Zimbabwe Stock Exchange-listed milk company Dairibord Holdings Limited (DHL) is pulling out of Malawi following losses by the country operation.
Said Dairibord CEO Anthony Mandiwanza:
The holding company could not leverage its balance sheet to capacitate Dairibord Malawi and as a result the company continued to experience difficulties.
In our decision we looked at various options… to attract potential investors who may want to inject equity so that we can invest and turn around the business that was not successful,
Dairibord company secretary Mercy Ndoro said:
Malawi is now regarded as a discontinued operation, the assets are available for sale and for the year ended 31 December, business posted a loss of $693 000 which was actually an increase from the $594 000 it incurred in 2017
More: Daily News
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