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Walter Muchinguri Assistant Business Editor
Distressed engineering concern, Gulliver Consolidated Limited is looking beyond the country’s borders for major infrastructure projects that will help improve the company’s financial position, the firm’s judicial manager Mr Reggie Saruchera said.
Mr Saruchera said the firm is eyeing a major tender in Zambia for the refurbishment of railway wagons.
“We have submitted a bid and hope we land the tender. We understand Morewear is also bidding for the same tender,” he said.
Mr Saruchera said apart from looking to the region for contracts, the company was also hopeful that it will manage to secure business from the impending refurbishment of National Railways of Zimbabwe wagons and major infrastructural projects covered under the Zimbabwe Agenda for Sustainable Socio-Economic Transformation.
“There is no reason why Gulliver will not bounce back because it’s a strategic company in the country,” he said.
Meanwhile, Mr Saruchera said they were still to settle on a new investor for the firm from the two that they have shortlisted. The two include a South African and local investor.
“You will appreciate that issues to do with investment tend to take longer to conclude but we are hopeful that we will have a new investor soon,” he said.
Gulliver requires nearly $10 million to clear its debts and recapitalise operations. Of the $10 million between $5 million and $6 million was required to clear debts owed to creditors and employees. Major creditors include ZB Bank, statutory institutions, workers and Agribank.
In addition, it requires between $2 million to $3 million to recapitalise its operations. In an attempt to address its mounting financial problems, the company resolved to cut its monthly salary bill from $200 000-$20 000.
In 2012, the company posted income of $2,7 million, which was a reduction from $3,1 million achieved the previous year.
The engineering company can offer products and services ranging from the supply of all types of steel to fabrication of structural steel work trailers, tankers, railway rolling stock, pressure vessels, hot dip galvanising and transport among others.
Online Reporter