Published as a supplement to the Government Gazette Extraordinary |
dated 29th January 2010
Statutory Instrument 21 of 2010
[CAP. 14:33
Indigenisation and Economic Empowerment (General) Regulations, 2010
ARRANGEMENT OF SECTIONS
Section
1. Title and date of commencement.
2. Interpretation.
3. Objective of regulations.
4. Every business to notify extent of present or future compliance with indigenisation.
5. Approval and amendment of indigenisation implementation plans and prescription of
thresholds and timeframes.
6. Indigenisation of merged or restructured businesses.
7. Indigenisation of unbundled or demerged businesses.
8. Indigenisation where controlling interests in businesses are relinquished.
9. Indigenisation of projected or proposed investments.
10. Persons or parties responsible for submitting forms, making notifications, etc..
11. Proof of compliance with Act.
12. Extent to which procured goods and services are to be subcontracted to indigenous
Zimbabweans.
13. Indigenisation and empowerment assessment rating.
14. Employee share ownership schemes or trusts.
15. Identification of potential counterparties to notifiable transactions.
16. Valuation of businesses where truth or accuracy of valuation disputed.
17. Persons acting as fronts to be prosecuted.
FIRST SCHEDULE: Form of Notification of Extent of Indigenisation and Indigenisation
Implementation Plan.
SECOND SCHEDULE: Form of Notification and Application Required by Section 3(1) (b) (c)
(d) (e) and 4 of Act
THIRD SCHEDULE: Sectors Reserved Against Foreign Investment in Favour of Indigenous
Zimbabweans.
FOURTH SCHEDULE: Form for Indigenisation Assessment Rating
FIFTH SCHEDULE: Form for Qualifying Employee Share Ownership Scheme or Trust.S
IXTH SCHEDULE: Form of Request to Minister to Identify Indigenous Zimbabweans as
Potential Counterparties to Notifiable Transactions
Form by Indigenous Zimbabwean(s) Intending to Acquire Controlling Interest in
Business
2
IT is hereby notified that the Minister of Youth Development, Indigenisation and
Empowerment, after consultation with the Board, has, in terms of section 21 of the
Indigenisation and Empowerment Act [Chapter 14:33], made the following regulations:-
Title and date of commencement
1.(1) These regulations may be cited as the Indigenisation and Economic Empowerment
(General) Regulations, 2010.
(2) These regulations shall come into force on the 1st March, 2010.
Interpretation
2 In these regulations¾
“appropriate person”, in relation to the submission of a Form IDG 01 and indigenisation
implementation plan in terms of section 4, means the person who, in terms of section
8(1), is responsible for submitting the form and the plan to the Minister;
“approved”, in relation to an indigenisation implementation plan submitted by a business,
means approved or deemed to have been approved in terms of section 5;
“fixed date” means the date fixed in terms of section 1(2) as the date of operation of these
regulations;
“form” means a form prescribed in the First, Second, Third, Fourth, Fifth, or Sixth
Schedule;
“indigenisation plan” means a written proposal to the Minister on how and when fifty-one
per centum or a controlling interest in any business shall fall under the control of the
indigenous Zimbabweans.
“minimum indigenisation and empowerment quota” means a controlling interest or the
fifty-one per centum of the shares or interests which in terms of the Act is required to
be held by indigenous Zimbabweans in a business pursuant to any transaction referred
to in sections 3, 4, 5, 6, 7(1), 9 and 11;
“notifiable transaction” means a transaction in respect of which notice is required to be
given in terms of section 8;
“notifying party” in relation to a notifiable transaction, means the party that in terms of
section 8(2), is responsible for notifying the transaction to the Minister;
“qualifying scheme or trust” means an employee share ownership scheme or trust that
qualifies in terms of section 12 for the purposes of being used to assess the extent to
which a business that is a company has achieved or exceeded the minimum
indigenisation and empowerment quota.
Objective of regulations
3. These regulations are framed with the general objective that every business of or above
the prescribed value threshold must¾
(a) within the next five years from the date of operation of these regulations, or within five
years from the commencement of the business concerned, as the case may be, cede a
controlling interest of not less than fifty-one per centum of the shares or interests
therein to indigenous Zimbabweans; unless, in order to achieve other socially or
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economically desirable objectives, a lesser share of indigenisation or a longer period
within which to achieve it is justified;
(b) after five years from the date of operation of these regulations, or within five years
from the commencement of the business concerned, as the case may be, cede a
controlling interest of not less than fifty-one per centum of the shares or interests
therein to indigenous Zimbabweans, unless the business concerned has previously
submitted an indigenisation implementation plan together with Form IDG 01 which
has been approved by the Minister in terms of these regulations.
Every business to notify extent of present or future compliance with indigenisation
4(1) Within forty-five days from the fixed date, every business in Zimbabwe with an asset
value of or above five hundred thousand United States dollars (US $500 000) shall¾
(a) in the case of business existing on the fixed date (whether or not fifty-one per centum
of its shares or a controlling interest is held by indigenous Zimbabweans), submit to
the Minister through the appropriate person Form IDG 01, duly completed; or
(b) in the case of business commenced after the fixed date (whether or not fifty-one percentum
of its shares or a controlling interest is held by indigenous Zimbabweans),submit to the Minister through the appropriate person Form IDG 01, duly completed,
within sixty days from the date of commencement of the business.
(2) Every business in which indigenous Zimbabweans do not hold fifty-one per centum of
the shares or a controlling interest shall¾
(a) in the case of business existing on the fixed date, submit together with Form IDG 01,
duly completed, an indigenisation implementation plan in accordance with any
guidelines provided by Form IDG 01, within forty-five days from the fixed date; or
(b) in the case of business commenced after the fixed date, submit together with FormIDG 01
, duly completed, an indigenisation implementation plan in accordance withany guidelines provided by Form IDG 01, within forty-five days from the date of
commencement of the business.
(3) Copies of Form IDG 01 may be obtained by or on behalf of any appropriate person
from any office of the Ministry of Indigenisation and Economic Empowerment or the Fund
during normal working hours:
Provided that an appropriate person may, for the purpose of subsection (1) or (2), submit a
form that is substantially in accordance with Form IDG 01.
(4) If, in the opinion of the Minister, a business that should have submitted a Form IDG 01
in accordance with subsection (1) or (2) has not complied after a period of forty-five days from
the fixed date or forty-five days from the date of commencement of the business, as the case
may be, the Minister may serve on the business a copy of Form IDG 01 in any of the waysspecified by subsection (5), and if such business fails to return Form IDG 01, duly completed,
to the Minister within thirty days from the date of the service of the form or of publication by or
on behalf of the Minister of a notice in the Gazette in terms of subsection (5)(f), the owner of
the business or, in the case of a company, the director or every director of the company shall be
guilty of an offence and liable to a fine not exceeding level twelve or imprisonment for a period
not exceeding five years or to both such fine and such imprisonment.
