The Reserve Bank of Zimbabwe (RBZ) has disposed it’s subsidiary, Tuli Coal Private limited to Government and unbundled Fidelity Printers and Refiners Private Limited (FPR) into two business entities that is gold refining and printing and minting.
In a statement, RBZ said the valuations of the bank subsidiaries were undertaken by independent valuers.
The RBZ said the disposal of Tuli Coal to government is for the benefit of the country.
“The disposal of Tuli Coal (Private) Limited will fulfil the Bank’s long-held desire to sell it’s entire equity in the assert which is capable of predominantly producing thermal coal, for the benefit of the country.” The statement read in part.
Furthermore, the RBZ said the splitting of FRP to privatise gold refining in Zimbabwe.
“The unbundling of FPR is designed to partially privatise the gold refining business by allowing private players to acquire a stake therein and in the process secure and endear the private sector’s interest in the production and marketing of gold in Zimbabwe. ”
However, the RBZ said the bank will still have 100% equity in the printing and minting business.
“The Bank shall continue to have 100% equity in the printing and minting business for national security reasons.”