NSSA to acquire 80 percent of CSC

NSSA to acquire 80 percent of CSC
NSSA will take up 80 percent equity in the Cold Storage Company.

NSSA will take up 80 percent equity in the Cold Storage Company.

THE National Social Security Authority (NSSA) will take up 80 percent equity in the Cold Storage Company, injecting a reported $20 million, as it embarks on the resuscitation of the stricken meat processor.
In a quarterly update issued last week, NSSA chairman Robert Vela said the cash-rich statutory fund had started conducting a due diligence probe into CSC, which would lead to the capital injection.
Although Vela’s statement did not mention any figures, a former deputy agriculture minister, Paddy Zhanda told State media in September that Cabinet had approved the injection of between $18 million and $20 million into CSC by NSSA.
“Following the commitment by NSSA to participate in the resuscitation of CSC in Q3 2017, the authority has begun the due diligence process guided by an investment plan as CSC embarks the turnaround journey,” Vela said in the quarterly update.
“NSSA’s investment will be implemented, as approved by the Cabinet of the Government of Zimbabwe, through a Share Subscription and Shareholders Agreement that will see NSSA acquire 80 percent of CSC, while the Government of Zimbabwe retains 20 percent.”
CSC, once a major meat processor on the continent, processing 150 000 tonnes of beef products annually and exporting about 9 000 tonnes of beef into the lucrative European market, has been moribund for years.
The company owes creditors close to $30 million, with 400 of its former workers being owed an estimated $4 million.
CSC’s revival would be yet another critical intervention by NSSA, which has also played a leading role in the resuscitation of sugar processor starafricacorporation. 

  • taona

    As long as good money is not poured by NSSA into deep holes like what it did in banks like Renaissance, Interfin, Genesis etc and the Beitbridge Hotel. Also the NSSA should ensure that in the Board there would no politicos wives and hangers-on etc. involved as it was proposed some months ago when nurses, relatives etc. were proposed as Board members!

  • KUTAKURA NGWENA HUIDA

    CSC SHOULD GO INTO PRIVATE HANDS THIS NASSA HAS WASTED SO MUCH MONEY THERE IS TPP MANY CRIMINALS AND FRAUDSTERS STILL OPERATING IN NASSA. THE NEW GOV SHLD DO SOMETHING TO WEED THE CORRUPTION AND ROT IN THIS AND MANY OTHER GOVT RUN ORG. TOOT THE CABALS MR PRESIDENT.

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