HomeBusiness DigestDoves' year-end listing in doubt

Doves’ year-end listing in doubt

Ndamu Sandu

UNCERTAINTY shrouds the listing of Doves on the Zimbabwe Stock Exchange (ZSE) by the end of the year.

Industry sources

told businessdigest this week that it was impossible for the group to list on the bourse and continue with its regional expansion due to cash-flow problems.

ZSE told the group that it would list via an Initial Public Offer not through a reverse listing.

Doves’ chief executive officer designate Judith Chamboko this week said Doves would approach its listing bankers, Renaissance Merchant Bank on when to list.

“We are approaching our bankers on when to list and whether it is advisable to list at the moment,” she said.

In March, then chief executive officer Newton Madzika told journalists that the group would list on ZSE by the end of the year.

Unveiling the group’s ISO 9001:2000 status Madzika said the regional or international expansion would be undertaken through franchising, opening of new branches and through strategic partnerships.

Madzika is in South Africa “on a business assignment with organisations similar to Doves”.

Workers at the group downed tools on Monday over a salary increment dispute.

They were supposed to be given a 60% salary increment but the group applied for a waiver from the National Employment Council (NEC) which gave it the nod to award a 25% increment.

The strike affected business at Doves Morgan Funeral Services which was forced to close some of its parlours in Harare and Bulawayo.

Doves was established in 1902 as the first funeral service establishment in the country.

It is wholly-owned by Worlwide Investment Trust which has Madzika among its directors.

Chamboko said the group was working on modalities to dilute the shareholding of Worlwide Trust and meet the 40% requirement spelt out by the Insurance Commission.

‘The regional expansion initiatives are still on,” the group said.

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