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IDCZ disposes stakes in Almin Metal Industries, Stone Holdings

by Staff reporter
04 Feb 2019 at 07:53hrs | Views
THE Industrial Development Corporation of Zimbabwe (IDCZ) has disposed of its shareholding in Almin Metal Industries and Stone Holdings as part of a restructuring process to be completed this year.

The restructuring exercise, which began early last year, will see the group getting rid of some entities through privatisation and liquidation. IDCZ general manager Mr Benjamin Kumalo said the group had disposed of a 51 percent equity stake in Almin Metal Industries and 49 percent interest in Stone Holdings.

"Since the restructuring exercise started, the IDCZ has disposed of its 51 percent shareholding in Almin Metal Industries and its 49 percent interest in Stone Holdings.

"Zimbabwe Copper Industries was liquidated while Zimglass is under final liquidation," he said, adding that investors for Iranzim Textiles and Travan Blankets have also been identified.

IDCZ was the major shareholder in the two textile firms that were set up as joint venture companies in which an external investor was included.

Mr Kumalo said the IDCZ was in discussions with several original equipment manufacturers to partner the corporation in Willowvale Motor Industries and Deven Engineering. It is hoped that this will go a long way in assisting the group to revive its main function of being the financier of industrial development.

"Motira (Private) Limited, which was a tractor franchise holder and retailer, ceased operation in 2008 and transferred the franchise to a fellow subsidiary company with a wider branch network," he said.

Chemplex and Zimbabwe Grain Bag are some of the transactions Mr Kumalo hopes will be concluded this year.

Last year, IDCZ announced that it was looking for partners for its subsidiary, Chemplex Corporation Limited, which is into manufacturing and mining. It beneficiates phosphate rock used in the manufacture of fertilisers, and produces sulphuric acid which is then converted to industrial chemicals.

Chemplex controls about 70 percent of the fertiliser industry and the whole phosphates value chain. IDCZ was scouting for investors to inject additional capital, bring technology and open new market avenues for Chemplex.

Of late, the company has been hit by financial challenges, which have also affected its subsidiaries such as Dorowa Minerals. Other subsidiaries of the company are Chemplex Animal and Public Health, Chemplex Marketing, GD Haulage and ZimPhos.

Source - chronicle