20100622
reuters

Zimbabwe has revised rules requiring foreign firms to tranfer majority control to local blacks, with varying shareholding thresholds being set for different sectors of the economy, a minister said on Tuesday.

The unity government of President Robert Mugabe and Prime Minister Morgan Tsvangirai was deeply divided earlier this year after the publication of regulations forcing foreign-owned firms, including mines and banks, to transfer a 51 percent stake to black Zimbabweans.

But Mugabe told a mining conference last month that the government was refining the controversial law in a bid to shore up desperately needed investment.

Indigenisation and Economic Empowerment Minister Saviour Kasukuwere told reporters the government would publish amended regulations on Friday detailing how foreign firms should achieve majority control by locals.

Kasukuwere, a Mugabe ally, said the amended rules were agreed by the unity government after "extensive consultations."

"We've agreed on the process of setting up committees to look at sectoral (shareholding) thresholds, time-frames or any other issues that relate thereto," Kasukuwere said.

The committees would give recommendations to government within three months.

"It's not a one-size-fits-all policy. We will be able to accommodate companies. The other area of concern was the term 'cede', which has been amended to 'disposal', which means disposal for value," said Kasukuwere.