Anheuser-Busch InBev SA/NV’s Zimbabwe interest said government dithering over a controversial tax on money transfers has led to panic buying of beer and a disruption in fuel supplies, overshadowing a bumper six-month period of sales.
Delta Corp., which has the world’s biggest brewer as its largest shareholder, said business confidence has been undermined in the southern African nation by “conflicting statements from authorities.” The shortage of fuel has disrupted deliveries while a surge in demand has made the market unpredictable, it said in a results presentation on Wednesday.
Zimbabwe’s Finance Minister Mthuli Ncube introduced the levy last month to help repair stretched state finances, only for President Emmerson Mnangagwa to announce a rethink after a wave of panic buying and a rise in basic-commodity prices. Foreign-exchange shortages and austerity measures have also hurt consumers yet to see signs of an economic revival after the ouster of Robert Mugabe a year ago.
Delta’s performance in the six months through September benefited from the optimistic mood that characterised the election period, with lager sales jumping 54 percent to $187 million. Volumes passed their historical peak in 2012/2013, with sorghum beer production also rising.
South African telecoms firm Vodacom said on Wednesday it had entered into a roaming and facilities leasing agreement with Telkom, South Africa's biggest fixed-line operator.
Vodacom said the multi-billion rand agreement would allow Telkom customers to roam on Vodacom's 2G, 3G and 4G networks with full effect from June 2019.
It did not specific the value of the deal.
"This partnership between the country’s fastest growing networks will also result in reduced network deployment costs for Telkom and cost savings for Vodacom," said Vodacom Group CEO, Shameel Joosub.
Telkom, which also operates data services, said the agreement would allow it to use Vodacom's towers, antennas and shelters to build out its own network.
Telkom is looking to grow, having completed a turnaround in 2016 aimed at lowering costs and allowing it to better compete with wireless operators MTN Group and Vodacom, with a focus on mobile and broadband.
The company said it will phase out its current roaming agreement with MTN, which expires in June next year.