Business / Companies
New Hwange Colliery board crafts revival plan
30 Jun 2016 at 19:00hrs | Views
The newly appointed Hwange Colliery Company board says it is working on a revival plan which will be finalised by September this year.
The new board chaired by an accountant, Winston Chitando, is being mandated by the government to come up with workable plans to revive the colliery.
According to ZBC, Chitando confirmed that the board is in talks with the company's key investors on possible strategies to restore business confidence.
He, however, could not be drawn into providing further details saying a revival document will be presented to the key shareholders by September.
"Indeed something is coming but we cannot rush," said Chitando.
The board is also focusing on strengthening corporate governance structures, restructuring operations, reduction of costs, review of machinery supply contracts and the setting up of debt instruments to clear US$287 million being owed to creditors.
The new board chaired by an accountant, Winston Chitando, is being mandated by the government to come up with workable plans to revive the colliery.
According to ZBC, Chitando confirmed that the board is in talks with the company's key investors on possible strategies to restore business confidence.
"Indeed something is coming but we cannot rush," said Chitando.
The board is also focusing on strengthening corporate governance structures, restructuring operations, reduction of costs, review of machinery supply contracts and the setting up of debt instruments to clear US$287 million being owed to creditors.
Source - ZBC
