Century ponders changes

Staff Writer

CENTURY Holdings Ltd (Century) is meeting in Harare on June 30 to consider, among other issues, its merger with CFX (Pvt) Ltd.



s-serif”>Chairman Christopher Mwaturura in his annual report for the year ended March 31 released this week said from an operating loss of $56 million for the six months ended December 2002, problem child Century Asset Management Company (Pvt) Ltd had grown in leaps and bounds to record a pretax profit of $1,4 billion in its first full year of operation.


However during the period under review Century Discount House (CDH), as part of its rationalisation and capitalisation exercise, sold its entire shareholding in CDH to ENG Investments (Pvt) Ltd with effect from April 1 2003.


On January 2 the Reserve Bank of Zimbabwe closed CDH and cancelled its banking license. The application to the registrar for the approval of the sale was still pending as of the date of this report, Mwaturura said.


“The action was taken after it was discovered that CDH was no longer in a sound financial position as a result of its exposure to ENG,” he said.