Online Reporter
Business Reporter
BETA Holdings, one of Zimbabwe’s largest brick-making companies, has faced another significant blow as Mutapa Investment Fund, the country’s sovereign wealth fund, has reportedly withdrawn its offer to invest.
This marks the fifth time a potential investor has pulled out, fuelling speculation that the company’s operational and financial troubles may be far more severe than initially understood.
Sources familiar with the developments, who requested anonymity due to protocol issues, confirmed that Mutapa had made an official offer to invest in Beta Holdings, which is under voluntary corporate rescue.
However, the sovereign wealth fund abruptly withdrew its offer without providing any reasons.
“Mutapa showed interest but we were shocked by their abrupt withdrawal,” one source stated.
Efforts to obtain comments from Mutapa and Beta’s business rescue practitioner, Mr Tinashe Rwodzi, were unsuccessful at the time of reporting.
Beta Holdings entered voluntary business rescue in December last year due to severe operational and financial challenges, which led to accumulating debts and a failure to deliver prepaid bricks and concrete tiles to customers.
