Olivine restructures

An olivine employee monitors the production line at the company's plant. Wilmar International is set to acquire a 50,69 percent stake in the company — An olivine employee monitors the production line at the company’s plant.

Tinashe Makichi : Business Reporter

Olivine Industries is currently going through a restructuring exercise following changes in its shareholding. The restructuring exercise has claimed the scalps of top executives at the firm including chairman Narottam Somani and managing director Jonas Mushagari. Singapore based shareholder, Wilmar International jointly owns 49 percent of Olivine Industries with Midex Group while therest is owned by Government of Zimbabwe through the Industrial Development Corporation.

Wilmar and Midex Group also have a significant stake in Zimbabwe’s biggest cooking oil manufacturer, Surface Wilmar.

Olivine Industries chairman Mr Peter Madara confirmed the development yesterday and highlighted that Olivine has embarked on projects to recapitalise its operations with modern technology.

“Messrs Jonas Mushangari and Finance director Samson Mavende left Olivine, on mutual agreement, to pursue their personal interests.

“Going into 2016 the business has embarked on projects to recapitalise its plants with modern technology, led by management who have already been in the Olivine business for some time,” said Mr Madara.

Wilmar International completed the takeover of Olivine Industries last year.