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Four investors vie for Chemplex stake

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HARARE


The Industrial Development Corporation has shortlisted four investors for the takeover of its 76 percent stake in Chemplex Corporation with the aim of raising $60 million to recapitalise the company. IDC owns 100 percent stake in Chemplex which is the largest fertilizer and chemical manufacturing company in Zimbabwe.Chemplex Corporation has six companies namely ZimPhos, Dorowa, Chemplex Marketing, Chemplex Animal and Public Health, GD Haulage and G & W Industrial Minerals. Chemplex Corporation has however since dollarisation been facing viability challenges due to the lack of working capital to recapitalise antiquated plant equipment across its investment portfolios. IDC chairman Herbert Nkala confirmed that the state owned investment vehicle had gone through some due diligence to settle at four investors. – Herald

 

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