14,501,912 Operating income 3,800,496 4,583,177 1,060,977 9,444,650 - - 9,444,650 Interest income 143,392 19,131 709,750 872,273 (54,007) - 818,266 Interest expense (571,625) (139,494) (540,690) (1,251,809) - 54,007 (1,197,803) Net finance (cost)/income (428,233) (120,363) 169,060 (379,537) 54,007 (379,537) (54,007) Share of (loss) on equity accounting - - (739,000) (739,000) - - (739,000) Monetary (loss)/Gains (840,118) 5,308,571 - 4,468,453 - - 4,468,453 Profit before income tax 2,532,145 9,771,385 491,037 12,794,567 (54,007) 54,007 12,794,567 Income tax (expense)/credit (413,873) 3,246,734 (918,195) 1,914,666 - - 1,914,666 Profit/(loss) for the year 2,118,272 13,018,119 (427,158) 14,709,233 (54,007) 54,007 14,709,233 Items that will not be reclassified to profit or loss Gain on revaluation of PPE 398,493 2,085,465 4,913,003 7,396,962 - - 7,396,962 Impairment loss - (180,539) - (180,539) - - (180,539) Foreign currency translation (1,423,081) - - (1,423,081) - - (1,423,081) Deferred tax effects (61,062) (470,897) (741,640) (1,273,600) - - (1,273,600) Monetary loss/ gain on conversion - --- - - - Share of other comprehensive income from equity accounting - - 725,000 725,000 - - 725,000 Total other comprehensive (loss)/income (1,085,650) 1,434,029 4,896,363 5,244,742 - - 5,244,742 Total comprehensive income for the year 1,032,622 14,452,148 4,469,205 19,953,975 (54,007) 54,007 19,953,975

14 Business Times 3 - 9 August 2023 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION (Border Timbers Limited, incorporated in Zimbabwe on 28 June 1945 under Company Registration Number 35/1945) VisualCom Page 5 of 7 ABRIDGED CIRCULAR TO SHAREHOLDERS 11. PROFORMA FINANCIAL INFORMATION CPZ Proforma Statement of Financial Position Pre- Border Makandi Group Pre- Adjustments Acquisition acquisition Timbers Estates adjustments Proforma 2022 - for Group Group 2022 US$ 2022 - 2022 2022 US$ US$ - US$ US$ - - 57,725,091 ASSETS 16,362,016 24,122,169 17,240,906 57,725,091 - (6,029,652) 38,632,235 Non-current assets - 38,365,885 266,350 38,632,235 - (6,029,652) Property, plant and equipment - 324,633 - 324,633 Biological assets - - 324,633 - - 503,202 Investments 503,202 - - 503,202 - - Right-of-use assets 7,572 - - - 7,572 Deferred tax assets - - 6,353,709 7,572 - - 324,057 Related party receivables 62,488,054 24,185,598 6,353,709 - 97,516,790 Total Non-Current Assets 16,872,790 103,546,442 - - 4,946,939 4,381,433 - - 9,513,737 Current assets 185,365 3,460,806 704,819 9,513,737 - (6,029,652) 4,603,632 Biological assets 438,007 1,248,294 571,256 4,603,632 - 2,554,393 Inventories 734,843 - 2,554,393 - - Trade and other receivables - - - - 72,356 Amount due from related parties 72,356 - 623,564 72,356 - - 23,796 Prepayments 23,796 178,420 23,796 - - 855,302 Cash and bank balances 53,318 9,834,459 6,281,072 855,302 68,193,162 17,623,216 Total current assets 1,507,685 72,322,513 30,466,670 17,623,216 - 115,140,006 Total assets 18,380,475 121,169,658 68,193,162 - 200 EQUITY AND LIABILITIES 200 157,348 122,000 279,548 (279,348) 68,193,162 337,432 Capital and reserves 337,431 1,434,029 21,350,619 23,122,078 (22,784,646) Share capital - - Revaluation reserve - - 889,000 889,000 (889,000) (6,029,652) (1,423,081) Non-distributable reserve (1,423,081) - (11,480,981) (12,904,062) 11,480,981 68,193,162 Foreign currency translation reserve - - Capital reserve from acquisition of controlled entities - 54,294,546 - - - - 4,267,630 Retained earnings 4,267,630 55,885,923 1,426,602 59,988,779 (55,721,149) (6,029,652) 71,375,343 Equity attributed to equity holders of the parent 3,182,180 - 12,307,240 71,375,343 (68,193,162) Non-controlling interests 55,885,923 - 153,900 Total shareholders’ equity - 153,900 153,900 - - 71,529,243 3,182,180 4,015,036 12,461,140 71,529,243 (68,193,162) - Non-current liabilities - - 7,802,645 Long term borrowings 3,787,609 - - 7,802,645 - - 15,895,953 Amounts due to related parties 9,335,125 12,590,480 21,925,605 - - Lease liabilities 6,012,388 - - 854,127 Deferred tax 854,127 10,027,424 - 854,127 - - 9,797,632 Total non-current liabilities - 3,785,244 9,797,632 - (6,029,652) 34,350,357 5,459,154 16,375,724 40,380,009 62,163,510 Current liabilities 13,976,861 - - 6,683,782 Trade and other payables 688,429 6,683,782 - 240,000 Lease liabilities 536,199 865,311 - 240,000 - Short term borrowings 240,000 - - 1,617,980 Provisions 732,324 1,617,980 - 156,557 Bank overdraft 20,345 84,701 125,927 156,557 - 84,701 Deferred tax liability 30,630 - 84,701 - 233,162 Tax liability - - 233,162 - 244,224 Total current liabilities - - 244,224 - Total liabilities 233,162 6,409,166 83,126 (68,193,162) 9,260,406 Total equity and liabilities 161,098 16,436,590 1,629,806 9,260,406 43,610,763 1,221,434 72,322,513 18,005,530 49,640,415 115,140,006 15,198,295 30,466,670 121,169,658 18,380,475

3 - 9 August 2023 Business Times 15 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION (Border Timbers Limited, incorporated in Zimbabwe on 28 June 1945 under Company Registration Number 35/1945) VisualCom Page 6 of 7 ABRIDGED CIRCULAR TO SHAREHOLDERS NOTE 1. In terms of Section 171 of the Companies and Other Business Entities Act (Chapter 24:31), members are entitled to appoint one or more proxies to act in the alternative and to attend and vote and speak in their place. A proxy need not also be a member of the Company. A director or officer of the Company cannot be appointed as a proxy for a shareholder. 2. A rticle 76 of the Company’s Articles provides that the instrument appointing a proxy shall be deposited at the registered office of the Company not less than 48 hours before the time appointed for holding the meeting. 3. Shareholders in the form of a corporate body must provide documentary evidence establishing the authority of a person signing the Form of Proxy in a representative capacity; this authority must take the form of a resolution of the corporate body. INSTRUCTIONS FOR SIGNING AND LODGING THIS FORM OF PROXY 1. A Shareholder may insert the name of a proxy or the names of two alternative proxies of the Shareholder’s choice in the space provided. The person whose name appears first on the Form of Proxy will, unless his/her name has been deleted, be entitled to act as a proxy to the exclusion of those whose names follow. (Border Timbers Limited, incorporated in Zimbabwe on 28 June 1945 under Company Registration Number 35/1945) 2. A Shareholder’s instruction to the proxy must be indicated by the insertion of the relevant number of votes exercisable by that shareholder NOTICE OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS in the appropriate space/s provided as well as by means of a cross whether the shareholder wishes to vote, for, against or abstain from the NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting (“EGM”) of the Shareholders of Border Timbers Limited resolutions. Failure to comply with the above will be deemed to authorize the proxy to vote or abstain from voting at the EGM as he/she is to be held physically at 4 – 12 Paisley Road, Southerton, Harare, and virtually by electronic means via the link “https:// escrowagm.com/eagmZim/Login.aspx”, on Friday, 18 August 2023, at 1000 hours, for the purpose of transacting the deems fit in respect of all the Shareholder’s votes exercisable thereat. A Shareholder or his/her proxy is not obliged to use all the votes following business: - exercisable by the Shareholder or by his/her proxy or cast them in the same way. TO CONSIDER and, if deemed fit, to pass, with or without modification, the following Resolutions: 3. Deletion of any printed matter and the completion of any blank spaces need not be signed or initialed. Any alteration or correction must ORDINARY RESOLUTION 1 – APPROVAL OF THE TERMS OF THE OFFER be initialed by the signatory or signatories. “THAT the terms and conditions of the proposed Offer made by Cicada Plantations Zimbabwe (Private) Limited to the Border Timbers Limited shareholders to acquire up to 