(5) Service of Form IDG 01 on a business may be effected in any of the following ways¾
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(a) by delivering it to the owner of the business personally or to his or her duly authorised
agent; or
(b) by delivering it to a responsible person at the head office or principal place of
business; or
(c) by sending it by registered mail to the head office or principal place of the business
concerned; or
(d) in the case where the business to be served is a body corporate, by delivering it to¾
(i) a responsible person at the body corporate’s registered office or place of
business; or
(ii) a director or the secretary or public officer of the body corporate;
(e) in the case where the business to be served is a partnership, by delivering it to¾
(i) a responsible person at the partnership’s office or place of business; or
(ii) any of the partners;
(f) in the case where service in accordance with any of the foregoing modes is not
possible for any reason, by publication by or on behalf of the Minister of a notice in
the Gazette, notifying the business of the requirement to collect and complete FormIDG 01 in terms of subsection (1) or (2), and subsection (3).
(6) A business referred to in subsection (2) or (4) may, in writing, request for an extension
of time within which to submit its indigenisation implementation plan, and the Minister may, on
good cause shown by the company, permit it a further period not exceeding thirty days within
which to do so.
(7) If the owner of a business or, in the case of a business that is a company, the director or
directors of the company, make any statement or declaration or furnish any information in or in
connection with Form IDG 01 or an indigenisation implementation plan submitted by such
business in terms of subsection (2) or (4)¾
(a) knowing that such statement, declaration or information is false in any material
particular; or
(b) without having reasonable grounds for believing that such statement, declaration or
information is true;
the owner of the business or the director or every director, as the case may be, shall be guilty of
an offence and liable to a fine not exceeding level twelve or imprisonment for a period not
exceeding five years or to both such fine and such imprisonment
Approval and amendment of indigenisation implementation plans and prescription of
thresholds and timeframes
5.(1) The Minister shall, no later than forty-five days after an indigenisation
implementation plan submitted to him or her in terms of section 4(1), (2) or (4), by notice in
writing to the business concerned, and on a case-by-case basis, either¾
(a) approve any indigenisation implementation plan submitted by the business; or
(b) make the approval of the indigenisation implementation plan by the business
dependant upon its conformity with the notice in the Gazette referred to in subsection,
in which event¾
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(i) if the indigenisation implementation plan meets or exceeds the minimum
indigenisation requirements for a business operating in the sector or subsector
of the economy concerned, the plan shall be deemed to have been approved; or
(ii) if the indigenisation implementation plan does not meet the minimum
indigenisation requirements for a business operating in the sector or subsector
of the economy concerned, the plan shall be deemed to have been rejected.
(2) If the Minister has, in terms of section 4(1), (2) or (4), received a completed Form IDG01 with no indigenisation implementation plan attached, and the Minister is of the opinion that
the business requires such a plan because it has not achieved minimum indigenisation and
empowerment quota, he or she shall, no later than forty-five days after the Form IDG 01 has
been submitted to him or her, by notice in writing to the business concerned request the business
to submit an indigenisation implementation plan within thirty days from the date of the service
of the notice.
(3) The Minister may, no later than forty-five days after an indigenisation implementation
plan submitted to him or her in terms of section 4(1), (2) or (4), or in terms of subsection (2),
request a business in writing to furnish him or her with any additional information that the
Minister may reasonably require in connection with any Form IDG 01 or an indigenisation
implementation plan submitted to him or her, and if such business¾
(a) fails to submit such additional information within thirty days from the date when the
request is made, or within such further period as the Minister may, for good cause,
allow; or
(b) furnishes any additional information which is, to the knowledge of the owner of the
business, or, in the case of a company, to the knowledge of the director or board of
directors, false in any material particular, or was furnished by the owner, director or
board without having reasonable grounds for believing it to be true;
the owner of the business or, in the case of a company, the director or every director of the
company shall be guilty of an offence and liable to a fine not exceeding level twelve or
imprisonment for a period not exceeding five years or to both such fine and such imprisonment.
(4) On the basis of information gathered after considering submissions by businesses
referred to in section 4(1)(a) and (2)(a), the Minister shall, within twelve months from the fixed
date, publish by notice in the Gazette prescribing, with respect to each sector and subsector of
the economy¾
(a) what lesser share than the minimum indigenisation and empowerment quota shall be
the minimum lesser share that indigenous Zimbabweans may hold in a business
operating in the sector or subsector in question; and
(b) for what maximum period a business referred to in paragraph (a) may continue to
operate with such lesser share until the minimum indigenisation and empowerment
quota is achieved; and
(c) what weighting (expressed as a fixed percentage that may be added towards the
fulfilment of the minimum indigenisation and empowerment quota) to assign to any
one or more the following socially and economically desirable objectives in favour of
a business operating in a specified sector or subsector of the economy, namely¾
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(i) the undertaking of specified development work in the community in which the
business in question carries on its business; and
(ii) the beneficiation to a specified extent of raw materials that are extracted in
Zimbabwe by the business in question before it exports them; and
(iii) the transfer to a specified extent of new technology to Zimbabwe by the
business in question; and
(iv) the employment to a specified extent of local skills or the imparting of new
skills to Zimbabweans to a specified extent; and
(v) any other socially and economically desirable objective not mentioned above.
(5) If the Minister makes no positive response to an indigenisation implementation plan
submitted to him or her in terms of section 4(1)(a) and (2)(a), and the Gazette notice referred to
in subsection (3) is not published within twelve months from the fixed date, the indigenisation
implementation plan shall be considered to have been approved.
(6) If an indigenisation implementation plan submitted to the Minister in terms of section
4(1)(a) and (2)(a) is deemed to have been rejected by reason of it not meeting the minimum
indigenisation requirements for a business operating in the sector or subsector of the economy
concerned that are specified in the Gazette notice referred to in subsection (3), the business may,no later than forty-five days after the publication of the Gazette notice referred to in subsection
(3), submit a revised indigenisation implementation plan to the Minister who shall, no later than
three months after the revised indigenisation implementation plan submitted to him or her, by
notice in writing to the business concerned, either¾
(a) approve the revised indigenisation implementation plan submitted by the business if,
in his or her opinion, the plan meets or exceeds the gazetted minimum indigenisation
requirements for a business operating in the sector or subsector of the economy
concerned; or
(b) reject the revised indigenisation implementation plan submitted by the business if, in
his or her opinion, the plan does not meet the gazetted minimum indigenisation
requirements for a business operating in the sector or subsector of the economy
concerned.
(7) If a revised indigenisation implementation plan submitted to the Minister in terms of
subsection (6) is rejected in terms of paragraph (b) of that subsection, the business concerned
shall have one more opportunity to submit another revised indigenisation implementation plan
no later than forty-five days from the date when it is notified of the rejection, and subsection (6)
shall apply to such plan in the same way as it applied to the first revised indigenisation
implementation plan submitted by it.
