GOVERNMENT PLACES HWANGE UNDER RECONSTRUCTION
Written by Panashe MAdzinga on October 31, 2018
Government has put Hwange Colliery Company under reconstruction in a bid to set it on the course to profitability.
The company is heavily indebted and owes the Government in excess of US$150 million, with its liabilities outstripping the value of its assets.
Government, which owns 52 percent stake in the company, announced the reconstruction exercise in an Extraordinary Government Gazette published on Monday.
Bekithemba Moyo, the co-founder and director of DBF Capital partners has been appointed administrator of the company under reconstruction.”
Other members of his team include Ms Mutsa Mollie Jean Remba, who is the current managing director of Dube, Manikai and Hwacha who will be serving as the assistant administrator and Mr Munashe Shava who is the chief operating officer and project leader at the Great Dyke Investments.