Zimbabwe: Shareholder Nod Sought for Ziscosteel Sale

11 June 2018

By Tawanda Musarurwa

Shareholders of the Zimbabwe Iron and Steel Company (Ziscosteel), will hold an extraordinary general meeting on June 28, to approve a transaction that will see the steelmaker's assets sold to Chinese investor Tian Li (Hong Kong) Limited. Approval of the transaction will bring into effect the revival of the country's largest steelmaker, which closed shop in 2008 after years of operating inefficiently.

The EGM comes after President Mnangagwa, recently assented to the Zimbabwe Iron and Steel (Debt Assumption) Bill, which will enable Government to take over the circa $500 million debt it owes to various local and foreign creditors.

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