Indigenisation of merged or restructured businesses
6.(1) For the purpose of section 3(1)(b) (iii) of the Act, this section applies where¾
(a) a merger or restructuring of two or more related or associated businesses is of such a
size that it is required to be notified to the Competition Commission in terms of Part
IVA of the Competition Act [Chapter 14:28]; and
(b) the share held by indigenous Zimbabweans in the resultant merged or restructured
business is less than fifty-one per centum.
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(2) In the circumstances described in subsection (1), the notifying party shall, within thirty
days from the date when the transaction is entered, but in any event before the transaction is
concluded, submit a Form IDG 02 to the Minister, whereupon the Minister shall¾
(a) where the transaction conforms to the targets set out in an approved indigenisation
implementation plan submitted by any of the merged or restructured businesses
concerned (or, in the case where there were two or more approved indigenisation
implementation plans relating the businesses concerned, the plan which most
expeditiously achieves indigenisation) approve the transaction; or
(b) where the transaction does not conform to the targets set out in an approved
indigenisation implementation plan submitted by any of the merged or restructured
businesses concerned (or, in the case where there were two or more approved
indigenisation implementation plans relating the businesses concerned, the plan which
most expeditiously achieves indigenisation), not approve the transaction; or
(c) where none of the merged or restructured businesses concerned has an approved
indigenisation implementation plan, not approve the transaction.
Indigenisation of unbundled or demerged businesses
7.(1) For the purpose of section 3(1)(c) (i) of the Act, this section applies where¾
(a) any unbundled or demerged business is at or above the threshold specified in section 4
(1); and
(b) the share held by indigenous Zimbabweans in the resultant unbundled or demerged
business is less than fifty-one per centum.
(2) In the circumstances described in subsection (1), the notifying party shall, within thirty
days from the date when the transaction is entered, but in any event before the transaction is
concluded, submit a Form IDG 02 to the Minister, whereupon the Minister shall¾
(a) where the transaction conforms to the targets set out in an approved indigenisation
implementation plan submitted by the business from which the unbundled or demerged
business originated, approve the transaction; or
(b) where the transaction does not conforms to the targets set out in an approved
indigenisation implementation plan referred to in paragraph (a), not approve the
transaction; or
(c) where the business from which the unbundled or demerged business originated does
not have an approved indigenisation implementation plan, not approve the transaction.
Indigenisation where controlling interests in businesses are relinquished
8.(1) For the purpose of section 3(1) (d) of the Act, this section applies where—
(a) any person relinquishes a controlling interest in a business whose value is at or above
the threshold specified in section 4 (1); and
(b) indigenous Zimbabweans do not hold a controlling interest in the business concerned.
(2) In the circumstances described in subsection (1), the notifying party shall, within thirty
days from the date when the transaction is entered, but in any event before the transaction is
concluded, submit a Form IDG 02 to the Minister, whereupon the Minister shall¾
(a) where the transaction conforms to the targets set out in an approved indigenisation
implementation plan submitted by the business, approve the transaction; or
8
(b) where the transaction does not conform to the targets set out in an approved
indigenisation implementation plan referred to in paragraph (a), not approve the
transaction; or
(c) where the business in which the controlling interest is relinquished does not have an
approved indigenisation implementation plan, not approve the transaction.
Indigenisation of projected or proposed investments
9.(1) For the purpose of section 3(1) (e) of the Act, this section applies where—
(a) any domestic or foreign investor projects or proposes an investment for which an
investment licence is required in terms of the Zimbabwe Investment Authority Act
[Chapter 14:30]; and
(b) the proposed or projected investment does not reserve a controlling interest for
indigenous Zimbabweans.
(2) In the circumstances described in subsection (1), the domestic or foreign investor
concerned shall, before the investment licence concerned is issued, comply with section 4 as if it
is a new business referred to in section 4(1)(b) (in other words, the domestic or foreign investor
concerned must complete and submit a Form IDG 01 before an investment licence is issued to
it).
(3) Any investor requiring a licence in terms of the Zimbabwe Investment Authority Act
[Chapter 14: 30] cannot invest in the sectors prescribed under the Third Schedule unless that
investor gets approval from the Minister and the Minister responsible for the administration of
the Zimbabwe Investment Authority Act [Chapter 14:30].
Persons or parties responsible for submitting forms, making notifications, etc.
10.(1) The Form IDG 01 and indigenisation implementation plan that has to be submitted
to the Minister in terms of section 4 shall be submitted by—
(a) the company secretary in the case of a company; or
(b) the senior partner or other partner nominated by the partners, in the case of a
partnership; or
(c) a person nominated by the governing body of an unregistered association, trust or
other kind of association not being a company, in the case of a business that is an
unregistered association, trust or other kind of association not being a company; or
(c) the person in whose name a private business corporation is incorporated in terms of the
Private Business Corporation Act in the case of a business that is a public business
corporation; or
(d) the sole trader of a business where such business is not a company, a partnership, a
public business corporation or other kind of association referred to in paragraph (c).
(2) The notice that has to be made to the Minister in terms of section 4(1) (a) of the Act
namely, the notice of the transactions referred to in sections 6, 7, 8 and 9, shall be in FormIDG-02 and shall, in the case of—
(a) a transaction referred to in sections 6 and 7, be made by—
(i) the company secretary of the merged, restructured, unbundled or demerged
business in the case of a company; or
9
(ii) the senior partner or other partner nominated by the partners of the merged,
restructured , unbundled or demerged business in the case of a partnership; or
(iii) a person nominated by the governing body of a merged, restructured,
unbundled or demerged business in the case of an unregistered association,
trust or other kind of association not being a company; or
(iv) the person in whose name a private business corporation is incorporated in
terms of the Private Business Corporation Act in the case of a merged,
restructured, unbundled or demerged business that is a Public Business
Corporation; or
(v) the sole trader who acquires ownership of the merged, restructured, unbundled
or demerged business where such business is not a company, a partnership, a
Public Business Corporation or other kind of association referred to in
subparagraph (iii).
(b) a transaction referred to in section 8, be made by any person relinquishing the
controlling interest in the business concerned; and
(c) a transaction referred to in section 9, be made by any person authorised thereto by the
investor projecting or proposing any investment; within twenty-one days from the date
of concluding the transaction in question.
(3) Any company, partnership, association, public business corporation or sole trader who
fails to give notice as required by subsection (2) shall be guilty of an offence and liable to a fine
not exceeding level twelve or imprisonment for a period not exceeding five years or to both
such fine and such imprisonment.
