Multichoice Zimbabwe’s holding company, Naspers, says Zimbabwe is one of three countries holding cash balances and trade receivables of nearly $131 million for its financial year ended March 31, 2018, due to the limited availability of foreign currency.
Naspers is a broad-based multinational internet and media group headquartered in South Africa that operates in Zimbabwe through MultiChoice Zimbabwe, which has its flagship offering, DStv.
In Naspers’ financial report for the year ended March 31, 2018, it reported that constrained liquidity in Angola and Zimbabwe persisted because of the limited availability of foreign currency.
Said Naspers chair Koos Bekker and chief executive Bob van Dijk:
Constrained liquidity in Angola and Zimbabwe persists because of the limited availability of foreign currency. At 31 March 2018, cash balances and trade receivables of US$131 million, held in Angola, Zimbabwe and Mozambique, remain exposed to weakening currencies and this is a 55% reduction on last year’s balance.
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