17 January 2018
   
ED takes over Bob's globe-trotting too?
$150m waste: Vic Falls airport shocker
Grace, Bob sanctions review in February
Africa handled Mugabe ouster: Namibia Pres
SA: Student fails; kills Zim teacher
Zim family still at Thailand airport
Mnangagwa off to Zambia Friday
Special corruption courts soon: CJ Malaba
MORE NEWS
SMM saga: Letter to RBZ chairperson
Minister sells post-Bob Zimbabwe in Spain
MORE BUSINESS
Racism: Malema party storms H&M stores
Donel Mangena rocks The Voice UK
MORE SHOWBIZ
Mourinho says 'relaxed' about Sanchez
Bangladesh easily beat Zimbabwe
MORE SPORTS
'Shit-hole': Just Take moral high ground
ZHUWAO BRIEF: ED-iots and election delay
MORE OPINION
 
Trump rage ignores truth: A response
ED govt legitimacy & the church’s role
MORE COLUMNISTS
 
 
Government takes over ailing CAPS – Chinamasa
11/12/2015 00:00:00
by The Source
 
 
RELATED STORIES

THE government has taken over CAPS Holdings, the country’s largest pharmaceutical manufacturer which collapsed four years ago, in a bid to revive its operations, finance minister Patrick Chinamasa said on Friday.

At its peak, CAPS accounted for 75 percent of the local healthcare products market and was involved in the manufacture, wholesale distribution, and retail of pharmaceutical, consumer, and veterinary products.

At the time of its closure due to undercapitalization, huge debt and allegations of mismanagement, CAPS was under the control of key shareholder and chairman, Fred Mtandah.

In an update on the economy presented at the ongoing Zanu PF annual conference in Victoria Falls, Chinamasa announced that government had taken over CAPS. He did not provide details.

Mtandah has, however, previously hinted at government involvement in CAPS.

A 2013 statement by the businessman spoke about Cabinet-driven plans to resuscitate the stricken firm.

Under the plan, the state-owned Industrial Development Corporation would lead government’s intervention in CAPS.

Zimbabwe’s pharmaceutical industry has experienced a massive decline, with an estimated 90 percent of all pharmaceutical products being donor-funded and imported.

CAPS has ceased manufacturing drugs and failed to have its 15-year lease of Harare’s upmarket St. Anne’s Hospital renewed in 2013, while its QV pharmacy chain has only recently returned to good health under judicial management.

Government has also recently taken over Cottco, a cotton marketing firm which was privatized in 1998, in a bid to revive the ginning industry.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker