PG invests US$7 million to refurbish subsidiary

official said yesterday.
The money would be committed towards replacing worn-out machinery at Manica Boards and Doors in Mutare. Group marketing and corporate communications executive Raymond Chipangura said the recapitalisation exercise would begin soon.
“We are pleased that negotiations on MBD have progressed and once complete the US$7 million recapitalisation process will start,” he said. MBD’s operations have been negatively affected by frequent breakdowns of machinery and lack of operational funds,” he added. The PG stable consists of subsidiaries PG Building Supplies, DST, PG Timbers, Zimtile, PG Glass Zimbabwe and MBD. – New Ziana.