100% of the issued share capital of Border Timbers Limited by means of a 4. The Chairman shall be entitled to decline to accept the authority of a person signing the proxy form: share swap at a swap ratio of 1 new Cicada Plantations Zimbabwe (Private) Limited ordinary share for every 1,1079 Border Timbers Limited ordinary shares held, resulting in the issuance of 38,758,568 new CPZ shares to the shareholders of BTL, with i. under a power of attorney the result that Border Timbers Limited shareholders who accept the offer will become shareholders in Cicada Plantations Zimbabwe (Private) Limited and Border Timbers Limited may become a subsidiary of Cicada Plantations Zimbabwe (Private) ii. on behalf of a company Limited, and otherwise for the implementation of the Proposed Transaction described in the Circular to shareholders be and are hereby approved.” unless that person’s power of attorney or authority is deposited at the offices of the Company’s transfer secretaries, or the ORDINARY RESOLUTION 2 – DIRECTORS AUTHORISED TO GIVE EFFECT TO RESOLUTIONS registered office of the Company, not less than 48 hours before the meeting. “THAT the directors be and are hereby authorised to do any and all such things as may be necessary or desirable to give effect to the above resolution.” 5. I f two or more proxies attend the meeting then that person attending the meeting whose name appears first on the proxy form and BY ORDER OF THE BOARD whose name is not deleted shall be regarded as the validly appointed proxy. 6. When there are joint holders of shares, any one holder may sign the Form of Proxy. In the case of joint holders, the senior who tenders a vote will be accepted to the exclusion of other joint holders. Seniority will be determined by the order in which names stand in the register of members. 7. The completion and lodging of this Form of Proxy will not preclude the member who grants this proxy form from attending the EGM and speaking and voting in person thereat to the exclusion of any proxy appointed in terms hereof should such member wish to do so. 8. I n order to be effective, completed proxy forms must reach the Company’s Transfer Secretaries or the registered office of the Company not less than 48 hours before the time appointed for the holding of the EGM. 9. Please ensure that name(s) of the member(s) on the Form of Proxy and the voting form are the same as those on the share register. FORM OF ACCEPTANCE, SURRENDER AND TRANSFER THIS FORM IS FOR USE BY BORDER TIMBERS LIMITED SHAREHOLDERS ONLY Full Details of the Offer are contained in the Circular to Shareholders of BTL dated Friday, 28 July 2023 to which this Form is attached and forms a part. Accordingly, all definitions and terms used in this Form shall unless the context otherwise requires, have the corresponding meaning and interpretation attributed to them in the Circular. FORM OF PROXY This form must be completed by all Border Timbers Limited shareholders who are recorded in the Border Timbers Limited Shareholders’ Register at any time during which the Offer is open, and who wish to accept the Offer. I / We ………………………………………………………….…………………………………………………………………………………………………………………………… ……………………………………… Instructions for completion: Of……………………………………………………………….…………………………………………………………………………………………………………………………… ……………………………………… Part A: Must be completed by all Border Timbers Limited shareholders who wish to accept the Offer. If you are in doubt Being member/members of the above Company, hereby appoint: of the action you should take, please consult your accountant, lawyer, banker, stockbroker or other professional advisor Mr. / Mrs. / Ms. / Dr ……….………………………………….…………………………………………………………………………………………………………………… immediately. ……………………………………… Or failing him or her…………….………………………………………………………………………………………………………………………………..………………… This form must be returned to the Transfer Secretaries together with the relevant Documents of Title, to be received prior ………………………………………… to the closing date of the Offer, which is Monday, 25 September 2023 by 1600hrs. If your Share Certificate/s have been Of…………………………….……………………………………………………………………………………………………………………………………………………………… dematerialised you should return this Form of Acceptance, Surrender and Transfer duly completed and accurate information ……………. that is consistent with the information provided to the CSD. Cicada Plantations Zimbabwe (Private) Limited, at their sole discretion, dispense with the surrender of such Documents of Title upon production of satisfactory evidence that the As my/our proxy to vote for me/us on my/our behalf at the EGM of the Company to be held on xxx, at 1000 hours and at any Document of Title has been lost or destroyed and upon provision of suitable indemnity. Unless otherwise agreed by CPZ, adjournment thereof, for the purpose of considering and, if deemed fit passing, with or without modification, the resolutions only indemnity forms obtained from the Transfer Secretaries (available upon request) will be regarded as suitable. to be proposed thereat in accordance with the following instructions: Signatories may be called upon for evidence of their authority or capacity to sign this Form of Acceptance, Surrender and Ordinary Resolutions For Against Abstain Transfer. ORDINARY RESOLUTION 1 – APPROVAL OF THE TERMS OF In the case of Non-resident Shareholders, the Offer Consideration will be settled as per the normal settlement process of THE OFFER buying and selling shares on the ZSE. The Form of Acceptance Surrender and Transfer that follows these instructions makes provision for furnishing the banking details to be used. The attached Form of Acceptance, Surrender and Transfer makes “THAT the terms and conditions of the proposed Offer provisions for a substitute address for this Offer only. made by Cicada Plantations Zimbabwe (Private) Limited to the Border Timbers Limited shareholders to acquire up to Kindly forward your instructions, together with the Documents of Title in respect of your Border Timbers Limited shares to 100% of the issued share capital of Border Timbers Limited the Transfer Secretaries, as follows: by means of a share swap at a swap ratio of 1 new Cicada Transfer Secretaries Plantations Zimbabwe (Private) Limited ordinary share for By hand, courier, or post: every 1.1079 Border Timbers Limited ordinary shares held, Corpserve (Private) Limited , resulting in the issuance of 38,758,568 new CPZ shares to 2nd Floor, ZB Center the shareholders of BTL, with the result that Border Timbers 56 Union Avenue Limited shareholders who accept the offer will become Harare shareholders in Cicada Plantations Zimbabwe (Private) Limited Zimbabwe and Border Timbers Limited may become a subsidiary of Cicada Plantations Zimbabwe (Private) Limited, and otherwise for the To indicate your intention to participate in the Offer, Forms of Acceptance, Surrender and Transfer may be returned to the implementation of the Proposed Transaction described in the Transfer Secretaries electronically by email ([email protected]) however, acceptance will only be processed Circular to shareholders be and are hereby approved.” upon receipt of the original forms returned by post or delivered by hand to the Transfer Secretaries at the address indicated above. Kindly note that the return of the Form of Acceptance, Surrender and Transfer electronically by email or ORDINARY RESOLUTION 2 – DIRECTORS AUTHORISED TO fax will not be deemed to be an acceptance of this Offer until the original Form of Acceptance, Surrender and Transfer has GIVE EFFECT TO RESOLUTIONS been received by post or delivery. For any queries in relation to the Form of Acceptance, Surrender and Transfer, contact Corpserve Transfer Secretaries. “THAT the directors be and are hereby authorised to do any and all such things as may be necessary or desirable to give effect to the above resolution.” Signed this…………………………………………………………………………………… day of……………………………………………………………………………………………2023 Signature(s) of member……………………………………………………………..

