IRON and steel manufacturer, the Zimbabwe Iron and Steel Company (Zisco), has postponed its crucial extraordinary general meeting (EGM), which was scheduled for Thursday, due to a “delay in the establishment of the data room containing documents for inspection”.
The meeting was to discuss the company’s debt, which is estimated to be about $500 million, owed to both local and international creditors.
Government has since gazetted a debt assumption Bill for Zisco, once one of the Africa’s largest integrated steel works with the capacity to produce more than one million tonnes of the commodity annually, to clear the way for its takeover of the company’s obligations.
The move will pave way for takeover of the company by a Chinese company R&F through its unit called Tian Li, which is expected to invest $1 billion into Zisco.
This week, Zisco company secretary Munashe Mabeza, sent out a notice to shareholders announcing that the meeting has been moved to next week on Thursday