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Zimbabwe approve new law

Published:Monday | March 10, 2008 | 12:47 PM

Zimbabwe\'s President Robert Mugabe has approved legislation giving local owners the right to take a majority share of foreign companies.

Mr. Mugabe\'s formal approval of the Indigenisation and Economic Empowerment Bill comes three weeks ahead of his country\'s presidential elections.

Under the legislation, every company must have at least 51 percent of their shares owned by black Zimbabweans. If not, the government will block new investment, mergers or restructuring.