16 Business Times 3 - 9 August 2023 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION (Border Timbers Limited, incorporated in Zimbabwe on 28 June 1945 under Company Registration Number 35/1945) VisualCom Page 7 of 7 ABRIDGED CIRCULAR TO SHAREHOLDERS FORM OF ACCEPTANCE, SURRENDER AND TRANSFER THIS FORM IS FOR USE BY BORDER TIMBERS LIMITED SHAREHOLDERS ONLY Dear Sir/Madam The Offer I/We the undersigned, hereby irrevocably and unconditionally accept the Offer of 1 new Cicada Plantations Zimbabwe (Private) Limited share for every 1.1079 Border Timbers Limited shares held by me/us, the details of which are included in the enclosed Circular. I/We hereby cede ownership and authorise the transfer of ownership of the Border Timbers Limited shares to Cicada Plantations Zimbabwe (Private) Limited (“Cicada Plantations Zimbabwe”). Part A – ALL BORDER TIMBERS LIMITED SHAREHOLDERS ACCEPTING THE OFFER MUST PLEASE COMPLETE THIS SECTION IN BLOCK LETTERS Surname: Given Names (in full): Title (Mr., Mrs., Miss., Ms., Other): Address: Telephone: Mobile: I/We hereby surrender the undermentioned shares/share certificates: Name of registered holder (separate Certificate number/CSD number (in Number of Border Timbers form for each holder) numerical order) (if applicable) Limited Shares Total Signature of Shareholder: Stamp and address of agent lodging this form (if Date: any) Assisted by me (if applicable): State full name and capacity: Date: Telephone number (home): Telephone number (work): Mobile Number: Notes: No receipts will be issued for Documents of Title lodged unless specifically requested. Lodging agents who require special 1. transaction receipts are requested to prepare such receipts and submit them for stamping together with the Documents of Title lodged. Additional copies of this Form of Acceptance, Surrender and Transfer are available upon request from the Transfer 2. Secretaries. 3. Any alteration to this Form of Acceptance, Surrender and Transfer must be signed in full and not initialled. Any alteration may not 4. be accepted by Cicada Plantations Zimbabwe. If this Form of Acceptance, Surrender and Transfer is signed under a power of attorney, then such power of attorney or a notarial 5. certified copy hereof, must be sent with the form for noting, unless it has already been noted by the Transfer Secretaries. Where the Border Timbers Limited Shareholder is a company or a close corporation or other juristic person, a certified copy of 6. all Directors’ or members’ or other resolution authorising the signing of this Form of Acceptance, Surrender and Transfer must be 7. submitted together with this form. Where the Border Timbers Limited shares are jointly held, this Form of Acceptance, Surrender and Transfer must be signed by all joint holders; however, Cicada Plantations Zimbabwe shall be entitled to, in its absolute discretion, accept the signature of that holder whose name stands first in the register in respect of such Border Timbers Limited Shares. The Offer is made gross of tax, and where applicable Capital Gains Tax and other related costs will be deducted at source prior to settlement of the Offer Consideration. Shareholders with CSD accounts will have their new Cicada Plantations Zimbabwe shares credited automatically to their electronic accounts.

3 - 9 August 2023 17 BT InsightBUSINESSTIMES Ethical leadership problem in Africa COLUMN It involves making decisions and role in promoting good governance, ethical leadership. the fight against corruption so they While there are challenges taking actions that are morally right sustainable development, and social This includes ensuring the should be protected by law. associated with ethical leadership, CLIFF CHIDUKU and align with ethical principles. justice. independence of the judiciary, Investing in ethics education the benefits it will bring to Africa legislature, executive and and training for current and future makes it a vital component of Africa is struggling with Ethical leaders prioritise the It is essential in addressing the strengthening anti-corruption leaders is crucial for fostering a successful leadership. a wide range of issues greater good of communities over continent’s persistent challenges. agencies, and establishing effective culture of ethical behaviour. This that are holding back personal gain and strive to create a These ethical leaders are expected to oversight mechanisms. includes teaching values such as Ethical leadership plays a crucial its development. positive impact on individuals and demonstrate strong moral character, A vibrant media plays a critical hard work, integrity, honesty, and role in the successful implementation These problems, organisations. inspire trust and confidence among role in promoting ethical leadership accountability from childhood. of Agenda 2063, as it sets the which have their roots in historical, their followers, and act in the best because it provides information, Leadership development programs foundation for good governance, political, economic, social, and Corruption is one of the many interest of their communities and shape public opinion, and holds that emphasize ethical decision- accountability, and sustainable environmental factors, are intricate vices affecting ethical leadership nations. leaders accountable for their actions making can also contribute to development. and interconnected. in Africa. It involves the abuse or inaction. nurturing a rare breed of ethical and misuse of public resources for Addressing the leadership question By creating robust institutions, leaders. It provides a moral compass for While Africa is a rich and diverse personal gain. in Africa requires a multi-faceted leaders are more likely to be held In addition to education, civil decision-making, promotes good continent with 54 countries, each approach. It involves strengthening accountable for their actions. society plays a vital role in promoting governance, fosters inclusive growth, nation is facing unique challenges. Corruption erodes trust in public institutions, promoting transparency Promoting transparency in ethical leadership in Africa. ensures social justice, protects the institutions, diverts funds away and accountability, and fostering a governance processes is essential for Civil society organizations environment, and builds trust and But there are some common from essential services such as social culture of ethical behaviour. combating corruption and nepotism. act as watchdogs, advocating for collaboration among stakeholders. problems that many African services and perpetuates poverty. It This can be achieved through transparency, accountability, and countries share. These include is a systemic problem that affects Way forward measures such as public disclosure good governance. They provide By embracing ethical leadership corruption, poverty, inequality, all levels of society and hampers It is not too late for Africa to of financial information, open platforms for citizens to voice principles, African leaders will political instability, unemployment, economic growth and development. put its house in order and pursue procurement processes, and citizen their concerns and hold leaders accelerate the realisation of the and food insecurity, among others. a reform agenda that can put the participation in decision-making. accountable for their actions or lack “Africa We Want” as envisioned in Nepotism is another prevalent continent on a growth trajectory. Additionally, establishing of. Agenda 2063. Until next week! In 2015, the African Union issue in Africa’s leadership landscape. For ethical leadership to thrive, mechanisms for holding leaders Ethical leaders should adopted a roadmap to guide the It refers to the practice of favouring Africa should put in place strong accountable, such as independent actively engage with civil society Cliff Chiduku is a communications, continent towards achieving its associates and family members in institutions, promote accountability audit bodies or ombudsman offices, organizations, listen to their public policy and governance expert. vision of an integrated, prosperous, the allocation of resources or when and transparency in governance, can help deter unethical behaviour. feedback, and collaborate with them He writes in his personal capacity. and peaceful continent. making appointments. This often capacity building, among others. Feedback: [email protected] or leads to less qualified people being Building strong and independent Call/App +263775716517. Agenda 2063 is a blueprint appointed to positions of power, institutions is crucial for promoting for Africa’s socio-economic resulting in ineffective governance Whistleblowers are crucial in to address societal challenges. transformation over a 50-year and a lack of meritocracy. While period, from 2013 to 2063. Ethical nepotism erodes public trust and leadership plays a crucial role in the confidence in leadership, it also successful implementation of Agenda creates a perception that positions 2063, as it sets the foundation for of power are not earned based on good governance, accountability, merit, but rather through personal and sustainable development. connections. Unethical leadership is rampant in A lack of accountability further various domains, including business, exacerbates the problem of ethical politics, religious organisations, leadership in Africa. sport, education, and non-profit organisations. Many leaders are not held responsible for their actions or Every day, the media is awash decisions, leading to a culture of with stories where top officials in the impunity. public and private sector are arrested on charges of corruption and bribery. This lack of accountability allows corruption and other Investigations revealed that the unethical practices to thrive without culture of unethical behaviour is consequences. widespread in Africa. Without proper checks and Scandals are the order of the day. balances, leaders are less likely to These scandals highlight a failure act in the best interests of their in ethical leadership as top officials constituents and more likely to usually prioritise personal gain and engage in self-serving behaviours. self-interest over development. Deficiency of ethical leadership The consequences of Africa’s has hindered the continent’s problem with ethical leadership are development and progress. wide and far-reaching. Ethical leadership refers to leaders who