Innscor acquires Interfresh Limited headoffice

LISTED conglomerate Innscor Africa Limited has acquired a Graniteside complex from troubled agro-industrial group Interfresh Limited .

This complex was used by Interfresh Listed as its head office.

The Innscor Group’s Corporate Affair manager Musekiwa Khumbula announced Monday that the transaction was concluded two week ago.

The complex will now house Innscor's subsidiary Tevason Investment trading as Freshpro which has been operating from Masasa Industrial Park. The organisation is a perishable distributor servicing all the major retail chains throughout Zimbabwe .

Their product range include fruit and vegetables , dairy , poultry , eggs and frozen and speciality lines.

Innscor ‘s operations span from food production to property and distribution.

Interfresh disposed of its head office as it sought to reduce an unsustainable short-term debt and strengthen its balance sheet.

The resolution to dispose of Interfresh Limited's head office was approved by the company’s shareholders last December at an Extraordinary General Meeting where the matter duly passed with the requisite majority vote from the shareholders.

The company raised US$5.8 million from the disposal.

Interfresh management said of the amount raised, US$4.8 million would be used to reduce the company's short-term debt.

The balance would go towards acquisition of a small property in the capital for the company’s Harare-based operations as well as meeting some working capital requirements.

Interfresh – which exports horticultural products to Europe – has been hit by the Eurozone debt crisis as demand for flowers has declined.

Management also admitted that the local beverages had been overtraded while an exclusive vegetable supply deal with TM Supermarkets was no longer in force increasing pressure on the group.

Post published in: Business

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