Zimbabwe Central Bank Reviewing Bids for Units, Daily News Says

Zimbabwe’s central bank is reviewing offers made for eight of its companies that were put up for sale, the Daily News said, citing Kumbirai Nhongo, the bank’s spokesman.

Offers worth about $55 million have been made for two companies, the Tuli coal mine in southern Zimbabwe and Cairns Ltd., a canning and agricultural business, the Harare-based Daily News said on its website. Central bank Governor Gideon Gono has said that the lender would sell its shares in Zimbabwe- listed Astra Holdings Ltd. and Tractive Power Ltd., as well as wholly owned units

The bank will use earnings from the sales to settle part of its debt, including $70 million owed to workers fired at the height of Zimbabwe’s economic crisis, said the Daily News.

To contact the reporter on this story: Brian Latham in Durban at blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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