demonstrate integrity, honesty, They include widespread poverty, and a commitment to serving the limited access to quality education best interests of their countries or and healthcare, social unrest, and organisations. political instability. When leaders prioritize personal gain over the welfare of their citizens, it hinders progress and perpetuates a cycle of underdevelopment. Ethical leadership will play a crucial The Consumer Protection Act and online transactions COLUMN sufficiently armed with a mandate are anything but robust and with to regulate and enforce consumer the exponential rate at with such FUNGAI CHIMWAMUROMBE rights as its core remit pertains transactions are changing the way we & LEON GONA to the accreditation of consumer do commerce it can only be expected protection advocacy groups. It is that there may soon be a need for The recent furore over the suggested there is a role for the legislative reform in this regard. It dubious real estate properties Consumer Protection Commission should be nigh on impossible that fraudulently sold online or to some to identify online websites/stores/ fraudsters and Ponzi schemes find extent the E-Creator Ponzi scheme, accounts that are infringing or likely safe haven online long enough to the Consumer Protection Act to infringe consumer rights. This defraud innocent consumers. [Chapter 14:44] into sharp focus, would reinforce the core consumer particularly the question of whether right of the right to education in In conclusion Zimbabwe’s this legislative instrument affords terms of information relating to legislative framework in respect of consumers with ample safeguards product or service on sale. the protection of consumer law vis- vis-à-vis e-commerce transactions. à-vis electronic transactions leaves An advisory body flagging online a lot to be desired. It is short and Various online platforms are now platforms and websites infringing bereft of any robustness to counter the medium on which commercial the Consumer protection laws in the dynamic, entrepreneurial transactions are concluded, indeed particular section 52 of the Consumer and innovative space that is ever it is common to find e-stores, Protection Act [Chapter 14:44] changing. It follows that there is need e-catalogues etc. transacting with the would elevate the said legislation for a more robust framework for ably world at large via the said mediums. but also ensure practical solutions to govern the world of electronic/online Whilst the approach is novel, the implementation and exercise of transactions in Zimbabwe. entrepreneurial and a relatively the consumer laws at a macro level. fledgling area for primed for business to consumers engaging in electronic equally robust regimen to deal Whilst e-commerce is abstract and Better collaborative efforts should Fungai Chimwamurombe is a growth in Zimbabwe, the E-Creator transactions, a cooling off period with electronic transactions. It is difficult to monitor in the same be fostered with the conventional registered legal practitioner and debacle brings sharp focus to the in the event cancellation of the this authors considered view that way a physical shop may be, it is law enforcement to clamp down on Senior Partner at Chimwamurombe need for stringent regulation of transaction and the prohibition the aforementioned provisions are opined the Consumer Protection those who contravene the consumer Legal Practice and can be e-commerce from a consumer of unsolicited goods, services and merely a cursory attempt to regulate Act [Chapter 14:44] can still go a laws of Zimbabwe hiding behind the contacted for feedback at fungai@ perspective. communications. Notwithstanding electronic transactions which only step further and create a framework thin veil that such transactions are zenaslegalpractice.com and the fact that there may be other just but scratches the surface. It to better protect consumers online. concluded in an abstract medium WhatsApp 0772 997 889. Leon Gona Sections 52- 54 of the Consumer consumer protection laws elsewhere, is unfathomable that with the that is untraceable back to the is an Associate and can be contacted Protection Act [Chapter 14:44] the heading to the aforementioned burgeoning growth of electronic It is suggested that the Consumer perpetrator. on [email protected] attempts to deal with electronic sections would infer the provisions transactions that sections 52-24 will Protection Commission established transactions, regulating the thereunder provide a holistic and prove to be adequate and robust. in terms of Section 4 of the Consumer It therefore follows that the information that should be provided Protection Act [Chapter 14:44] is not sections of the Consumer Protection Act [Chapter 14:44] expected to deal with electronic transactions

18 Business Times 3 - 9 August 2023 BT Insight COLUMN WTohrekFiuntguArerroafnFgleemxiebnlets BRANDON FMURAMBINDAlexible working arrangements can be traced back to the early 20th century. In the early 20th century, there was a growing interest in flexible working arrangements as a c) Employees may feel pressure the future. Some of the possibilities way to address the needs of working to work long hours during peak include: mothers. periods. In recent times, the COVID-19 1. The rise of the “gig economy.” pandemic has accelerated the shift Benefits In the gig economy, people work on towards flexible work, and it is clear a) Employees can have more a project-by-project basis, often from that this trend is here to stay. control over their work-life balance. home. This type of work arrangement Research is showing an accelerated b) Employees may be more offers a great deal of flexibility, but it shift towards remote and hybrid productive if they can work during can also be less secure. work, and many employees are now their most productive hours. unwilling to give up the flexibility c) Employees may save money on 2. The growth of remote work. that they have gained. transportation and childcare costs. Remote work is already becoming According to research by the 7. Staggered Hours increasingly common, and it is Society for Human Resource Staggered hours allow employees likely to continue to grow in the Management, 83% of workers wish to start and end their workdays at future. This is especially true for to continue working remotely after different times. This can be a good knowledge workers who can do their the pandemic, at least occasionally. option for businesses that need to be jobs from anywhere with an internet And according to a Gartner survey, open during non-traditional hours. connection. 7 out of 10 firms intend to give their Challenges workers flexible work alternatives in a) Communication with 3. The development of new hybrid the future. colleagues and managers may be work models. Hybrid work models Understanding Flexible Working more difficult. combine remote and in-office work. Arrangements b) It can be difficult to track This type of model offers the best of These are arrangements that allow employee productivity. both worlds, providing employees employees to work on a more flexible c) Employees may feel isolated with the flexibility to work from schedule rather than the usual 8-hour if they are working different hours home while also allowing them to workday. than their colleagues. collaborate with colleagues in person These agreements take individual start work between 7 am and 10 am c) Employees may be less stressed a) Employees can have more Benefits needs into account and allow and finish work between 3 pm and if they have more days off each control over their work-life balance. a) Employees can have more The future of flexible working employees to better align their work 6 pm. month. control over their work-life balance. arrangements is full of possibilities. hours with their obligations. b) Employees may be more b) Employees may be less stressed Technology is making it possible for However, there is a need Challenges 3. Part-time work productive if they can work with if they can work during their most people to work in new and innovative to maintain the quality and a) Employees may have difficulty Employees are permitted to work someone who shares their skills and productive hours. ways, and this is likely to continue in quantity of work. According to adjusting to a new schedule. fewer hours than the typical full-time interests. c) Employees may save money on the years to come. As a result, we can Leslie, Manchester, Park, and b) Communication with workweek. For instance, a worker transportation and childcare costs. expect to see an increase in this trend, Mehng (2012), flexible working colleagues and managers may be might be allowed to work 30 hours c) Employees may save money on 8. Phased Retirement with employees having more control arrangements allow employees to more difficult. per week rather than 40. transportation and childcare costs. This kind of flexible work over their work arrangements. select when they start working, c) It can be difficult to track Challenges arrangement allows employees to where they work, and when they employee productivity. a) Employees may earn less money 5. Remote Work progressively cut back on their hours Conclusion leave. They assert that there is intense Benefits if they work part-time. Remote work allows employees or workload over time. Employees Here are some key takeaways from employer contribution to maintain a) Employees can have more b) Employees may have difficulty to work from home or another who are close to retirement age and this article: high efficiency in the employment control over their work-life balance. finding part-time work that fits their location. Employees who work wish to ease into retirement may find 1. Flexible working arrangements relationship. b) Employees may be more schedule. remotely may be able to work full- this to be a smart alternative. are becoming increasingly common, Two main theories have been productive if they can work during c) Employees may feel isolated time, part-time, or on a compressed How Technology is Influencing and this trend is likely to continue in explored in a bid to understand their most productive hours. from their colleagues if they are not workweek schedule. Flexible Working Arrangements the future. FWAs. The flexible firm model c) Employees may be less stressed working full-time. Challenges Flexible Working Arrangements 2. Technology is playing a major by Atkinson (1984) is a charter if they can work from home or Benefits a) Employees may have difficulty are on the growth trajectory. This role in the future of flexible work, for dealing with organisational another remote location. a) Employees can have more adjusting to working from home. is being driven by several factors, making it possible for employees to flexibility. Also, the Social Exchange 2. Compressed Workweek control over their work-life balance. b) Employees may feel isolated including the desire for a better work remotely without sacrificing theory. This theory suggests that This kind of flexible work schedule b) Employees may be less stressed from their colleagues. work-life balance, the need to productivity. employees who are given flexible enables employees to put in longer if they are not working full-time. c) It can be difficult to maintain care for family members, and the 3. There are many benefits to work arrangements are more likely shifts on fewer days. For instance, c) Employees may have more time a work-life balance when working increasing availability of technology flexible working arrangements, to feel that their employer values a worker might be permitted to put for other activities, such as childcare from home. that makes remote work possible. including increased productivity, them, which can lead to increased in a maximum of 40 hours per week or education. Benefits Technology is playing a major improved work-life balance, and job satisfaction and commitment. working 10 hours per day, four days 4. Job Sharing a) Employees can have more role in the future of flexible reduced stress. Types of Flexible Working per week. This kind of flexible work control over their work-life balance. working arrangements. Tools 4. However, there are also some Arrangements Challenges arrangement enables two or more b) Employees may be more like video conferencing, project potential challenges associated with There are various types of flexible a) Employees may have difficulty persons to split the duties of a single productive if they can work in a management software, and cloud- flexible work, such as communication working arrangements. adjusting to longer workdays. job. A full-time job (40 hours/week), distraction-free environment. based collaboration platforms challenges, technology challenges, The specific available options will b) Employees may feel isolated if for instance, might be split between c) Employees may save money on make it possible for employees to and loneliness. vary from employer to employer. they are working from home or in two employees who each work 20 transportation and childcare costs. work remotely without sacrificing 5. Overall, the benefits of flexible This article will explore some of another remote location. hours a week. 6. Annualised Hours productivity. working arrangements outweigh the the common types of FWAs. c) It can be difficult to find Challenges This is a type of flexible working In addition, the rise of artificial challenges. 1. Flextime childcare or other arrangements for a) It can be difficult to find two arrangement where employees are intelligence (AI) is creating new Brandon Murambinda is This is a type of flexible working days off. people who are willing to share a job. given a set number of hours to work possibilities for flexible work, such an Organizational Design and arrangement that allows employees Benefits b) It can be difficult to coordinate per year, but they have the flexibility as the ability to automate tasks and Development Consultant at to choose their start and end times. a) Employees can have more days schedules and responsibilities. to distribute those hours as they see provide personalized support to Industrial Psychology Consultants off each month. c) It can be difficult to build a fit. employees. (Pvt) Ltd, a business management b) Employees may be more sense of teamwork if two people are Challenges As technology continues to and human resources consulting productive if they can work longer sharing a job. a) It can be difficult to track evolve, we can expect to see even firm. hours on fewer days. Benefits employee productivity. more flexible work arrangements in This, however, is done within b) Employees may have difficulty specific parameters. For instance, an adjusting to a fluctuating workload. employee might be able to choose to COLUMN Good lessons for leadership: When the mother eagle sees that Characteristics of the eagle time has come for it to teach the PAUL NYAUSARU eaglets to fly, she gathers an eaglet CHIEDZA KADARE these should not deter a leader but onto her back, and spreading her propel them. Like an eagle, a leader wings, flies high. Suddenly she This week’s article focuses on the can only rise to greater heights if he/ swoops out from under the eaglet leadership lessons we learn from she takes up the challenges head on and allows it to fall. As it falls, it animals. without running away from them. gradually learns what its wings are for until the mother catches it once We focus on the eagle or regard for yourself. It wouldn’t Eagles are Tenacious — Watch to soar to greater heights. It uses High Flyers — Eagles can fly up again. Eagles have Vision-Eagles have a even dawn on you to be afraid an eagle when a storm comes the storm as a catalyst to solder on to an altitude of 10,000 feet keen vision. Their eyes are specially because your instinct is to protect in times of difficulty. The eagle takes The process is repeated. If the designed for long distance focus that which you love and cherish. When other birds fly away from advantage of the very storm that At this altitude, you will not find young bird is slow to learn or and clarity. One characteristic about Successful leaders are fearless. They the storm, an eagle spreads its lesser birds fear and head for cover. another bird. If you find another cowardly, she returns it to the nest great leaders is they have “Vision” face problems head on. mighty wings and uses the current Challenges leaders face are many and bird, it has to be an eagle. They and begins to tear the nest apart, just like an eagle. create a league of their own up there until there is nothing left for the where other birds can never be. They eaglet to cling to. Then she nudges Vision is a key characteristic of fly and make less noise waiting for it off the cliff. True leaders are not any successful leader opportunities to strike their next bosses. They grow with their people. prey or glide with the current of the They strive to make individuals in As a leader you must have a storm. Great leaders are problem the organization or society grow vision that guides and leads your solvers. They love to take challenges to their full ability. They teach and team towards the organization’s or as the eagle does when the storm guide just like the mother eagle does. strategic goals. The vision must be comes. They never stop giving challenges big and focused which has the ability but never give up empowering and to produce. Ability to nurture young ones- directing. Eagles are known for their aggression. Fearlessness — The eagle will What is more astonishing with these Paul Nyausaru is an OD never lower itself to the size or birds is their ability to nurture their Practitioner and leadership coach. strength of its prey. It will always young ones. For all your OD interventions and fight to win its prey or regain its leadership development training territory. The eagle has remarkable Research has shown that no you can get in touch with him on hunting strategy, preying on animals member of the bird family is more whatsapp/call +263774062756 or such as a goat which is much larger gentle and attentive to its young ones Email [email protected] than itself by throwing them off the than the eagle. cliff face. If you were threatened, no Chiedza Kadare is an OD matter the size of that person or what Practitioner. You can get in touch weapon they may be holding, you with her on whatsapp/call +263 77 would attack them without thought 283 0986 or Email chiedza.kadare@ gmail.com

BUSINESS TIMES 19 InsidePolitics3-9August2023 US formally invites China’s Pope vows to keep ‘stirring things Foreign Minister Wang Yi to up’ in Church as Portugal visit Washington—BBC begins — BBC Tunisia president dismisses Najla Bouden, appoints new prime minister Tunisian President Kais Saied has sacked Prime President Kais Saied, left, shakes hands with newly appointed Prime Minister Since his power grab, which the when you throw your lot in with citizens, is struggling with debt of Minister Najla Bouden Ahmed al-Hachani, right, on August 1, 2023, at Carthage Palace in Tunis. [Handout opposition has decried as a coup, criminals and murderers, then it about 80 percent of gross domestic without explanation via Tunisian Presidency] Saied has ruled by decree. is not surprising that you remain product (GDP) and seeking foreign and replaced her with a sycophant nodding your head aid. former central bank executive Palace, according to the presidency. door’ Bouden’s government was able until they expel you through the Ahmed al-Hachani, the Tunisian “There are great challenges … Bouden, a university engineer to make little to no progress on the small door,” opposition politician Faced with a low-wage economy, presidency said. economy, and fears were rising that Abdelmalik Hussein said on X. the Tunisian state has since the in order to protect our homeland, who had worked with the World Tunisia would be unable to pay its Others pointed out that al-Hachani 1970s centralised the purchase of Bouden, who was the first woman our state and civil peace,” Saied Bank, was appointed prime minister foreign debts and people struggled does not have the credentials to be a large number of basic ingredients to head a government in Tunisia, was told al-Hachani after he took the by Saied in October 2021, two and to find basic commodities like bread, the country’s prime minister. such as flour, semolina, sugar, coffee “terminated” shortly before midnight constitutional oath. At the end of the a half months after the president farina, sugar, rice and coffee. and cooking oil, before putting them on Tuesday by the president who ceremony, Saied wished him “good granted himself sweeping powers by “He is a man who was in charge of on the market at subsidised prices. immediately appointed al-Hachani, luck in this responsibility”. dismissing his then-prime minister She had supported