Proof of compliance with Act
11. Where—
(a) a merger or restructuring of two or more related or associated businesses is of such a
size that it is required to be notified to the Competition Commission in terms of Part
IV of the Competition Act [Chapter 14:28] and the share held by indigenousZimbabweans in the resultant business is fifty-one per centum or more;
(b) an unbundled or demerged business is at or above the threshold specified in section
4(1) and the share held by indigenous Zimbabweans in the resultant unbundled or
demerged business is fifty-one per centum or more;
(c) any person relinquishes a controlling interest in a business whose value is at or above
the threshold in section 4(1) and the controlling interest in the business concerned is
held by indigenous Zimbabweans; and
(d) any domestic or foreign investor projects or proposes an investment for which an
investment licence is required in terms of the Zimbabwe Investment Authority Act
[Chapter 14:30]; and a controlling interest in the proposed or projected investment is
reserved for indigenous Zimbabweans;
the person who would have had to make the notice required by section 10(2) if the share in such
business held by indigenous Zimbabweans had been less than fifty-one per centum, shall, in
Form IDG 02, make such notice to the Minister for the purpose of enabling the Minister to
establish that the Act has been complied with.
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Extent to which procured goods and services to be subcontracted to indigenous Zimbabweans
12.(1) Subject to subsection (5), for the purpose of section 3(1) (g) of the Act, this section
applies where—
(a) goods and services are procured in terms of the Procurement Act [Chapter 22:14] from
businesses whose controlling interests are not held by indigenous Zimbabweans; and
(b) the supplier of goods and services is required by the Act to subcontract to businesses
whose controlling interests are held by indigenous Zimbabweans.
(2) In the circumstances described in subsection (1), goods and services so procured shall
be subcontracted to any business whose controlling interest is held by indigenous Zimbabwean
to the extent that such subcontractor is capable of fulfilling the subcontract on terms not less
favourable than any other subcontractor.
(3) Subject to subsection (5), this section applies where—
(a) goods and services are procured in terms of the Procurement Act [Chapter 22:14] from
businesses whose controlling interests are held by indigenous Zimbabweans; and
(b) the supplier of goods and services is required by the Act to subcontract to businesses
whose controlling interests are held by indigenous Zimbabweans.
(4) In the circumstances described in subsection (3), goods and services so procured shall
be subcontracted to any business whose controlling interest is held by indigenous Zimbabweans
and which is capable of being subcontracted on terms not less favourable than any other
subcontractor.
(5) If any subcontractor controlled by indigenous Zimbabweans alleges, in relation to any
contract, that the provision of subsection (2) or (4) have not been complied with although the
subcontractor is capable of being subcontracted on terms not less favourable than any other
subcontractor, the subcontractor concerned shall lodge in writing a complaint to that effect to
the Minister and the Minister, after affording the contractor representation, may require by
notice in writing that the contractor subcontracts the supply of goods and services to the
complainant subcontractor:
Provided that the contract was not tendered for and the subcontractor had offered himself or
herself to do the subcontract work on terms not less favourable than any other subcontractor.
(6) Any contractor who, after being notified in writing by the Minister of the requirement
to subcontract to the complainant subcontractor in terms of subsection (5), fails to do so within
thirty (30) days from the date of such notice shall be guilty of an offence and liable to a fine not
exceeding level twelve or to imprisonment for a period not exceeding five years or to both such
fine and such imprisonment.
Indigenisation and empowerment assessment rating
13.(1) The Minister shall, at intervals not more frequent than once in every calendar year,
publish a notice in the Gazette and every newspaper circulating nationally requiring businesses
to submit to him or her an indigenisation and empowerment assessment rating in terms of
subsection (2) within twenty-one days from the date of publication of the said notice.
(2) Any business whose value is at or above the threshold specified in section 4(1) shall
submit to the Minister, a notice in Form IDG-03, an indigenisation and empowerment
assessment rating.
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(3) The Minister may, in respect of any business that has not submitted Form IDG-03 in
terms of any provision of this Act, request that such business may submit to him or her a notice
in Form IDG-03 for purposes of an indigenisation and empowerment assessment rating.
(4) The owner of the business or, in the case of a company, the director or every director of
the company who fail to comply with this section shall be guilty of an offence and liable to a
fine not exceeding level twelve or imprisonment for a period not exceeding five years or to both
such fine and such imprisonment
Employee share ownership schemes or trusts
14(1) An employee share ownership scheme or trust that complies with this section may be
taken into consideration when assessing the extent to which a business that is a company has
achieved or exceeded the minimum indigenisation and empowerment quota:
Provided that, despite the fact that—
(a) employees own more than ten per centum of the shares in a business whose qualifying
scheme or trust meets the criteria specified in subsection (2), such scheme or trust shall
only be taken into consideration to the extent of ten per centum of the minimum
indigenisation and empowerment quota; or
(b) employees own more than fifteen per centum of the shares in a business whose
qualifying scheme or trust meets the criteria specified in subsections (2) and (3), such
scheme or trust shall only be taken into consideration to the extent of fifteen per
centum of the minimum indigenisation and empowerment quota; or(c) employees own more than twenty
per centum of the shares in a business whose
qualifying scheme or trust meets the criteria specified in subsections (2), (3) and (4),
such scheme or trust shall only be taken into consideration to the extent of twenty percentum of the minimum indigenisation and empowerment quota.
(2) A qualifying scheme or trust shall be constituted by a Deed of Trust registered with the
Deeds Office and shall have the following features-—
(a) employees in such a scheme or trust shall hold five per centum or more of the shares or
interest in the business (the actual percentage of which shall, subject to the proviso to
subsection (1), be added towards the fulfilment of the minimum indigenisation and
empowerment quota);
and
(b) of the employees participating or benefiting from the trust or scheme at any time—
(i) not less than seventy-five per centum shall be indigenous Zimbabweans; and(ii) not more than thirty-five per centum shall be managerial employees.
(3) In addition to the criteria set out in subsection (2), in order for a qualifying scheme or
trust to be taken into consideration to the extent provided in paragraph (b) of the proviso to
subsection (1), the management of the qualifying scheme or trust must be vested in a board of
trustees in which at least fifty-one per centum of the voting rights is held by a trustee or trustees
elected by the participating or benefiting non-managerial employees.
(4) In addition to the criteria set out in subsections (2) and (3) in order for a qualifying
scheme or trust to be taken into consideration for the purposes of paragraph (c) of the proviso to
subsection (1), not less than fifty per centum of the employees benefiting in a qualifying scheme
12
or trust must be either women or disabled persons or a combination of both women and disabled
persons.
(5) An owner of a business or employer wishing to use the qualifying scheme or trust for
the purpose of this section shall submit to the Minister Form IDG 04 together with a copy of
the Deed of Trust of the qualifying scheme or trust.
Identification of potential counterparties to notifiable transactions
15 (1) The Minister shall maintain a database of—
(a) persons wishing to identify any indigenous Zimbabwean to acquire a controlling or
lesser interest in his or her business; and
(b) indigenous Zimbabweans who wish to partner a person referred to in paragraph (a).
(2) Any person wishing to identify any indigenous Zimbabwean to acquire a controlling or
lesser interest in his or her business whether—
(a) directly through the relinquishment of his or her business; or
(b) as the result of the proposed merger or restructuring of the shareholding of two or
more related or associated businesses, or the unbundling of a business or demerger of
two or more businesses;
may give notice to the Minister in Form IDG 05, and if the Minister is satisfied that the notice
is made in good faith the person concerned shall be registered in the database referred to in
subsection (1).
