Minister Mthuli Ncube claims there is a new investor for David Whitehead
Finance Minister Mthuli Ncube claims that a new investor has shown interest to take over comatose textile giant David Whitehead which has been in the doldrums since 2004.
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Finance Minister Mthuli Ncube claims that a new investor has shown interest to take over comatose textile giant David Whitehead which has been in the doldrums since 2004.
New David Whitehead (DW) majority shareholder is keen to see legacy issues at the struggling textile giant quickly resolved to pave way for the resuscitation of the company.
David Whitehead is in serious negotiations with two unnamed investors seeking to inject fresh capital and revive the struggling textile firm, sources familiar with the talks have revealed.
Zimbabwe’s government has injected $2 million into David Whitehead to resume operations. David Whitehead, a large textile firm that used to employ 2 500 people in Chegutu, 100km southwest of Harare, collapsed in 2011 after being placed under judicial management since 2006.
HARARE – Zimbabwe’s beleaguered businesses have suffered from an unrelenting wave of forced sales, which have prevented them from realising true value from their assets to help extricate them from debts.
Troubled lint-processor and textile manufacturer, David Whitehead Textiles, which recently escaped from the gallows of liquidation, will start phased production in September.
Finance minister Patrick Chinamasa has been named the top official to officially open this year’s edition of the Gweru Agricultural Show where his daunting task will be to explain what Government is doing to revive collapsed and battling industry in the province.