A SERIES of meetings to find the most suitable bid for the Kabwe Industrial Fabrics (KIFCO) Packaging in Kabwe which was placed under receivership are underway, it has been learnt.
The receiver was optimistic that from the bids, the best investor would be found.
The receiver, Agness Ngoma of AN Chambers disclosed that the company was placed under receivership by the Development Bank of Zambia (DBZ) following its failure to pay back the loan.
“The company was placed under receivership by the DBZ in pursuance of mortgage deeds dated 4th January, 2012 and 15th July, 2016 signed between the Bank and Capellaro Investments T/A KIFCO Packaging and following default by the company in the payment of the principal and interest,” reads Ms. Ngoma’s response to a press query by the Daily Nation.
Recently, government announced a take-over through the Industrial Development Corporation but Ms. Ngoma said that after series of meetings, the corporation made it clear that its mandate was to facilitate industrialisation and would step aside if there was interest by the private sector.
“We have had a series of meetings with IDC where they did make it clear that their mandate was to facilitate industrialisation as opposed to being active participants. They also said that in line with their mandate, they will step aside, if after I advertise the company for sale, there is interest by the private sector to invest in KIFCO,” she said.
Ms. Ngoma, however, could not name the potential investors who had shown interest as bids were still being received which would be later evaluated.
There has been anxiety among the workers as to when full operations of the company would resume.
Central Province permanent secretary Daisy Ng’ambi expressed optimism that the firm would be revamped and contribute to economic growth especially that it lay in the agriculture belt.