(3) Any indigenous Zimbabwean who wishes to partner a person referred to in subsection
(1)(a) may give notice to the Minister in Form IDG 06, and if the Minister is satisfied that the
notice is made in good faith the indigenous Zimbabwean concerned shall be registered in the
database referred to in subsection (1).
(4) The Minister shall, at the request of a person referred to in subsection (1)(a), allow such
person, during normal working hours, to have access to the database referred to in subsection
(1) and, if necessary, facilitate the introduction to such person of any indigenous Zimbabwean
referred to in subsection (1)(b) who is chosen by such person:
Provided that if an indigenous Zimbabwean is successfully partnered with a person referred
to in subsection (1)(a), his or her name shall be removed from the database.
Valuation of businesses where truth or accuracy of valuation disputed
16. If the Minister has reason to doubt the truth or accuracy of any assessment made by a
business of the value of its assets for the purposes of these regulations, the Minister shall require
the business to provide further information in support of the truth or accuracy of its assessment;
and if, after considering such further information as may have been provided to him or her, the
Minister still doubts the truth or accuracy of the assessment, he or she shall reject the
assessment and require the business to be valued at the Minister’s expense by a valuator whom
the Minister shall appoint.
Persons acting as fronts to be prosecuted
17. Any person who, when providing information in connection with a transaction referred
to sections 6, 7, 8, 9 or 11, wilfully misrepresents—
(a) that he or she or any person in respect of whom he or she furnishes the said
information is an indigenous Zimbabwean;
13
(b) the extent to which any ownership interest is held by indigenous Zimbabweans; or
(c) that he or she is owner of any shares or other interest in a business, knowing that he or
she is merely the nominee of the beneficial owner who is not indigenous Zimbabwean;
shall be guilty of an offence and liable to a fine not exceeding level twelve or imprisonment for
a period not exceeding five years or to both such fine and such imprisonment.
FIRST SCHEDULE (Section 3 or 4)
Form IDG 01
FORM OF NOTIFICATION OF EXTENT OF INDIGENISATION AND
INDIGENISATION IMPLEMENTATION PLAN
NOTICE TO PERSON COMPLETING THIS FORM
Essential definitions
According to the Indigenisation and Economic Empowerment Act, an “indigenous
Zimbabwean” is defined as follows: “any person who, before the 18th April, 1980, was
disadvantaged by unfair discrimination on the grounds of his or her race, and any descendant
of such person, and includes any company, association, syndicate or partnership of which
indigenous Zimbabweans form the majority of the members or hold the controlling interest”
Also according to the Indigenisation and Economic Empowerment Act, a “controlling interest”,
in relation to—
(a) a company, means the majority of the voting rights attaching to all classes of shares in
the company;
(b) any business other than a company, means any interest which enables the holder
thereof to exercise, directly or indirectly, any control whatsoever over the activities or
assets of the business.
Purpose of this form
To enable the Minister to assess the extent of indigenisation of the business concerned and,
together with the information gathered from forms submitted by other businesses, to enable the
Minister to assess the extent of indigenisation in the sector of the economy to which the
business belongs and in the economy as a whole.
Also, if less than 51% of the shares in your business are held by persons who are not
indigenous Zimbabweans, or if a controlling interest in your business is held by a person or
persons who are not indigenous Zimbabweans, you are hereby notified that the Indigenisation
and Economic Empowerment Regulations are framed with the general objective that every
business of or above the value of five hundred thousand United States dollars must¾
(a) within the next five years from the 1st March, 2010, or within five years from the
commencement of your business, as the case may be, cede a controlling interest of not
less than 51% of the shares or interests therein to indigenous Zimbabweans; unless, in
order to achieve other socially or economically desirable objectives, a lesser share of
indigenisation or a longer period within which to achieve it is justified;
(b) after five years from the 1st March, 2010,, or within five years from the
commencement of your business, as the case may be, cede a controlling interest or not
less than 51% of the shares or interests therein to indigenous Zimbabweans, unless
14
your business has previously submitted an indigenisation implementation plan together
with this form which has been approved by the Minister in terms of these regulations.
1. Name of business: …………………………………………………………………………………………………..
2. Form of business:
(Please tick the appropriate box)
Public Company
Private Company
Private Business Corporation
Partnership
Other Form of Association(Please Specify)
Sole Trader
3. Type of business (Tick appropriate box)
Sector Sub-sector
Manufacturing Agro-industry/Fertiliser
Seed
Chemicals & Petroleum products
Agricultural equipment & machinery
Plastics & packaging
Food stuffs (including stock feeds)
Drink and tobacco
Textiles including ginning
Clothing & footwear
Wood & furniture
Paper printing & publishing
Non-metallic mineral products
Metals & metal products
Glass & glass products
Transport & transport equipment
Health & pharmaceuticals
Other (Specify)
Mining Energy minerals
Precious minerals
Other minerals
Other (Specify)
Tourism Accommodation & Amenities
15
Tourism transport
Other (Specify)
Finance Commercial banks
Discount houses
Building societies
Merchant Banks
Insurance
Asset management
Other (Specify)
Transport Passenger road transportation
Freight transportation by road
Water transportation (ships & boats)
Air transportation
Rail transportation
Other (Specify)
Communication Broadcasting
Fixed telephone
Internet access
Public data
Courier
Mobile cellular
Postal general
Publishing
Publications
Other (Specify)
Construction Building contractors
Civil engineering contractors
Mechanical engineering contractors
Electrical engineering contractors
Joinery & shop fitting
Construction & building material supplies
Other (Specify)
Energy Hydro-electricity
Thermal power
Liquid fuel
16
Coal energy
Other (Specify)
5. Estimated value of Business by assets as at the date of this form:
___________________________________________________________________________
__________________________________________________________________________
6. Current shareholding (Please fill in the tables below)
Name and
Nationality of
shareholder(s)/
partner(s)/
owner(s)
National I.D.
No./ Passport
No.
Extent of shareholders’/ partners’/owners’ shares/interests
held by respective shareholders, partners and owners
expressed as percentages
Indigenous
Zimbabwean(s)
Non-indigenous Zimbabwean(s)
NB.
In the case of a company, attach a schedule of the—
(a) names of members of the company;
(b) number and type of shares held by each member;
(c) date of incorporation or registration of the company and company registration number.
Where members in a company exceed 50 only those with shares in excess of 10% should be
listed.
7 Do you consider that a controlling interest or not less than 51 % of the shares in your
business is held by an indigenous Zimbabwean/are held by indigenous Zimbabweans?
YES/NO. In either case, to what extent is your business indigenised, expressed as a
percentage?
