CSC requires $150 million to kickstart

The country’s crippled Cold Storage Company (CSC) that used to employ thousands of people requires at least $150 million to start operations.

Minister of Finance has reportedly briefed Cabinet that CSC has found an investor in BOULSTEAD beef, according to a Zanu PF information department.

The report suggests that an agreement has been signed, and under the agreement BOULSTEAD Pvt will do the following:

1. Raise and invest a minimum of $150 million into CSC over 5 years. This fund will cover the capital expenditures and working capital needs of the business.

2. Pay off CSC debts which total $42 530 597

3. Pay rentals of $100 000 per annum during the first 5 years of the concession agreement.

4. Take over the management of the following CSC ranches: Maphaneni, Dubane, Umguza, Chivumbuni, Wilsgrove, and Darwendale. This will be for the initial 25 years.

5. Take over the management of the following abattoirs: Bulawayo, Chinhoyi, Masvingo, Marondera and Kadoma. This will be for the initial 25 years.

6. Take over the management of the Harare and Mutare distribution centres, and residential properties of CSC. This will be for the initial 25 years.