6 February 2018

Zimbabwe: 700 Stands Complete By June - CFI

Agri-industrial firm CFI Holdings Limited, says servicing of nearly 700 stands at its Suncrest Park in Harare, should be complete by June this year. Acting chairperson Itai Pasi, said in the past year to September 30, 2017, significant progress had been made in the development of the Suncrest Park residential stands.

The project commenced in 2015 and involves servicing of 652 stands.

"The project is undertaken by Reston Developers involving the servicing of 652 stands opposite Glenview 7, which commenced in 2015 made good progress in the year under review.

"Servicing of the stands is scheduled for completion by June 2018 after the group secured funding during the year," said Mr Pasi.

Meanwhile, the group concluded a settlement with residents who had illegally moved onto its undeveloped 160 hectare piece of land in Harare.

Mr Pasi said the group had already finalised development plans for the area in the past year, which should assist in progressing the development of the estate.

"The settlement has now resulted in the group commencing recovery of compensation for the land over a 10 year period," she said.

The agri-industrial concern last year was embroiled in boardroom squabbles on allegations of corporate governance deficiencies by its former directors.

One of the stormy issues involved the controversial sale of its Langford Estate to insurance group Fidelity Life Assurance, in a land for debt swap deal.

Fidelity acquired the land measuring 834 hectares with intentions to develop over 11 000 residential stands.

But later a major shareholders of CFI group alleged the land deal was a related party transaction and sought for its reversal.

Last May, major shareholder- Messina Investment Limited called for an extra ordinary general meeting to retable the Langford Estate transaction citing a complete lack of any disclosure that the purchaser -- Fidelity - was a related party.

Despite the shareholder squabbles with regards to the Estate, Fidelity indicated it would go ahead with development of the residential stands as per schedule, saying the firm sought legal counsel over the matter.

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