State-run pension fund, National Social Security Authority (NSSA), says it has started due diligence processes to acquire an 80 percent stake in the struggling Cold Storage Company (CSC) after the government approved the transaction.
NSSA chairman Robin Vela said the move was going to be implemented through a share subscription and shareholders agreement which would see government retaining a 20 percent stake in the Bulawayo-based meat processing firm.
“…The authority has begun a due diligence process guided by an investment plan as CSC embarks the turnaround journey,” Vela said in his third quarter update.
NSSA intends to invest $18 million to recapitalise CSC.
Presently operating at below 10 percent capacity, CSC used to be one of Zimbabwe’s strategic assets earning the country about $45 million annually from beef exports, mainly to the European Union. – The Source
(198 VIEWS)
This post was last modified on December 6, 2017 8:06 am
The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…
Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…
Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…
The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…
An Indian think tank has described Starlink, a satellite internet service provider which recently entered…
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…