an economic the human resources department in a little-known former human and suspending parliament. reform programme that would be the Central Bank and has nothing to There have been sporadic shortages resources director at Tunisia’s central Bouden ‘expelled from the small needed to obtain a $1.9bn loan from do with the economy,” one user on of these products for months, linked, bank. the International Monetary Fund, X wrote. “The gentleman has been according to economists, to suppliers but Saeid rejected any reforms that retired for five years. What kind of requiring advance payment, which No official explanation was would include cutting subsidies on experience does he have?” Economic Tunisia has had great difficulty given for Bouden’s dismissal, but food and energy, saying doing so woes doing. several Tunisian media outlets could cause acute social tensions. highlighted Saied’s displeasure over Tunisia’s political crisis has Several meetings have taken place shortages, particularly of bread in Social media users reacted to gone hand in hand with its serious recently within the government and state-subsidised bakeries. Bouden’s Bouden’s dismissal with indifference. economic difficulties as debt piles up, between the president and ministers government is seen as having been growth stays sluggish at 2 percent, over the problem of shortages of unable to fix the economic and “Najla Bouden left in the same poverty increases and unemployment subsidised bread in several regions. social crisis that Tunisia is mired manner as she was appointed,” one remains high at 15 percent. in as resources dwindle and prices user wrote on X, the site formerly According to the media, Saied, skyrocket. known as Twitter. The North African country, which who recently said “bread is a red is saddled with a crippling public line for Tunisians”, fears a repeat of Al-Hachani, who now takes over “When you are appointed wage bill from a civil service that the bread riots that left 150 dead in that responsibility, was sworn in by a coup that has levelled the employs 680,000 of its 12 million 1984 under Habib Bourguiba, the before the president at Carthage constitution, the law, and the “father of Tunisian independence”. Tunisian state institutions, and ­— Al Jazeera And News Agencies Kagame appoints Russia targets Odesa port, daughter to key angering Ukraine and Romania post in his office Rwandan President Paul including new ambassadors to was appointed in 2020 to the Kagame has appointed his Ethiopia, Morocco, Egypt and Rwandan Development Board daughter to a key position in Guinea. — which is tasked with fast- his office. tracking economic growth Ms Kagame has been through the private sector. Ange Kagame, 29, has working in the president’s been appointed the deputy office as a senior policy analyst The third-born son, executive director in charge of since 2019 and holds political Ian, is an officer of the the strategy and policy council, science and international affairs Rwandan Defence Force, according to a statement of a degrees from US universities. and was last year enrolled cabinet meeting chaired by Mr into the presidential guard. Kagame on Tuesday. Two of President Kagame’s — BBC other children also hold The statement also positions in government. announced other appointments His eldest son, Ivan Kagame, Russian drone attacks have increased in Odesa, damaging grain infrastructure. [Odesa region Governor Oleh Kiper on Telegram/Handout via Reuters] Ukraine’s coastal region of Odesa was global food security,” he added. Black Sea ports. Moscow backed out of the rattled by Russian drones which hit grain Romanian President Klaus Iohannis agreement last month. storage facilities in the south of the region, according to authorities in Kyiv. called Russia’s repeated attacks on The Kremlin has said recent attacks are Ukraine’s Danube infrastructure near in retaliation for a Ukrainian attack on a The grain port of Izmail, an inland port Romania “unacceptable” war crimes. bridge to Crimea, but officials in Kyiv aw across the Danube River from NATO- them as Russia signalling its intention to member Romania, was the main target of Russian drones targeted Ukraine’s reimpose a blockade in the Black Sea. Moscow’s drone attack. Danube ports last month, destroying a grain warehouse, according to authorities The United Nations has warned that About 40,000 tonnes of grain destined in Kyiv. Moscow’s termination of the Black Sea for African nations, China and Israel were grain deal could trigger a potential food damaged, officials said, Nine days of attacks crisis in some of the poorest countries in Kyiv has accused Moscow of stepping up the world. “As a result of the attack, fires broke out attacks on Ukrainian grain infrastructure at the facilities of the port and industrial by hitting 26 port facilities, five civilian In a call with Russia’s President infrastructure of the region, and an vessels and 180,000 tonnes of grain in Vladimir Putin on Wednesday, Turkey’s elevator was damaged,” Odesa region nine days of attacks, since quitting the President Recep Tayyip Erdogan said he Governor Oleh Kiper said in a statement Black Sea grain deal. will continue in efforts to reinstate the deal on the Telegram messaging app. Moscow has said it will treat ships in the which he described as “a bridge of peace” Black Sea heading to Ukrainian seaports, and urged Moscow to de-escalate the war. Ukrainian President Volodymyr “as potential military targets”. Zelenskyy accused Russia of waging an Turkey and the UN brokered the The Kremlin said Putin reiterated attack on “global food security”. wartime grain deal between Kyiv and Russia’s conditions for rejoining the Moscow last year, to ensure that Ukrainian grain deal, which included improving the “Unfortunately, there are damages,” ships could safely export agricultural terms for its food and fertiliser exports. Zelenskyy said on Telegram. products to the rest of the world from — Agencies Ange Kagame has been working in the president’s office. “The most significant ones are in the south of the country. Russian terrorists have once again attacked ports, grain,

3 - 9 August 2023 BOOKS MUSIC TRAVEL MOTORING Life Arts Gianluigi Buffon: Italy Emma Raducanu legend retires aged 45 returns to practice court for first time since surgery Zendaya pays tribute to Euphoria co-star Angus Cloud Zendaya has said that “words are not enough “You will be missed more than Check on them.” to describe the infinite you know, but I’m so blessed to California congresswoman beauty” of her Euphoria have known you in this lifetime, and Barbara Lee lamented the loss of co-star Angus Cloud, I’m sure everyone who has ever met “Oakland’s own”, in a post on X. following his death aged 25. you feels the same,” she wrote in an “His immense talent touched the emotional tribute online. lives of countless people. His work & The actress, who stars as recovering legacy will forever live on and make addict Ruby “Rue” Bennett in the In a statement, HBO said: “We Oakland proud,” she wrote. HBO series, shared a black and are incredibly saddened to learn of Actress Kerry Washington also white image of Cloud on Instagram, the passing of Angus Cloud. He was posted on the platform: “You will be celebrating his “boundless light, love immensely talented and a beloved deeply missed. Rest in power.” and joy”. part of the HBO and Euphoria Actor Danny Ramirez also paid family.” tribute on his Instagram story. Cloud played drug dealer Fezco The Oakland Roots sports club “Fez” O’Neill in the teen drama. Euphoria creator Sam Levinson said they were “heartbroken” by the said: “There was no one quite like news. Rappers Drake - an executive Angus. He was too special, too “Rest easy fam. He was a day one producer on it - and Kid Cudi also talented and way too young to leave supporter and an Oakland legend. paid homage. us so soon.” You will be missed.” Cloud had minor acting credits Cloud died on Monday at his Sydney Martin, the model who in two films, North Hollywood and family home in Oakland, California, was rumoured to be in an on-off The Line. He had also appeared in a publicist confirmed. “It is with the relationship with Cloud, shared music videos for artists including heaviest heart that we had to say broken heart emojis on Instagram Becky G, Karol G and Juice WRLD. goodbye to an incredible human after his death was announced. But his career really took off after today,” said the Cloud family. Zendaya (pictured here with Cloud last year) is the star of Euphoria. he won the part of Fez, a high school Cloud’s co-star Javon “Wanna” Posting on Instagram, Zendaya love and joy he always managed to There was some comfort in love for everyone.” Walton, known in the show as drug dealer in Euphoria. wrote: “I’m so grateful I got the give us. I’ll cherish every moment.” knowing he was now “reunited with His cause of death has not been Cloud’s adoptive brother, Ashtray, After first airing in June 2019, chance to know him in this life, to his dad, who was his best friend”, wrote on Instagram: “Rest easy Euphoria quickly became a hit, and call him a brother, to see his warm Drake shared an image of Cloud they said in a statement. given. brother.” by 2022 - two seasons in - was the kind eyes and bright smile, or hear simply captioned “Good Soul”, The actor was one of the breakout most tweeted-about TV show of the his infectious cackle of a laugh (I’m while Kid Cudi posted on X “Angus was open about his battle Alexa Demie, who plays decade in the US. smiling now just thinking of it). (formerly known as Twitter): “This with mental health and we hope stars of Euphoria, appearing in both Maddy Perez in the drama, posted The main character, played by hurts man. One of the realest dudes that his passing can be a reminder series alongside Zendaya, Jacob a simple broken heart emoji Zendaya, is a 17-year-old who “I know people use this expression in this business.” to others that they are not alone and Elordi and Sydney Sweeney. on a black background, while struggles with drug abuse. often when talking about folks they should not fight this on their own in Colman Domingo, who plays Ali — BBC love...’they could light up any room Cloud attended his father’s funeral silence,” it said. Sweeney, who played Cassie Muhammad, wrote on his Instagram they entered’ but boy let me tell in Ireland last week and, according Howard, also paid tribute on story: “Couldn’t be more real, you, he