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Unilever Zimbabwe Complies With Indigenization Law, Plans To Sell 51 Percent Of Shares To Local Investors

May 4, 2012: 12:31 AM EST
Unilever Zimbabwe said it will comply with the country's indigenization and local empowerment law, becoming one of the manufacturers to do so since 2007 when the Indigenisation and Economic Empowerment Act was passed by the national legislature. The law requires all foreign-owned companies with business operations in Zimbabwe to divest at least 51 percent of their shares to Zimbabweans. Unilever said its compliance with Zimbabwe's law is part of its global policy of following the policies and regulations of countries where it does business. 
Tabitha Mutenga, "Zimbabwe: Unilever Relents", The Financial Gazette, May 04, 2012, © The Financial Gazette
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