HARARE: Copper profiles and brass products manufacturer Zimbabwe Copper Industries has been put up for sale following its closure in 2010. ZCI is a subsidiary of the Industrial Development Corporation of Zimbabwe. Liquidator Alex Dera of Grant Thornton told The Herald Business that the company’s plant equipment had been mothballed.
“We are looking at any bidders who may be interested in either taking over the business or buying its assets,” said Mr Dera adding that the financial value of the company will be determined by the bidders who will come back to the liquidator after having made some evaluations.
IDC holds 51 percent shares in ZCI while Setheo Engineering (Pvt) Limited of South Africa holds the remaining 49 percent. Setheo acquired the minority interest in 2010 after Hulamin, another South Africa-based firm disposed its stake in the company. ZCI used to employ 100 people.
ZCI has capacity to produce 2 000 metric tonnes of copper and brass profiles per annum. At peak, it used to export more than 80 percent of its produce to South Africa, Botswana, Zambia and Namibia among other regional markets.
In 2012, IDC made efforts to restart operations after sourcing working capital and completed refurbishments of the plant. Despite IDC’s struggles, the Government’s investment arm has managed to record success stories on some of its operations which spans across all sectors of the economy.
Recently, IDC chief executive Mr Mike Ndudzo told The Herald Business that the country’s aluminium products manufacturer Almin Industries has started production of irrigation equipment despite the parent company’s plans to sell its stake after external pressures had threatened its viability.
Almin was almost closed last year after volumes dropped drastically, forcing the parent company to consider disposing of its stake in the company.
Almin’s fortunes have since turned around following Government’s efforts to develop the country’s irrigation systems. Recently, State-controlled Agribank also availed $10 million to ZFC for a plant upgrade and to address the company’s working capital needs.
