HARARE: Zimbabwe Blue Ribbon industries have improved in milled productions, improvement notes since the company resumed operations in last year.
Blue Ribbon, which resumed operations last year under the judicial management of Reggie Saruchera of Grant Thornton Camelsa Chartered Accountants after securing a supply agreement for raw materials, had closed shop in 2012 due to funding constraints underpinned by a million debt to the PTA Bank.
The company’s chief financial officer, Charles Botso told The Source on Tuesday that production had started low but “there was a steady month on month improvement from June to December.”
“Production is on an upward trend and we hope by end of the peak period (January to March) we will have significantly recovered our market share,” he said, but declined to disclose figures.
He said since end of December last year, the company had also reopened its flour business unit.
“We will move to stock feeds and trading products such as salt, rice, sugar, beans and pop corn as things improve. We are not sure of the market uptake and we still have limited capital,” he said.
He said the resumption of maize milling and flour was an interim measure as the company sought for investment to boost production.
“We could do much better if we get capitalised,” he said.
Botso said the company had since reengaged 200 of its workers who were on unpaid leave. At its peak, the company employed between 500 and 600 people.
Its other milling plant in Bulawayo remains closed.
Last August, Tanzanian milling giant Bakhresa Group reached an agreement to buy a 75 percent stake worth million in the struggling company but was yet to meet with government over its indigenisation plan.
Blue Ribbon has five divisions which include BRI Logistics, Blue Ribbon Foods, JA Mitchells and Nutresco Foods.
