NSSA begins CSC takeover




HARARE,– State-run pension fund, National Social Security Authority (NSSA), says it has started due diligence processes to acquire an 80 percent stake in the struggling Cold Storage Company (CSC) after the government approved the transaction.

NSSA chairman Robin Vela said the move was going to be implemented through a share subscription and shareholders agreement which would see government retaining a 20 percent stake in the Bulawayo-based meat processing firm.

“…The authority has begun a due diligence process guided by an investment plan as CSC embarks the turnaround journey,” Vela said in his third quarter update.

NSSA intends to invest $18 million to recapitalise CSC.

Presently operating at below 10 percent capacity, CSC used to be one of Zimbabwe’s strategic assets earning the country about $45 million annually from beef exports, mainly to the European Union. – Source