Fwd: Zfn Summary December 12

[arthur ndowora]

---------- Forwarded message ----------
From: "Zfn (Zimbabwe)" <z...@yoafrica.com>
Date: Wed, 12 Dec 2012 13:26:04 +0200
Subject: Zfn Summary December 12
To: "Zfn (Zimbabwe)" <z...@yoafrica.com>

Zfn Realtime financial intelligence
_________________________________________________________________________

Zfn Summary December 12



*PG shareholders approve the disposal of 27.9% stake in Manica Board & Doors
*ZSE turnover improves as Industrials continues to fall


PG shareholders approve the disposal of 27.9% stake in Manica Board & Doors



HARARE - PG Industries shareholders have voted for the disposal of the
27.9% stake in Manica Boards & Doors and the sale of properties that
are in excess of group operational requirements at an EGM held this
morning.



The sale of a 27.9% equity stake in MBD for a total consideration of
$2.9 mln (as of 30 June 2012) will see $1.35 mln being used to defease
a debt that is held by MBD.



The difference together with an expected $5.15 mln to be raised from
the sale of all properties that are not being used in on-going
operations, which Chairman Friedbert Lutz termed "excess properties",
will be used to pay-off some of the short term debt in PG and also
part of the accounts/trade payables.



Some of the proceeds are expected to be used to increase the tile
plant capacity to 40 000 tiles from the current 22 000 by the
acquisition of extra tile pallets.







Munyati, left with Chairman Lutz


Besides the pallet shortage Zimtile has no other operational
challenges and should the sales go through and the investments be
done, the tile business is likely to increase its topline.



The total market demand for concrete roofing tiles is around 15 0000
but the whole tile industry in Zimbabwe is currently producing 80 000
tiles, management said.



ZSE turnover improves as Industrials continues to fall












Zfn Realtime financial intelligence
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Tel: 0733 016 576
email: z...@yoafrica.com

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--
Arthur Ndowora
cell 263 772 217 524 or 263 0734 067 775

alt mail arthur...@webmail.co.za