$10m needed for CSC revival: Zhanda

September 9, 2014 in News

GOVERNMENT says the Cold Storage Company (CSC) requires over $10 million capital injection to get back on its feet.

OWN CORRESPONDENT

Speaking to NewsDay on the sidelines of a regional congress of the Zimbabwe Farmers’ Union in Masvingo yesterday, Agriculture deputy minister responsible for livestock, Paddy Zhanda, said part of the money would go towards clearing the CSC debts.

“Capitalisation is needed at CSC to raise working capital and clear the debt. We need $10 million at the moment to restore some activity there. It might not be operating at full capacity, but we will be somewhere,” Zhanda said without disclosing the source of the money.

“Plans are on the table under consideration and they are now at an advanced stage to recapitalise CSC. In the shortest possible time, there will be something. It will take us somewhere,” Zhanda said.

He said the CSC branch in Bulawayo had started to record some activity.

The closure of CSC rendered many jobless and left the massive infrastructure and equipment lying idle.

In Masvingo, the CSC plant, which used to slaughter 400 beasts per day, is now a pale shadow of its former self and the company has since started leasing out offices to other non-related business activities.