Zimre is reducing its workforce

Baobab Reinsurance, a subsidiary of Zimre Holdings, will reduce its staff by half, a measure affecting only Zimbabwe employees. In order to boost itself, the group is planning a recapitalization, recourse to a rating agency and a training program for its staff.

Restructuring investments, selling assets up to 7 million USD and underwriting a loan of 10 million USD are solutions envisaged to address the company’s liquidity needs.
Zimre Holding sustained a loss of 0.11 million USD in the first six months of the year compared to the 2.39 million USD of profit for the same period in 2013.