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Zimbabwe Central Bank Reviewing Bids for Units, Daily News Says

June 28 (Bloomberg) -- 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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