ZIMBABWE Parliament 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 take over and manage CSC assets dotted around the country.

state media