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Govt Shortlist 7 Investors For ZISCO

The government has announced that it has provisionally shortlisted 7 companies to be majority shareholders in the defunct steel manufacturing giant ZISCO Steel, the Chronicle reports.

This was revealed by Industry and Commerce Minister Sekesai Nzenza who spoke to the publication and said:

We have done our due diligence on seven potential investors from Germany, China and Australia but we still have some from India making inquiries.

Our national steel strategy will be anchored on the revival of Zisco and we are working with all stakeholders such as Zimbabwe Investment and Development Agency to realise this goal,

91% of ZISCO is owned by the government and the other 9% is owned by 6 companies. The steel manufacturing company stopped operations in 2008 due to lack of capital. Many companies have shown interest in recapitalizing the former manufacturing giant but no deal has materialized to this day.

More: Chronicle. 

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