ABSA OFFLOADS K630M STATE URGED TO CRAFT ECONOMIC REBOUND 6 …as debt talks continue
Tuesday 2 February, 2021 RELIEF FUNDS
TOBACCO FIRM EXCELS
GOVERNMENT should continue negotiations with creditors in the hope of securing a debt service standstill while putting in place the necessary fundamentals for
DESPITE COVID-19 IMPACT
the economy to rebound.
Targeted Medium Term Refinancing The By necessary BUUMBA fundamentals CHIMBULU
Facility.
should aim to achieve some
A
“The Bank continues to assess semblance BOUT of recovery K630 as million has been
customer credit requirements to Government extended continues with to customers by negotiations Absa with Bank creditors, Zambia says under the ensure that they receive support in Centre Covid-19 for Trade payment Policy and and relief packthe prescribed parameters,” he said. Development ages between (CTPD), April Senior and October, He Mr said Kimesh Absa said Bank the 2021 Zambia certification on employer brand while the organisation Researcher-Legal, By BUUMBA CHIMBULU Chileshe
2020. April 14, this year was the first fi
was special as BAT Zambia had been continues to transform is a reflection of Mange. From the time of inception to 31 nancial ranked institution amongst the to Top announce 10 employers in our commitment to our people and culture
B Ms October Mange said 2020 costly when the Covid-19 that it was extending a comprehen
RITISH American Tobacco (BAT) Africa during what could be considered agenda. commercial payment Zambia disputes relief has been should package recognised be was closed sive one three of the months most trying Retail, economic Business and “Today more than ever, accelerating a last off, resort as Absa the given Bank 2021 the Zambia top prevailing employer PLC was in able Banking social periods and Corporate in recent relief history. packan agile organisation and mindset shift economic Africa to extend despite conditions about the exacerbated current K630 business million to age to “This customers certification who demonstrate were impactthat BAT (people, processes, platforms) is crucial to by environment the Covid-19 pandemic. ed Zambia by the Covid-19 continues pandemic. to deliver workplace
over 370 customers. which has been impacted remain relevant and fit for future.”
She said disputes such as the Mr Shimabale of the said highest eligible standard. cusWe Top Employers Institute Chief Executive negatively This is according by the Covid-19 to Absa pandemic. Bank conditions continued missing of coupon
Its Zambia parent Head company, Marketing BAT has and also Corbeen tomers continue in need to provide of short-term our diverse liquidworkforce Officer, David Plink, said BAT South payments on the Eurobonds raised recognised porate Relations, as a top employer Mato Shimabale. globally, to meet its ity obligations with were an given inclusive is a breach a three-month environment Ms Mange paywhere a second they possible Africa and Southern a financial African market embargo, Markets had
Head of Marketing and Corporate
concerns as to the potential legal top Mr Employer Shimabale in explained Africa by theTop in of a the recontract ment can which relief, thrive allows with and the be possible the best trigger extension version of the of default was a continued call on to caused demonstrate in part by the a drop power in credit of
Relations, Mato Shimabale.
and economic consequences of
Employers sponse Institute. to a press query that aggrieved the upon party themselves. to further enforce review, its legal for the a package entire amount due. putting their people first in the workplace. the breach. Recently, the Ministry ratings, resulting in Zambia being BAT customers operates included in seven markets Personal rights which and under allowing the “Our contract. recently released In Ethos other i.e.: words, being she said, Mr Plink said precluded this was from despite accessing the the
customers to reduce or de
of Finance confirmed that Zambia were Business assessed customers and certified in sectors in 2021. cov“It should fer be Bold, stated Fast, that Empowered, CTPD instead Diverse of the and bullet coupon challenging capital year experienced markets and other (which potential has had failed to honour a US$56.1 their monthly instalments.
Other markets include; South Africa, is not privy to Responsible the actual financing are behaviours payments that which make allowed our “In this a certainly gradual regard, made the financiers. Bank an impact will conon organisations million ering coupon Aviation, payment Transport, due on Manufac“Absa Bank Zambia PLC prides
Mozambique, Angola, Zimbabwe, agreements Kenya governing organisation the a great place repayment to work,” until he the date of around the globe). “Essentially private lenders will
tinue to assess customer needs and January turing, 30 on Tourism one of Eurobonds and Agriculture. itself being a forward-thinking
and Uganda. said in a statement. “We are proud to share this year’s which “Absa matures Bank in 2027. Zambia PLC also Eurobond apissuances. organisation General We Manager can for Southern maturity, the African entire amount announcement under a not be and willing congratulate to lend Zambia the
that provides relevant respond accordingly while invest
BAT Zambia General Manager, Kimesh only deduce the Commenting plied and on received this, Ms Mange approval to exand innovative consequences banking bond solutions issue could ing become in future-proof due. money banking thereby prodlimiting Zambia’s Naidoo, said it was a proud moment based to on international Markets, commercial Christelle Supparayen-Romeo, “Another implication of the organisations options who for have a debt been restructuring,” certified in in be a tend recognised statement targeted said: as “in loans a top simplest employer to eligible in custo said: cater “We for are its proud diverse to customers’ continue being ucts Top and their services respective as part countries of its digthrough the Top
practices.” the terms tomers failure of using the Government the Bank of Zambia needs. Employer in our markets. sovereign bond defaults itally-led is Employers strategy,” Institute Ms he Mange said. programme,” said. he said. country once again. Our sustained