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UK Beef Giant Takes Over CSC

15 May 2019

ZIMBABWE - Cabinet has approved a joint venture between the Cold Storage Company (CSC) and a United Kingdom firm, Boulstead Beef (Pvt) Limited, which will see the investor injecting US$130 million into the meat processing firm.

This was said by Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa during a post- Cabinet Press briefing yesterday.

"Cabinet was informed by Finance and Economic Development Minister Professor Mthuli Ncube that the CSC is to be revitalised through a Concession Agreement under Rehabilitate, Operate and Transfer (ROT) terms," said Minister Mutsvangwa.

She said under the agreement, Boustead would "raise and invest a minimum of US$130 million into CSC over five years."

The funds will be for capital expenditures and working capital for the business.

It will also pay off CSC’s financial debts totalling US$42 530 597 and pay rentals of US$100 000 per annum during the first five years of the concession agreement.

Boustead will also take over and manage CSC ranches in Maphaneni, Dubane, Umguza, Chivumbuni, Mushandike, Willsgrove and Darwendale for an initial period of 25 years.

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Source: The Herald

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