8. If the answer to question 7 is NO, do you have a plan for indigenising your business,
that is, a plan for ensuring that, within five years, your business will be owned or
controlled by indigenous persons to the extent of at least fifty-one per centum?
YES/NO. If YES provide details on separate sheet. (For your information, if you
believe that a lesser share of indigenisation or a longer period within which to achieve
it is justified in your case because your business has achieved or intends to achieve
17
certain socially or economically desirable objectives, please specify these objectives in
your plan; the list of such objectives is itemised in question 9).
9 In the absence of a plan referred to in question 8, specify―
(a) the reasons, if any, why it may not be possible for your business to be
indigenised within five years from the 1st March, 2010, or within five years from the commencement of your business, as the case may be? (Provide details
on separate sheet)
(b) why a lesser share of indigenisation or a longer period within which to achieve
it (or both) is justified by reason of your business having achieved, or intending
to achieve within a specified period (being not longer than five years from the
1st March, 2010, or within five years from the commencement of your business,
as the case may be) any one or more the following socially and economically
desirable objectives
(i) your business has undertaken or intendeds to undertake certain
development work in the community in which it carries on its business;
(Provide details on separate sheet)
(ii) your business has, to a specified extent, beneficiated or intendeds, to a
specified extent, to beneficiate raw materials that are extracted in
Zimbabwe before it exports them (Provide details on separate sheet)
(iii) your business has, to a specified extent, transferred or taken concrete
measures to transfer new technology to Zimbabwe or intendeds, to a
specified extent, to transfer new technology to Zimbabwe (Provide
details on separate sheet)
(iv) your business has, to a specified extent, employed local skills or
imparted new skills to Zimbabweans, or intendeds, to a specified extent,
to employ local skills or impart new skills to Zimbabweans (Provide
details on separate sheet)
(v) your business has achieved or intendeds to achieve any other socially
and economically desirable objective not mentioned above (Provide
details on separate sheet)
Declaration
We do hereby certify that the above information is to the best of our knowledge true and
correct (to be completed by any of the following as may be applicable)
Names ID Number Signature Date
Company
Secretary
Senior Partner
A person
nominated by the
governing body
of an
unregistered
18
association
A person in
whose name a
private business
corporation is
incorporated in
terms of the
Private Business
Corporation Act
The sole trader
Person
relinquishing a
controlling
interest in a
business
Person
authorized by the
investor
projecting or
proposing any
investment;
19
SECOND SCHEDULE (Section 6, 7 or 8)
Form IDG 02
FORM OF NOTIFICATION AND APPLICATION REQUIRED BY SECTION 3(1) (B)
(C) (D) (E) AND 4 OF ACT
Essential definitions
According to the Indigenisation and Economic Empowerment Act, an “indigenous
Zimbabwean” is defined as follows: “any person who, before the 18th April, 1980, was
disadvantaged by unfair discrimination on the grounds of his or her race, and any descendant
of such person, and includes any company, association, syndicate or partnership of which
indigenous Zimbabweans form the majority of the members or hold the controlling interest”
Also according to the Indigenisation and Economic Empowerment Act, a “controlling interest”,
in relation to—
(a) a company, means the majority of the voting rights attaching to all classes of shares in
the company;
(b) any business other than a company, means any interest which enables the holder
thereof to exercise, directly or indirectly, any control whatsoever over the activities or
assets of the business.
Purpose of this form (Tick the appropriate box)
(a) To notify a transaction the result of which does not achieve 51% indigenisation
(b) To notify a transaction the result of which purports to achieve 51% indigenisation
1. Name of business: …………………………………………………………………………………………………..
2. form of business:
(Please tick the appropriate box)
Public Company
Private Company
Private Business Corporation
Partnership
Other Form of Association(Please Specify)
Sole Trader
3. Type of business (Tick appropriate box)
Sector Sub-sector
Manufacturing Agro-industry/Fertiliser
Seed
Chemicals & Petroleum products
Agricultural equipment & machinery
20
Plastics & packaging
Food stuffs (including stock feeds)
Drink and tobacco
Textiles including ginning
Clothing & footwear
Wood & furniture
Paper printing & publishing
Non-metallic mineral products
Metals & metal products
Glass & glass products
Transport & transport equipment
Health & pharmaceuticals
Other (Specify)
Mining Energy minerals
Precious minerals
Other minerals
Other (Specify)
Tourism Accommodation & Amenities
Tourism transport
Other (Specify)
Finance Commercial banks
Discount houses
Building societies
Merchant Banks
Insurance
Asset management
Other (Specify)
Transport Passenger road transportation
Freight transportation by road
Water transportation (ships & boats)
Air transportation
Rail transportation
Other (Specify)
Communication Broadcasting
Fixed telephone
21
Internet access
Public data
Courier
Mobile cellular
Postal general
Publishing
Publications
Other (Specify)
Construction Building contractors
Civil engineering contractors
Mechanical engineering contractors
Electrical engineering contractors
Joinery & shop fitting
Construction & building material supplies
Other (Specify)
Energy Hydro-electricity
Thermal power
Liquid fuel
Coal energy
Other (Specify)
Sector Sub-sector
Manufacturing Agro-industry
Fertiliser
Seed
Chemicals & Petroleum products
Agricultural equipment & machinery
Plastics & packaging
Food stuffs (including stock feeds)
Drink and tobacco
Textiles including ginning
Clothing & footwear
Wood & furniture
Paper printing & publishing
Non-metallic mineral products
22
Metals & metal products
Glass & glass products
Transport & transport equipment
Health & pharmaceuticals
Mining Energy minerals
Precious minerals
Other minerals
Tourism Accommodation & Amenities
Tourism transport
Finance Commercial banks
Discount houses
Building societies
Merchant Banks
Insurance
Asset management
Transport Passenger road transportation
Freight transportation by road
Water transportation (ships & boats)
Air transportation
Rail transportation
Communication Broadcasting
Fixed telephone
Internet access
Public data
Courier
Mobile cellular
Postal general
Publishing
Publications
Construction Building contractors
Civil engineering contractors
Mechanical engineering contractors
Electrical engineering contractors
Joinery & shop fitting
Construction & building material supplies
23
Energy Hydro-electricity
Thermal power
Liquid fuel
Coal energy
Other (Specify)
4. Nature of transaction being notified (Tick appropriate box)
(a) a merger?
(b) a restructuring?
(c) an unbundled/demerged business?
(d) a relinquishment of a controlling interest?
If so, indicate extent of controlling interest relinquished:
————————————————————————————————————–
————————————————————————————————————–
————————————————————————————————————
5. Value of Business by assets
6. Current shareholding: (Please complete the tables below)
Name and
Nationality of
shareholder(s)/
partner(s)/
owner(s)
National I.D.
No./ Passport
No.
Extent of shareholders’/ partners’/owners’ shares/interests
held by respective shareholders, partners and owners
expressed as percentages
Indigenous
Zimbabwean(s)
Non-indigenous Zimbabwean(s)
NB.