was the best at it. I’d like to to his family, “intensely struggled “We hope the world remembers Tuesday, calling Cloud as “an open original and sweet. Loved this kid. remember him that way. with this loss”. him for his humour, laughter and soul, with the kindest heart” who Always smiles. I hope this sensitive “filled every room with laughter”. soul is at rest. check on loved ones. “For all of the boundless light, Lizzo dancers Arianna Davis and Crystal Williams: ‘No one speaks out, they are scared’ Two of Lizzo’s former dancers, Lizzo won record of the year at the Grammy Awards in February for About Damn Time. environment which included sexual During the pandemic, she went who are suing the pop star for harassment and fat-shaming. viral when she answered a casting misconduct, have claimed others are for this to be my first experience is job”. shames dancers behind the scenes. call by Lizzo, posted a clip of herself scared to speak out. really crazy.” Speaking to CBS, Ms Davis said: She alleged the singer raised thinly The legal action also includes dancing on TikTok, which the singer claims Lizzo suggested that the duetted on. Arianna Davis and Crystal She went on to say that “nobody “My dancing ability was the same, veiled concerns about her having put dancers were drinking alcohol before Williams said they had filed the speaks up because they’re so scared my energy was the same. The only on weight and Ms Davis felt that she performances, before sacking her a She featured on her Amazon claim hoping to prevent others from for their jobs,” adding: “I was thing about me that was different had to explain intimate details about few days later. reality competition, Watch Out For suffering. terrified for my job.” was my weight.” how anxiety led her to binge eating, The Big Grrrls - which saw Lizzo pick in order to keep her job. “That was never the case, in fact, new dancers and also pick up the Ms Williams told CBS she wanted Ms Davis claimed Lizzo had Discussing the alleged questions alcohol was never even allowed in Emmy for outstanding competition to ensure that other dancers who implied the dancer had gained about her weight, Ms Davis claimed: On Tuesday in Los Angeles, the our dressing room or on our rider,” programme - and then toured with work with Lizzo “don’t have to go weight. The legal documents said “There was this underlying air of, pair, along with a third former dancer Ms Davis told CBS. the star, performing at the 2023 Brit through that same experience”. that, though never explicitly stated, ‘why are you bigger?’.” Noelle Rodriguez - who resigned over Awards in February. the questions she was asked “gave the alleged treatment of the other Ms Williams added: “If there’s Lizzo and others on her team who Ms Davis the impression that she Lizzo accused of sexual two dancers - filed a lawsuit against anything that I can do in my power Crystal Williams, 26, from Texas, are accused have been asked for a needed to explain her weight gain harassment and fat-shaming Lizzo, her production company and to ensure that dancers or singers or also briefly appeared on Lizzo’s comment. and disclose intimate personal details her dance captain Shirlene Quigley whoever decides to work with her reality show and later the singer’s about her life in order to keep her In the legal documents, the same for allegedly creating a hostile work don’t have to go through that same “Special Tour”. The singer has not yet responded dancer also claimed Lizzo weight- experience, I’m going to do that,” she publicly to the allegations made in said. Having performed with a college the case, which have yet to be tested dance group while studying mass in court. Who is Lizzo? communication, she sent an online Lizzo is an artist at the top of the submission to Lizzo’s casting call. The legal action against the Brit music industry. She won record of and Grammy Award-winner includes the year at this year’s Grammys for After a brief appearance, she accusations of sexual, religious and About Damn Time and played the dropped out of the TV dancing racial harassment, discrimination, Pyramid Stage at Glastonbury in competition early doors having assault and false imprisonment. June to one of the biggest crowds of already secured a job as one of the the weekend. singer’s new backing dancers. Ms Davis and Ms Williams This week she entered the charts both toured with Lizzo - real name with Pink, her contribution to the Noelle Rodriguez, 25, and also Melissa Jefferson - after featuring on soundtrack of the massively popular from Texas, did not appear on Lizzo’s her Amazon Prime Show, but say Barbie film. competition reality show. they were subsequently sacked. The 35-year-old from Houston, Texas is also known for celebrating She was hired after starring in her In the legal claim, Ms Davis inclusivity and body positivity in her music video for the song Rumors. alleges she was pressured to attend music and live performances. sex shows while on tour in Europe The BBC have asked Lizzo and Previously, she appeared as with the star, even though it was the others accused to comment, but background dancer in a scene in the against her religious beliefs. they have not yet publicly responded first season of the US teen drama to the allegations. Euphoria, as well as several high- She also alleges that earlier this year Who are the dancers involved? profile TV adverts. Lizzo organised a night out for the Arianna Davis, 24, from Indiana, dancers in a strip club in Amsterdam has been dancing since she was a Aside from Lizzo, she has and said she felt pressured into child and has been pursuing a degree performed with the likes of touching a naked performer’s breasts in music production. Beyonce at Coachella, as well as as the star was leading chants of her Sam Smith and Janet Jackson name until she did so. at the Billboard Music Awards. — BBC “I’m so new to this industry,” Ms Davis told the CBS network. “And

3 - 9 August 2023 Business Times 21 International BT Russia strikes Ukraine’s Danube port, sending global grain prices higher Russia attacked Ukraine’s main inland port across Firefighters work at a damaged property, following a Russian drone attack, amid Russia’s attack on Ukraine, at Izmail, Odesa region, Ukraine, August 2, 2023, in this screen feeling the impact. Kees Huizinga, a the Danube River from grab obtained from a handout video. Ukraine’s Operational Command ‘South’ /Handout via REUTERS farmer in Ukraine’s central Cherkasy Romania on Wednesday, region told Reuters: “Because of the sending global food exporters, off the market. fertiliser exports be implemented. Moscow has described its civilian safety, and no regard for shelling a direct consequence to our prices higher as it ramps up its use Russia has attacked Ukrainian Those exports are already exempt recent attacks on Ukraine’s grain people around the world who rely on farm is that we can not deliver 700 of force to prevent Ukraine from from sanctions, which the West infrastructure as retaliation for a food from Ukraine.” tons of contracted barley which we exporting grain. agricultural and port infrastructure says Moscow aims to undermine by Ukrainian strike on a bridge to were supposed to deliver today”. for more than two weeks, since threatening the global food supply. Crimea, used to supply its troops in Kyiv says the goal of the strikes The attacks destroyed buildings in refusing to extend an agreement that southern Ukraine. is to reimpose Russia’s blockade Ukraine’s Danube river ports the port of Izmail and halted ships in had lifted its war-time blockade of Erdogan’s office said he and Putin U.S. ambassador Bridget Brink by persuading shippers and their such as Izmail accounted for around their tracks as they prepared to arrive Ukrainian ports last year. agreed that the Russian leader would condemned the attacks in a insurance companies that Ukrainian a quarter of grain exports before there to load up with Ukrainian grain soon visit Turkey. Putin, wanted by statement, listing recent Russian ports are unsafe to resume exports. Russia pulled out of the Black in defiance of a de-facto blockade Putin-Erdogan Talks the International Criminal Court targets: “Homes. Ports. Grain silos. Sea deal, and have since become Russia reimposed in mid-July. President Vladimir Putin spoke by for war crimes, has made no official Historic buildings. Men. Women. “It is the enemy’s priority the main remaining route out, telephone to the grain export deal’s visits abroad this year, and has left Children. to convince the international with grain loaded onto barges and Commercial ship tracking data sponsor, Turkish President Tayyip former Soviet territory only once “Round-the-clock and community and shipowners in shipped to Romania’s Black Sea port showed dozens of international ships Erdogan. since launching his invasion - a day particular that ... navigation in the of Constanta for shipment onwards. halting and dropping anchor at the The Kremlin said Putin reiterated trip to Tehran more than a year ago. direction of Ukrainian-controlled mouth of the Danube, many of them Russia’s condition for rejoining Erdogan has long said he hopes ports is dangerous,” said Natalia Kyiv’s goal is for international registered to arrive in Izmail from the grain deal: that a parallel deal to host Putin and convince him to Humeniuk, military spokesperson in ships to go straight there and load up the Black Sea in an apparent bid to improving terms for its own food and rejoin the grain deal. southern Ukraine. directly and on Sunday, Ukrainian open a breach in Russia’s blockade. media reported several foreign cargo Producers in Ukraine are already ships had arrived at Izmail from the The port, across the river from Black Sea, for the first time since the NATO-member Romania, is the expiry of the grain deal. main alternative route out of Ukraine for grain exports, since Russia’s The United Nations has warned blockade halted traffic at Ukraine’s of a potential food crisis and hunger Black Sea ports in mid-July. in the world’s poorest countries as a result of Russia’s decision to abandon Video released by the Ukrainian the deal, brokered by the U.N. and authorities showed firefighters on Turkey. ladders battling a huge blaze several stories high in a building covered Moscow says it will treat ships with broken windows. Several heading to Ukrainian seaports as other large buildings were in ruins, potential military