adminthe community of the Bulawayo-based firm, one of the beneficiaries of changes in ownership structure is prominent lawyer and Zimra chairman Mr Sternford Moyo.
He, PPC board chairman Mr Todd Moyo and a director, Mr Themba Sibanda, now own 4,9 percent of the Zimbabwe Stock Exchange-listed company.
The National Indigenisation and Economic Empowerment Fund will get 9,7 percent equity to be administered under the auspices of the Sovereign Wealth Fund soon to be set up by the Government.
According to the share register at the ZSE, PPC is currently owned 21,3 percent by indigenous investors, whose stake will be raised to 51 percent through the proposed changes.
PPC becomes the latest foreign-owned company to comply with the Indigenisation and Economic Empowerment (General) Regulations of 2010 under which most of the major mining companies have revised their ownership structures. Under the regulations foreign-owned firms are required to have 51 percent of equity owned by indigenous Zimbabweans.
Contacted for comment, Mr Sternford Moyo referred all questions to Portland Holdings Limited managing director Mr Zak Limbada, who did not respond to e-mailed questions sent to him.
A former president of the Law Society of Zimbabwe and the Sadc Lawyers’ Association, Mr Moyo, is a corporate and commercial lawyer specialising in investment and financial advisory services.
He also serves as chairman and senior partner of Scanlen & Holderness as well as chairman of Stanbic Bank Zimbabwe Limited. He joined the PPC board in June 2010.
Youth Development, Indigenisation and Empowerment Ministry officials refused to comment on the deal, saying an official announcement would be made soon.
In compliance with the indigenisation and economic empowerment legislation, the cement and lime manufacturer is expected to work closely with the people who are going to benefit from the Community and Employee Share Ownership Trusts.
The Gwanda Community Share Ownership Trust, under which PPC falls, will be launched by President Mugabe at Colleen Bawn Mine in Gwanda today.
This will be the first such launch in Matabeleland province and the event has created excitement among the locals. Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere recently said the broad-based programme was cutting across all political, racial and economic barriers.
So far, the ministry has presided over four community share ownership trusts in Mashonaland West and the Midlands.
Online Reporter