In the case of a company, attach a schedule of the—
(a) names of members of the company;
24
(b) number and type of shares held by each member;
(c) date of incorporation or registration of the company and company registration number.
Where members in a company exceed 50 only those with shares in excess of 10% should be
listed.
7. Do you have an indigenisation implementation plan approved by the Minister? (If so, attach copy thereof)
Declaration
We do hereby certify that the above information is to the best of our knowledge true and
correct.
Names ID Number Signature Date
Company
Secretary
Senior Partner
A person
nominated by the
governing body
of an
unregistered
association
A person in
whose name a
private business
corporation is
incorporated in
terms of the
Private Business
Corporation Act
The sole trader
Person
relinquishing a
controlling
interest in a
business
Person
authorized by the
investor
projecting or
proposing any
investment;
25
THIRD SCHEDULE (Section 21)
SECTORS RESERVED AGAINST FOREIGN INVESTMENT IN FAVOUR OF
INDIGENOUS ZIMBABWEANS
1. Agriculture: primary production of food and cash crops.
2. Transportation: passenger busses, taxes and car hire services.
3. Retail and wholesale trade.
4. Barber shops, hairdressing and beauty saloons.
5. Employment Agencies.
6. Estate Agencies.
7. Valet services.
8. Grain milling.
9. Bakeries.
10. Tobacco grading and packaging.
11. Tobacco processing.
12. Advertising Agencies.
13. Milk processing.
14. Provision of local arts and craft, marketing and distribution.
FOURTH SCHEDULE (Section 13)
Form IDG 03
FORM FOR INDIGENISATION ASSESSMENT RATING
NOTICE TO PERSON COMPLETING THIS FORM
Essential definitions
According to the Indigenisation and Economic Empowerment Act, an “indigenous
Zimbabwean” is defined as follows: “any person who, before the 18th April, 1980, was
disadvantaged by unfair discrimination on the grounds of his or her race, and any descendant
of such person, and includes any company, association, syndicate or partnership of which
indigenous Zimbabweans form the majority of the members or hold the controlling interest”
Also according to the Indigenisation and Economic Empowerment Act, a “controlling interest”,
in relation to—
(a) a company, means the majority of the voting rights attaching to all classes of shares in
the company;
(b) any business other than a company, means any interest which enables the holder
thereof to exercise, directly or indirectly, any control whatsoever over the activities or
assets of the business.
Purpose of this form
To enable the Minister to assess the extent of indigenisation of the business concerned and,
together with the information gathered from forms submitted by other businesses, to enable the
Minister to assess the extent of indigenisation in the sector of the economy to which the
business belongs and in the economy as a whole.
26
1. Name of business: …………………………………………………………………………………………………..
2. Form of business:
(Please tick the appropriate box)
Public Company
Private Company
Private Business Corporation
Partnership
Other Form of Association(Please Specify)
Sole Trader
3. Type of business (Tick appropriate box)
Sector Sub-sector
Manufacturing Agro-industry/Fertiliser
Seed
Chemicals & Petroleum products
Agricultural equipment & machinery
Plastics & packaging
Food stuffs (including stock feeds)
Drink and tobacco
Textiles including ginning
Clothing & footwear
Wood & furniture
Paper printing & publishing
Non-metallic mineral products
Metals & metal products
Glass & glass products
Transport & transport equipment
Health & pharmaceuticals
Other (Specify)
Mining Energy minerals
Precious minerals
Other minerals
Other (Specify)
Tourism Accommodation & Amenities
Tourism transport
Other (Specify)
27
Finance Commercial banks
Discount houses
Building societies
Merchant Banks
Insurance
Asset management
Other (Specify)
Transport Passenger road transportation
Freight transportation by road
Water transportation (ships & boats)
Air transportation
Rail transportation
Other (Specify)
Communication Broadcasting
Fixed telephone
Internet access
Public data
Courier
Mobile cellular
Postal general
Publishing
Publications
Other (Specify)
Construction Building contractors
Civil engineering contractors
Mechanical engineering contractors
Electrical engineering contractors
Joinery & shop fitting
Construction & building material supplies
Other (Specify)
Energy Hydro-electricity
Thermal power
Liquid fuel
Coal energy
Other (Specify)
5. Estimated value of Business by assets as at the date of this form:
28
___________________________________________________________________________
__________________________________________________________________________
6. Current shareholding (Please fill in the tables below)
Name and
Nationality of
shareholder(s)/
partner(s)/
owner(s)
National I.D.
No./ Passport
No.
Extent of shareholders’/ partners’/owners’ shares/interests
held by respective shareholders, partners and owners
expressed as percentages
Indigenous
Zimbabwean(s)
Non-indigenous Zimbabwean(s)
NB.
In the case of a company, attach a schedule of the—
(a) names of members of the company;
(b) number and type of shares held by each member;
(c) date of incorporation or registration of the company and company registration number.
Where members in a company exceed 50 only those with shares in excess of 10% should be
listed.
7 Do you consider that a controlling interest or not less than 51 % of the shares in your
business is held by an indigenous Zimbabwean/are held by indigenous Zimbabweans?
YES/NO. In either case, to what extent is your business indigenised, expressed as a
percentage?
8. If the answer to question 7 is NO, do you have an indigenisation implementation plan
approved by the Minister? (If so, attach copy thereof)
Declaration
We do hereby certify that the above information is to the best of our knowledge true and
correct (to be completed by any of the following as may be applicable)
Names ID Number Signature Date
Company
Secretary
Senior Partner
A person
29
nominated by the
governing body
of an
unregistered
association
A person in
whose name a
private business
corporation is
incorporated in
terms of the
Private Business
Corporation Act
The sole trader
Person
relinquishing a
controlling
interest in a
business
Person
authorized by the
investor
projecting or
proposing any
investment;
FIFTH SCHEDULE (Section 14)
Form IDG 04
FORM FOR QUALIFYING EMPLOYEE SHARE OWNERSHIP SCHEME OR TRUST
Explanatory Notes
(a) This form is submitted for the purpose of enabling a fixed percentage to be added
towards the fulfilment of the minimum indigenisation and empowerment quota in
favour of businesses that empower their employees through the establishment of
qualifying employee share ownership schemes or trusts.
(b) qualifying scheme or trust” means an employee share ownership scheme or trust that
qualifies in terms of section 14 of the Indigenisation and Economic Empowerment
(General) Regulations for the purposes of being used to assess the extent to which a
business that is a company has achieved or exceeded the minimum indigenisation and
empowerment quota;
(c) “minimum indigenisation and empowerment quota” means a controlling interest or the
fifty-one per centum of the shares or interests which in terms of the Act is required to
be held by indigenous Zimbabweans in a business;
30
1. Name of business:…………………………………
2. Current ownership structure
Name and
Nationality of
shareholder(s)/
partner(s)/
owner(s)
National I.D.
No./ Passport
No.
