adminTinashe Makichi Harare Bureau
Anchor Holdings is in negotiations with Belgian investors over the possibility of joint venture partnerships on three of its subsidiaries following the 60 percent acquisition of another subsidiary, Anchor yeast by Lesaffre. The diversified group has interests in agriculture, yeast manufacturing, mining and has a cotton and wool manufacturing unit in Mutare.
Anchor Holdings Head of New Initiatives and Growth Michael Nyabadza told Herald Business last week that more deals are under negotiation and these deals are aimed at improving productivity of companies within Anchor yeast group.
“I was in Belgium recently meeting some investors who have expressed interest on engaging us in doing business. We’ve four business units under Anchor Holdings and I can confirm that there are four more deals in the making that are similar to the one with Lesaffre. “We’ve interests in agriculture, ranching, mining, cotton and wool and dairy therefore we’re talking with different investors. It’s now just a question of doing the necessary viability studies,” said Nyabadza.
Nyabadza said an investment of about $1, 5 million will be injected towards setting up a 17km pipeline that links the factory and the company’s farm in Gweru. “The production of yeast produces effluent and we’ll invest $1,5 million into a pipeline and other facilities at the farm to create animal feed,” said Nyabadza.
Lesaffre completed the 60 percent acquisition of Anchor yeast to form Lesaffre Zimbabwe in a deal that will see a $17,5 million capital injection being made to boost productivity. Lesaffre representative Jean-Phillipe Poulin told journalists on Thursday that Lesaffre is excited by the business prospects and envisions that Lesaffre Zimbabwe will become a leading yeast manufacturer in the Sadc and Comesa regions.
“We’ll invest $3,5 million in the next month. But we expect to agree on new facilities by the end of next year . On capital expenditure we expect to invest $14 million to boost the company’s productivity and export capacity,” said Poulin.
Online Reporter