targets. and grain spilled out of at least two wrecked silos. Ukrainian officials have said Moscow has hit 26 port facilities, Two industry sources told five civilian vessels and 180,000 Reuters operations at the port were tonnes of grain in nine days of strikes suspended. Seaport authority head since quitting the grain deal. Yuriy Lytvyn said on Facebook that repair work had already begun and Ukraine’s Air Force reported that the port infrastucture continued to Russia also launched a drone attack operate. on Kyiv and the surrounding region overnight. Air defence shot down There were no reports of casualties, 23 drones, but debris from downed Odesa region governor Oleh Kiper drones damaged several buildings wrote in a post on the Telegram in the capital and the region. No messaging app. casualties were initially reported. “Russian terrorists have once Writing by Pavel Polityuk and again attacked ports, grain, global Peter Graff; Editing by Jacqueline food security,” President Volodymyr Wong, Tom Hogue, Simon Zelenskiy said on Telegram. Cameron-Moore, Philippa Fletcher — Reuters Chicago wheat prices rose by nearly 5% following the attack and intensifying Russian strikes on were still up 1.2% at $6.60 a bushel Kryvyi Rih, Kharkiv, Kyiv, Kherson by 1119 GMT due to concern about make it clear once again Russia has a hit to global supplies from driving no desire for peace, no thought for Ukraine, one of the world’s top Poland rushes troops to border, Lebanon clashes: Thousands flee violence at Palestinian refugee camp Belarus denies helicopter violation Poland said on Tuesday it was The Polish military initially denied President Vladimir Putin to use The UN says more than 2,000 but factional disputes are common. The Palestinian presidency rushing troops to its eastern border any border violation had occurred its territory as a launch pad for the people have been forced to flee The weekend’s violence erupted denounced the fighting, calling the after accusing Belarus, Russia’s but later, after consultations, said the Ukraine invasion, but Lukashenko violence between rival factions security of the camps a “red line”. closest ally, of violating its airspace intrusion took place “at a very low has not committed his own troops to at a Palestinian refugee camp in on Saturday when a member of an with military helicopters. height, hard to intercept by radar”. the war. Lebanon. Islamist group was killed, AFP news “It is not permissible for anyone agency reports, quoting an unnamed to intimidate our people and tamper The Belarusian military denied Belarus’ defence ministry, writing The ex-Soviet state has a long The clashes between Palestinian source inside the camp. with their security,” it said in a any such violation and accused on Telegram, said Warsaw had history of animosity with Poland, Authority President Mahmoud statement. NATO member Poland, one of changed its mind about the incident as does Russia. Last week, Putin Abbas’ Fatah movement and Islamist Tensions continued to mount Ukraine’s most fervent backers in its “apparently after consulting its accused Poland of harbouring groups left 11 people dead, the UN through to Sunday, culminating with As well as the nine dead, Lebanese conflict with Russia, of making up overseas masters”. territorial ambitions on Belarus and says. the death of a Fatah commander, soldiers were also injured during the the accusation to justify a buildup of said it would consider any attack on Ashraf al-Armouchi, and several of violence, the Lebanese army said. its troops. “This statement was not backed its neighbour as an attack on itself. A ceasefire has now been agreed his aides. up by data from Poland,” it said. although gunfire was still being The director of the UNRWA in Belarus leader Alexander “The Belarusian Defence Ministry Earlier on Tuesday, Lukashenko reported on Monday. A ceasefire agreed on Sunday soon Lebanon, Dorothee Kraus, said all Lukashenko had earlier taunted views it in the manner of an ‘old mockingly told Poland it should broke down, and heavy fighting was the agency’s operations in the camp Poland over the presence of Russian wives’ tale’ and notes there were no thank him for keeping in check Established in 1948, the Ein again reported on Monday with gun had been suspended. Wagner mercenaries near their joint border violations by Mi-8 and Mi-24 Wagner mercenaries now stationed el-Hilweh camp is the largest in and anti-tank fire echoing through border. helicopters.” in Belarus after an abortive mutiny Lebanon. the camp. She called on “all parties to against the Kremlin last month. immediately return to calm and take Poland’s Defence Ministry said Residents of areas near the eastern The UN says it houses more More than 40 people were all measures necessary to protect it was sending “additional forces Polish city of Bialowieza, close to the An unspecified number of the than 63,000 registered refugees, but injured in the clashes, including a civilians, including children”. and resources, including combat Belarus border, shared accounts on Wagner fighters have since moved some estimates say the population is UN aid worker, and two schools helicopters”. It said it had informed social media of what they said were to Belarus and begun training higher. were damaged, the UN agency for More than 479,000 refugees are NATO of the border violation border violations before the defence Lukashenko’s army. Poland had Palestinian refugees (UNRWA) said. registered with UNRWA in Lebanon, and Belarus’ charge d’affaires had minister issued its statement. already started moving more than The camp, situated near the the agency says. About half live in the been summoned to provide an 1,000 of its own troops closer to the southern city of Sidon, falls outside A second ceasefire agreed on country’s 12 refugee camps, which explanation. History Of Animosity border. the jurisdiction of the Lebanese Monday after a meeting with the have “dire” living conditions, it adds. Belarus has allowed Russian security forces. local MP appears to have improved — BBC Lukashenko joked at a meeting the situation, although there are still Belarusian President Alexander Lukashenko attends a meeting with Rus- with Putin last month that some of It is left up to rival factions within reports of some gunfire. sian President Vladimir Putin in Saint Petersburg, Russia July 23, 2023. the fighters were keen to press into the camp to maintain its security, Sputnik/Alexei Danichev/Kremlin via REUTERS/File Photo Poland and “go on a trip to Warsaw and Rzeszow”. State news agency Belta quoted him on Tuesday as saying that the Poles “should pray that we’re holding onto (the Wagner fighters) and providing for them. Otherwise, without us, they would have seeped through and smashed up Rzeszow and Warsaw in no small way. So they shouldn’t reproach me, they should say thank you.” Rzeszow is a city near the Ukrainian border. On Saturday, Polish Prime Minister Mateusz Morawiecki said a group of 100 Wagner fighters had moved closer to the Belarusian city of Grodno near the Polish border. — Reuters

Marta’s World Cup career ends Josko Gvardiol: Manchester City agree £77m after Jamaica eliminate Brazil BTSPORT— ESPN fee with RB Leipzig for defender — BBC Sport 3 - 9 August 2023 Ntseki reveals why Billiat ‘ignores’ Kaizer Chiefs Kaizer Chiefs coach Molefi “He was not given the right advice and season training. Ntseki has given an update we are in the dark about where he is,” said “He has missed the match against on former striker Khama the Chiefs coach. Billiat (inset). Ntseki said he was unsure if Billiat Young Africans in Tanzania. How is The 32-year-old would still be welcomed back into the he going to catch up with the rest of abandoned contract talks with the Soweto team given he missed the the players? It’s a difficult situation for giants towards the end of June and was important everyone. never seen again by the club. part of pre- “Khama is a brilliant player but we do In a statement, Kaizer Chiefs said a not know where he has been. We last saw new offer was made for Billiat to extend his contract, but the former Mamelodi him three weeks ago but such is football Sundowns star failed to get back to the and life goes on. Every coach would team. He has also not been training with love to work with him,” Ntseki the club or seen since 29 June. added. Billiat’s contract expired end Billiat Still Avoiding Chiefs, Ntseki of June, which makes him a free Confirms agent. The star is not linked with any This week, Ntseki provided an update, team yet but reports emerged that saying the Zimbabwean was receiving bad he might be on his way to United advice. Arab Emirates or Saudi Arabia. — www.thesouthafrican.com “It has been three weeks now since we last heard from him,” Ntseki told Sunday Kaizer Chiefs coach Molefi Ntseki World as quoted by Goal. “You know it’s bad when you get the wrong advice because he had agreed with the club and just needed to sign. Marcelo sent off in tears after breaking opponent’s leg Argentinos Juniors defender Luciano Sanchez was left with a broken leg after an accidental stomp from veteran Fluminense left-back Marcelo during a Copa Libertadores match in Buenos Aires on Tuesday. Sanchez, 29, suffered the serious injury after Marcelo inadvertently stepped directly on his leg while attempting to make a move with the ball. The former Real Madrid player was sent off in tears as the Argentine screamed on the pitch, surrounded by concerned players on both teams. The incident took place in the 56th minute of the match, which finished 1-1. After the game Marcelo posted on social media: “Today, I had to experience a very difficult moment on the pitch. I have inadvertently injured a colleague. I want to wish you the best possible recovery Luciano Sanchez. I send you all the strength in the world!” Gabriel Avalos opened the scoring with a volley for the hosts in the 14th minute of the first leg of the round-of-16 match. Argentinos later saw its goalkeeper Alexis Martin Arias sent off in the 76th minute, and be replaced by substitute midfielder Luciano Heredia until the end of the match. Fluminense took advantage of the opportunity and equalized with Samuel Xavier in the 87th minute from long range. The teams will play again next Tuesday at the Maracana Stadium for a place in the quarterfinals. — ESPN Marcelo leaves the pitch after being shown a red card for an accidental stomp of Luciano Sanchez’s leg. GETTY IMAGES