Online Reporter
Nqobile Bhebhe [email protected]
THE National Railways of Zimbabwe (NRZ) is moving to clear a backlog of annual general meetings (AGMs) by year-end as the parastatal steps up efforts to restore operational capacity through investment in locomotives and rolling stock.
NRZ is holding its AGM in Bulawayo today, with management seeking to bring the railway operator’s corporate governance processes up to date while implementing shareholder expectations around the recapitalisation of its ageing fleet.
In a interview wirh Zimpapers Business Hub l, Deputy boar chair, Mrs Molly Dingani said the parastatal is currently behind on its statutory meetings, having been dealing with AGMs for the 2022 and 2023 financial years.
“What we have been having as NRZ is annual general meetings.
“We were covering the years 2022 and 2023 as we were running behind,” she said.
“So, our plan is to make sure that we have the 2024 and 2025 annual general meetings before the end of the year.
“So, the board and management are going to work hard to make sure that we are compliant and that the shareholders’ wishes are taken.”
The drive to regularise the AGMs comes as NRZ seeks to rebuild its capacity after years of underinvestment, with the railway operator recently commissioning three refurbished locomotives and 100 wagons in Harare.
The equipment was refurbished at NRZ’s Bulawayo Mechanical Workshops, with the programme supported by a US$2,5 million injection from mining giant Zimasco.
Shareholders are also pushing for further investment in rolling stock and locomotives to enable NRZ to resume a stronger role in moving bulk cargo and supporting industry.
“We have representatives from the shareholders’, they gave us a good statement, making sure that NRZ has been assisted in terms of getting new equipment, rolling stock, locomotives, and then to make sure that NRZ should be fully operational and be able to fulfill its mandate.”
