adminLimited, after it failed to attract an investor.
Bonnezim, which had not been operational for almost two years, required at least US$2,5 million to resuscitate operations. Bonnezim’s chairman, Mr Brian Mushohwe, said efforts to secure strategic partners to revive the investment were fruitless as most potential investors that had shown interest failed to come through with the money required to inject into the investment.
“The type of investors that came to the party were ‘vulture’ investors looking for easy pick investments where they would not be expected to put in substantial capital that Bonnezim required.
“They were hoping to capitalise on the situation and buy the assets for a song,” said Mr Mushohwe. At least 17 workers who were permanently employed by Bonnezim have since been transferred to another IDC subsidiary, Chegutu Canners.
At its peak, Bonnezim realised turnover of above 3,4 million euros per annum through mainly servicing a single contract of producing and canning fine beans that were exported to France.
The development comes at a time when the agriculture sector is turning around and is touted as one of the sectors that should underpin economic growth.
To this end, agro-procession is a sector that holds a lot of potential and is bound to attract investment going forward.
IDC public relations advisor Derek Sibanda said apart from Chegutu Canners, which is owned by its subsidiary company Olivine Holdings, IDC continues to be involved in agro-processing through Olivine Industries.
“Olivine Industries’ predominant business is the production and marketing of household goods and fast moving consumer goods. These include edible oils, fats, canned foods, fruits and vegetables, soaps,
candles, cotton and soya meals that are produced for the local and regional markets,” he said.
The IDCZ acquired a controlling interest in Olivine Holdings Limited in 2007 when HJ Heinz of America disposed of its majority shareholding in the company.
Online Reporter