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Zimbabwe: Lesaffre Group Injects Capital Into Zim Subsidiary

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Tuesday, 26 January 2016

Zimbabwe: Lesaffre Group Injects Capital Into Zim Subsidiary

French yeast manufacturer, Lesaffre Group has started injecting capital in Zimbabwe's biggest yeast manufacturing company, Lesaffre Zimbabwe, a senior company official said. Lesaffre in September 2015 concluded the 60 percent acquisition of Anchor yeast to form Lesaffre Zimbabwe in a deal expected to inject an initial $17,5 million to boost productivity. Anchor Holdings chief executive Mr Mike Nyabadza who is also a shareholder in Lesaffre Zimbabwe told The Herald Business yesterday that the French investor has already started injecting capital into the company in tandem to what they promised at the signing ceremony. "They have already started injecting capital into the company and several representatives of the investor have been in the country to do some assessments of the manufacturing plant. We are having a board meeting soon where we are going to come up with figures in terms of capital injected so far and to be injected in the future (this year)," said Mr Nyabadza. Anchor yeast has been facing viability challenges for some time and following the conclusion of the acquisition Lesaffre promised to immediately inject $3,5 million towards operations. Lesaffre is excited by business prospects in Zimbabwe and envisions that Lesaffre Zimbabwe will become a leading yeast manufacturer in the SADC and COMESA regions.

Source: All Africa