Demand Chinese Shares – Mliswa
http://www.thezimbabwemail.net
By Clemence Manyukwe 4 hours 17 minutes ago
ZIMBABWEANS should demand shareholding in all Chinese firms as part of the
country’s empowerment law which stipulates that all foreign-owned companies
should cede 51 percent of their stakes to locals, the Zimbabwe Economic and
Empowerment Council (ZEEC) has said.
ZEEC president, Temba Mliswa, says it is within their right for Zimbabweans
to demand shareholding in Chinese firms domiciled locally, adding it was
high time tobacco farmers muscle into Chinese companies they were dealing
with locally in addition to benefitting from companies from elsewhere such
as British American Tobacco (BAT) Zimbabwe.
“Our people must also have shares from the Chinese firms whom they are
dealing with. Farmers must also have shares in these companies because that
is where money is.
“War veterans must also get shares. There is also the issue of BAT,” said
Mliswa at ZEEC’s provincial conference in Chinhoyi at the weekend.
His remarks come at a time when some Chinese companies have approa-ched
government to be exempted from the country’s Indigenisation and Empowerment
Act.
The Deputy Minister of Youth, Indigenisation and Empowerment Tongai Matutu
revealed recently that Chinese firm, Sinosteel Corporation, which is the
majority shareholder in Zimasco, had asked for exemption from the quota law.
“The management of Zimasco has been arguing that since they are Chinese,
they have been actually friends of Zimbabwe and therefore they should be
exempted.
“They have also argued that they have got a five-year development plan,
which they believe should not be disturbed by bringing on a new investor,”
said Matutu.
Mliswa’s call is at variance with the thinking in ZANU-PF towards Chinese
companies.
Despite adopting the empowerment theme as its campaign strategy that has
seen it pressurising foreign-owned companies to cede their majority
shareholding to locals, ZANU-PF has been lenient when dealing with companies
from China.
ZANU-PF considers China as an all-weather friend. – Financial Gazette