Surface Wilmar says it intends to invest $25 million in Olivine industries to replace ageing machinery and improve the company’s productive capacity.
Surface is a joint venture between the Singapore headquartered agribusiness group, Wilmar, and Midex Global of India.
Together they own a 49 percent stake in Olivine which they bought off AICO in 2015.
Through its subsidiaries, Olivine, manufactures oilseed products, the Buttercup brand margarine and toiletries.
In a statement today the company said it had invested $15 million between 2015 and 2016 but was failing to break even due to unavailability of foreign currency.
“We have plans to inject a further $25 million, in various state of the art manufacturing plant and equipment to enable the company, Olivine to get back to its glory days,” reads the statement.
Surface Wilmar said the unavailability of foreign currency, and low oilseed production, was pulling down the existing investment and also concerning for shareholders.
“They are discouraged from further investment, as the returns are hampered by the negligible foreign currency support for essential raw materials.” – The Source
(192 VIEWS)
This post was last modified on December 18, 2017 12:39 pm
The role of social media on how people get their news in Zimbabwe is being…
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…