Extent of participating /benefiting employee’s shares/interests
held by respective participating/benefiting employee
expressed as percentages
Indigenous
Zimbabwean(s)
Non-indigenous Zimbabwean(s)
If applicable specify the number and proportion of persons whose names are submitted in the
table who are women and, or disabled.
NB.
Indigenous Zimbabweans participating or benefiting in a qualifying scheme must constitute
seventy-five per centum of the total qualifying scheme.
Declaration
We do hereby certify that the above information is to the best of our knowledge true and
correct.
Names ID Number Signature Date
Company
Secretary
SIXTH SCHEDULE (Section 15)
Form IDG 05
REQUEST TO MINISTER TO IDENTIFY INDIGENOUS AS POTENTIAL
COUNTERPARTIES TO NOTIFIABLE TRANSACTIONS
Notice to person filling this form
According to the Act an indigenous Zimbabwean is defined as follows: “any person who,
before the 18th April, 1980, was disadvantaged by unfair discrimination on the grounds of his or
31
her race, and any descendant of such person, and includes any company, association, syndicate
or partnership of which indigenous Zimbabweans form the majority of the members or hold the
controlling interest”
1. Name of business: …………………………………………………………………………………………………..
2. Form of business:
(Please tick the appropriate box)
Public Company
Private Company
Private Business Corporation
Partnership
Other Form of Association(Please Specify)
Sole Trader
3. Type of business (Tick appropriate box)
Sector Sub-sector
Manufacturing Agro-industry
Fertiliser
Seed
Chemicals & Petroleum products
Agricultural equipment & machinery
Plastics & packaging
Food stuffs (including stock feeds)
Drink and tobacco
Textiles including ginning
Clothing & footwear
Wood & furniture
Paper printing & publishing
Non-metallic mineral products
Metals & metal products
Glass & glass products
Transport & transport equipment
Health & pharmaceuticals
Mining Energy minerals
Precious minerals
Other minerals
Tourism Accommodation & Amenities
32
Tourism transport
Finance Commercial banks
Discount houses
Building societies
Merchant Banks
Insurance
Asset management
Transport Passenger road transportation
Freight transportation by road
Water transportation (ships & boats)
Air transportation
Rail transportation
Communication Broadcasting
Fixed telephone
Internet access
Public data
Courier
Mobile cellular
Postal general
Publishing
Publications
Construction Building contractors
Civil engineering contractors
Mechanical engineering contractors
Electrical engineering contractors
Joinery & shop fitting
Construction & building material supplies
Energy Hydro-electricity
Thermal power
Liquid fuel
Coal energy
Other (Specify)
4. Nature of transaction proposed to be entered into (Add annexures if necessary)
————————————————————————————————————–
————————————————————————————————————–
————————————————————————————————————–
33
5. Value of business by assets
6. Current ownership structure:
Name and
Nationality of
shareholder(s)/
partner(s)/
owner(s)
National I.D.
No./ Passport
No.
Extent of shareholders’/ partners’/owners’ shares/interests
held by respective shareholders, partners and owners
expressed as percentages
Indigenous
Zimbabwean(s)
Non-indigenous
Zimbabwean(s)
NB.
In the case of a company, attach a schedule of the—
(a) names of members of the company;
(b) number and type of shares held by each member;
(c) date of incorporation and registration of the company and company registration number.
Where members in a company exceed 50 only those with shares in excess of 10% should be
listed.
If neither of the above applies state how you intend to engage the indigenous person or
partnership in the business
Declaration
We do hereby certify that the above information is to the best of our knowledge true and
correct.
Names ID Number Signature Date
Company
Secretary
Senior Partner
A person
nominated by the
governing body
of an
34
unregistered
association
A person in
whose name a
private business
corporation is
incorporated in
terms of the
Private Business
Corporation Act
The sole trader
Form IDG 06
INDIGENOUS ZIMBABWEAN(S) INTENDING TO ACQUIRE CONTROLLING
INTEREST IN BUSINESS
Notice to person filling this form
According to the Act an indigenous Zimbabwean is defined as follows: “any person who,before the 18th April, 1980, was disadvantaged by unfair discrimination on the grounds of his or
her race, and any descendant of such person, and includes any company, association, syndicate
or partnership of which indigenous Zimbabweans form the majority of the members or hold the
controlling interest”
Registration Number:…………………….
1. Name of person or business: ……………………………………..
2. Form of business required to acquire controlling interest in:………………………
(Please tick the appropriate box)
Public Company
Private Company
Private Business Corporation
Partnership
Other Form of Association(Please Specify)
Sole Trader
Other (Specify)
3. Type of business required to acquire controlling interest in (Tick appropriate box)
Sector Sub-sector
Manufacturing Agro-industry
Fertiliser
Seed
Chemicals & Petroleum products
Agricultural equipment & machinery
35
Plastics & packaging
Food stuffs (including stock feeds)
Drink and tobacco
Textiles including ginning
Clothing & footwear
Wood & furniture
Paper printing & publishing
Non-metallic mineral products
Metals & metal products
Glass & glass products
Transport & transport equipment
Health & pharmaceuticals
Other (Specify)
Mining Energy minerals
Precious minerals
Other minerals
Other (Specify)
Tourism Accommodation & Amenities
Tourism transport
Other (Specify)
Finance Commercial banks
Discount houses
Building societies
Merchant Banks
Insurance
Asset management
Other (Specify)
Transport Passenger road transportation
Freight transportation by road
Water transportation (ships & boats)
Air transportation
Rail transportation
Other (Specify)
Communication Broadcasting
36
Fixed telephone
Internet access
Public data
Courier
Mobile cellular
Postal general
Publishing
Publications
Other (Specify)
Construction Building contractors
Civil engineering contractors
Mechanical engineering contractors
Electrical engineering contractors
Joinery & shop fitting
Construction & building material supplies
Other (Specify)
Energy Hydro-electricity
Thermal power
Liquid fuel
Coal energy
Other (Specify)
4. Nature of transaction proposed to be entered into, whether it’s a merger,
restructuring, demerger, unbundling, etc (Add annextures if necessary)
————————————————————————————————————–
————————————————————————————————————–
————————————————————————————————————–
5. Current ownership structure of your business(If applicable)
Name of indigenous Zimbabwean National I.D. No./ Passport No.
37
NB.
In the case of a company, attach a schedule of the—
(a) names of members of the company;
(b) number and type of shares held by each member;
(c) date of incorporation and registration of the company and company registration number.
Where members in a company exceed 50 only those with shares in excess of 10% should be
listed.
6. Have you submit Form IDG01 before?
YES NO
Declaration
We do hereby certify that the above information is to the best of our knowledge true and
correct.
Names ID Number Signature Date
Company
Secretary
Senior Partner
A person
nominated by the
governing body
of an
unregistered
association
A person in
whose name a
private business
corporation is
incorporated in
terms of the
Private Business
Corporation Act
The sole trader