Blue Ribbon creditors meet over Bakhresa takeover

Creditors of Blue Ribbon industries will meet early next month to consider Tanzanian milling giant, Bakhresa Group's $40 million bid to acquire the company in terms of a scheme of arrangement of the company.

This however is viewed as a major strides by Bakhresa towards concluding the deal for the acquisition of Blue Ribbon Industries following hurdles posed by a pressure group opposed to the takeover the milling company by a foreign investor.

Bakhresa is expected to inject $18 million immediately upon acquiring Blue Ribbon to start meaningful turnaround of one of Zimbabwe's oldest millers.