BATZ secures shareholder backing as profits surge

Tobacco manufacturer British American Tobacco Zimbabwe (BATZ) has secured financial support from its shareholder as profits surged, largely driven by accounting gains linked to recognising legacy foreign currency obligations converted into Treasury Bills.

British American Tobacco International Holdings controls BATZ through its 43% stake and is incorporated in the United Kingdom; the remaining 57% of shares are widely held. The ultimate holding company of the group is British American Tobacco Plc, also incorporated in the United Kingdom.

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