SMM divests from General Beltings

SHABANIE Mashaba Mines (SMM) Holdings, which is under reconstruction, has disposed of its entire 43,22 percent shareholding held in the Zimbabwe Stock Exchange-listed and mining consumables manufacturer, General Beltings.

The deal to dispose of the shares was concluded with Jemaimah Investments, a consortium of local businesspeople.

In a statement accompanying financial results for the year ended 31 December 2020, General Beltings Holdings said SMM has divested all its shares in the company.

“During the last quarter of 2020, SMM divested its 43,22 percent shareholding in the company. “Jemaimah Investments came on board as the largest single shareholder with 43,22 percent taking over the SMM shareholding in the company,” it said.

In the period under review, General Beltings Holdings total volumes increased by 10 percent at 698 tonnes when compared with prior year’s 636.

Turnover increased by 52 percent to ZWL$334 million compared with prior year’s ZWL$219 million due to improved market consolidation by the firm’s rubber division while a favourable product mix at the chemicals’ division shored up the negative impact of volume losses arising from lockdown measures. – chronicle..zw