new zim law

SA companies operating in Zimbabwe yesterday said they would stay in the troubled country despite a new law forcing foreign business to give 51percent ownership to indigenous people.

President Robert Mugabe has passed the Indigenisation and Economic Empowerment Bill into law.

Companies interviewed said they would adopt a wait-and-see stance, instead of pulling out.

Victor Munyama, a Standard Bank economist said: "It is highly unlikely that businesses will want to leave Zimbabwe even during this troubled period." - Zweli Mokgata and Xolile Bhengu