CSC set to exit corporate rescue

The Cold Storage Commission (CSC), once one of southern Africa's largest meat processors, is poised to exit corporate rescue after its parent company, Mutapa Investment Fund (MIF), paid approximately US$9 million to settle the bulk of its creditors.

CSC went into receivership five years ago following the failure of British investor Boustead Beef to inject a promised US$130 million in a joint venture with the government.

Speaking on the revival process, MIF's Chief Investment Officer, Simba Chinyemba, confirmed that the exit from receivership is nearly complete.

"We have now almost completed payment of all the creditors. We're just waiting for the final sign-offs on that," Chinyemba said.
"When that happens, now we can bring this company online and actually allow it to be the powerhouse that it has always been."

CSC owns one of the largest abattoirs in southern Africa, giving it substantial capacity for meat processing and distribution. The company also controls around 240,000 hectares of land across Zimbabwe, providing a strategic advantage for livestock supply.

"Regardless of the number of abattoirs in Zimbabwe, CSC's abattoir is the best in the region. CSC must remain an outlet for all our farmers to bring their beef and other animals," Chinyemba said.

The Bulawayo abattoir, built to European Union (EU) standards, is central to Zimbabwe's plans to restart beef exports to international markets.

"Zimbabwe still has quotas with the EU, and the abattoirs at CSC, particularly the Bulawayo one, were built to EU standards so we can export our beef. They are meant to serve as an export mechanism, not just for local demand," Chinyemba added.

With the final stages of the receivership process nearing completion, CSC is expected to resume full operations, positioning itself once again as a key player in Zimbabwe's meat processing and export industry.