adminWalter Muchinguri Assistant Business Editor
Gulliver Consolidated Limited could have a new investor by next month as the judicial manager Mr Reggie Saruchera of Grant Thornton Camelsa is finalising the selection of the winning bid. Mr Saruchera said they are in the process of considering two bids that they had received although he could not disclose the identity of the bidders.
“We should have the name of the winning bid within the next three to four weeks,” Mr Saruchera said.
The submission of bids followed an invitation for investors to submit bids that was made by Mr Saruchera at the beginning of the year.
Gulliver urgently needs capital to clear between $4 million and $5 million owed to creditors and employees.
Major creditors include Interfin which is owed $2,3 million, ZB Bank $1,4 million, statutory bodies $1,1 million, employees, $842 000 and Agribank, $314 000.
The company, which delisted from the Zimbabwe Stock Exchange in July last year, was placed under provisional judicial management due to escalating debts and high administrative costs.
Already the company has instituted several measures such as reducing salaries to $20 000 per month from $90 000 to stem the tide.
This came after the company posted losses of $4,3 million and $3 million before tax respectively in 2010 and 2011 respectively.
In 2012 income was $2,7 million in 2012 against $3,1 million the prior year before while administrative expenses came in at $1,1 million.
Online Reporter