BAT engages RBZ over trapped dividend

Business Zimbabwe

The Zimbabwean arm of British American Tobacco says interim cash and cash equivalents in the company have mounted by US$7m as the company is unable to pay foreign shareholders and international suppliers, owing to foreign currency shortages in the country.

BAT has had to push volumes for the lower end market brands to survive declining consumer purchasing power, as Zimbabwe’s current liquidity crisis has seen banks run out of cash.

The Mint’s Andy Hodges and Ndaka Majaka have more on this story.