News / National
NRZ selects preferred investor
12 Jul 2017 at 06:43hrs | Views
THE National Railways of Zimbabwe (NRZ) has started the adjudication process to select the winning bidder from the six potential investors it has shortlisted under its $400 million recapitalisation initiative.
Last week, the parastatal announced that the six potential investors were Sino Hydro, China Civil Engineering, Crowhat International (from Europe), Croax Private Ltd (South Africa), Malaysia SMH Rail and DIDG/Transnet, a consortium of Zimbabweans in the Diaspora and Transnet.
The firm tendering process was highly subscribed with over 80 investors attending the pre-bid conference held in Bulawayo on May 30.
The pre-bid conference attracted local as well as international investors from countries around the world such as China, India, the United Kingdom, Belgium, Malaysia and Dubai.
NRZ public relations manager Mr Nyasha Maravanyika told Business Chronicle on Monday that the adjudication process would be done by their adjudication committee until Friday.
"The adjudication process, which we call review project and valuation criteria, is penciled for this week up to Friday.
"From there our adjudication committee will have to present to the NRZ board by July 25, 2017, its recommendations to the ministry (Transport and Infrastructural Development) linking up with the State Procurement Board," he said.
Mr Maravanyika said the adjudication committee would look at issues highlighted in the tender when it was advertised.
"The criteria for selecting the best investors from the six shortlisted potential investors will evolve around the issues in the tender process advert and it is the adjudication committee which will select the best investor for the $400 million NRZ recapitalisation programme," he said.
The revival of NRZ is hinged on securing a strategic partner.
It is believed that by September the parastatal would have signed a contract with the winning bidder to set the tone for the implementation of the recapitalisation project.
The NRZ recapitalisation initiative involves the rehabilitation and renewal of plant, equipment, rolling stock, track signaling and telecommunications infrastructure and the supporting information technology (IT) systems.
The ailing giant firm requires about $1.9 billion in the long-term but is saddled with a $144 million legacy debt.
As part of its turnaround programme, NRZ is also in discussions with a Russian wagon manufacturer, Uniwagon, for the supply of 100 new wagons under a $10 million loan facility from Russia Export-Import Bank.
Transport and Infrastructural Development Deputy Minister Engineer Michael Madanha told Parliament recently that NRZ had already submitted relevant documentation to the Russians regarding the deal.
The State enterprise has also secured a loan of $5 million from a local financial institution, which it will use to rehabilitate five locomotives and 200 wagons.
In November 2016, the Government commissioned 31 state-of-the-art wagons from China Railway Rolling Stock Company under a $2.9 million deal for the NRZ, a move aimed at boosting the parastatal's operational efficiency.
Last week, the parastatal announced that the six potential investors were Sino Hydro, China Civil Engineering, Crowhat International (from Europe), Croax Private Ltd (South Africa), Malaysia SMH Rail and DIDG/Transnet, a consortium of Zimbabweans in the Diaspora and Transnet.
The firm tendering process was highly subscribed with over 80 investors attending the pre-bid conference held in Bulawayo on May 30.
The pre-bid conference attracted local as well as international investors from countries around the world such as China, India, the United Kingdom, Belgium, Malaysia and Dubai.
NRZ public relations manager Mr Nyasha Maravanyika told Business Chronicle on Monday that the adjudication process would be done by their adjudication committee until Friday.
"The adjudication process, which we call review project and valuation criteria, is penciled for this week up to Friday.
"From there our adjudication committee will have to present to the NRZ board by July 25, 2017, its recommendations to the ministry (Transport and Infrastructural Development) linking up with the State Procurement Board," he said.
Mr Maravanyika said the adjudication committee would look at issues highlighted in the tender when it was advertised.
"The criteria for selecting the best investors from the six shortlisted potential investors will evolve around the issues in the tender process advert and it is the adjudication committee which will select the best investor for the $400 million NRZ recapitalisation programme," he said.
The revival of NRZ is hinged on securing a strategic partner.
It is believed that by September the parastatal would have signed a contract with the winning bidder to set the tone for the implementation of the recapitalisation project.
The NRZ recapitalisation initiative involves the rehabilitation and renewal of plant, equipment, rolling stock, track signaling and telecommunications infrastructure and the supporting information technology (IT) systems.
The ailing giant firm requires about $1.9 billion in the long-term but is saddled with a $144 million legacy debt.
As part of its turnaround programme, NRZ is also in discussions with a Russian wagon manufacturer, Uniwagon, for the supply of 100 new wagons under a $10 million loan facility from Russia Export-Import Bank.
Transport and Infrastructural Development Deputy Minister Engineer Michael Madanha told Parliament recently that NRZ had already submitted relevant documentation to the Russians regarding the deal.
The State enterprise has also secured a loan of $5 million from a local financial institution, which it will use to rehabilitate five locomotives and 200 wagons.
In November 2016, the Government commissioned 31 state-of-the-art wagons from China Railway Rolling Stock Company under a $2.9 million deal for the NRZ, a move aimed at boosting the parastatal's operational efficiency.
Source - chronicle
