The Reserve Bank of Zimbabwe (RBZ) will pay National Foods Limited’s legacy debt amounting to $54,9 million owed to one of its major grain suppliers.
In a statement accompanying the company’s financial results for the half year period ended 31 December 2018, group chairman Mr Todd Moyo said the company had reached an agreement with the RBZ. Moyo said:
During the period an agreement was reached between the Reserve Bank of Zimbabwe (RBZ) and the group’s major grain supplier wherein the RBZ assumed the group’s legacy debt to its supplier amounting to $54,9 million. National Foods settled the full amount locally to the Reserve Bank, resulting in a reduction in its creditors.
National Foods Limited, listed on the Zimbabwe Stock Exchange (NTFD.ZI), is a diversified conglomerate which has grown to become one of the largest manufacturers and marketers of food products in Zimbabwe and the Southern African Region. Read More About National Foods
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe