23 January 2018
   
ZRP ‘Idiot’ Charamba loses cop insult case
Gukurahundi: Blame govt, not me – says ED
SA: Jazz legend Hugh Masekela dies
Cholera: Angry minister blasts city councils
Mzembi challenges arrest; quits politics
Mudzuri: Amnesty for MDC-T cop murder 3
Mnangagwa: Grace mentally unstable
ZESA gave Chivayo $7m, not $5m: Parly
MORE NEWS
Govt reduces excise duty on fuel
Filthy 5-Star hotels: Economy blamed
MORE BUSINESS
‘Am I African’ explores Zim's race conflict
Gafa’s Epworth concert draws thousands
MORE SHOWBIZ
Billiat might still leave: Sundowns coach
Katsande: Chiefs show championship mentality
MORE SPORTS
Mnangagwa’s ‘New’ Zim merits support
Zhuwao: kleptocracy and EDiots in Davos
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 

NSSA going ahead with $18mln investment to revive CSC

04/10/2017 00:00:00
by Source.co.zw
 
 
RELATED STORIES

HARARE: The National Social Security Authority (NSSA) says its plans to invest in the Cold Storage Commission (CSC) will not be affected by the meat processors legacy debts which are being dealt with in a recently approved scheme of arrangement.

The cash rich state run pension fund intends to pump out $18 million to recapitalize CSC in an equity investment deal. CSC has debts amounting to $25 million mainly from fixed costs such as wages, rates and taxes on land.

“The legacy debt has been dealt under the scheme of arrangement, so that will be put to one side. l think there is a service year agreement which l don’t know the details but it’s not going to impact on what we want to do,” NSSA chairman Robin Vela told The Source in an interview on Wednesday.   

“We are going to put a significant investment, predicated on our view of the future of CSC, we are not going to be irresponsible and just put money in, but we are going to make sure that whatever money we inject is supported by the fundamentals of the business,” he said.

CSC was one of Zimbabwe’s most strategic assets earning the country at least $45 million annually before its collapse. It is currently operating at under 10 percent of its capacity and reported to be making annual losses in the region of $6 million.



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