Zimbabwe: Zimglass Seeks Funds to Resume Operations

Date: 18 December 2013
Source: www.allafrica.com

Date: 18 December 2013

Zimbabwe Glass Industries has applied for an undisclosed amount of money under the Distressed and Marginalised Areas Fund to raise fresh capital in a bid to resume operations, managing director Mr Gilbert Tapfuma said.

The Gweru-based glass manufacturing company suspended operations last month due to working capital constraints and unsustainable utility charges.Zimglass resumed operations in August this year, after two years of inactivity.The furnace rebuild was funded by a local consortium of local banks to the tune of US$8,5 million, but was not sufficient to meet working capital requirements.

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