The company suffered a major blow in 2009 when it failed to service a loan. The judicial manager, Phillip Ndlovu, in a report in possession of The Zimbabwean said the company was courting a potential investor.
“What has stalled talks so far is the extent of the liabilities that the company has,” says the report.
“Major shareholder has been very committed to the recovery of the business and in 2011 they injected $385,000 on a short loan basis for material from which the company was able to record a turnover of US$1,2million for the 12 months of December 2011,” says Ndlovu.
The company reportedly tried but failed to secure a grant from the $40million Distressed Industries and Marginalised Areas Fund.
Post published in: Business