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Zimbabwe Fund to Control Foreign, White Companies, Standard Says

Sept. 12 (Bloomberg) -- Zimbabwe will establish a sovereign wealth fund that will own 51 percent of each foreign and white-owned company in the country, the Zimbabwe Standard reported without saying where it got the information.

The fund will be modeled on state-owned funds in Singapore, China and Abu Dhabi, the Harare-based newspaper said on its website. The fund will be controlled by the Indigenization and Black Empowerment Ministry, the Standard said.

The ministry is in the process of forcing foreign and white-owned companies in the country to dispose of 51 percent of their shares so that the stakes can be held by black Zimbabweans.

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

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

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