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Zambia to fully takeover Mulungushi Textiles
03 Apr '12
1 min read
The Government of Zambia is set to takeover the Kabwe-based Zambia-China Mulungushi Textiles, Commerce, Trade and Industry Minister, Robert Sichinga, has said.
The Minister said the Chinese Government has hinted that it is not interested anymore in operating the ailing firm, which has prompted the Zambian Government to takeover the textile firm.
The Government would acquire all the shares of the company upon finalization of the agreement, the Minister informed.
Sydney Tembo, President of Kabwe Chamber of Commerce and Industry (KCCI), said the collapse of the firm has affected several people who directly or indirectly depended on the firm for their livelihood. He added that the cotton growers were the most hit due to closure of the company.
He expressed optimism that the Government would be able to quickly arrive at a solution.
The Minister said the Chinese Government has hinted that it is not interested anymore in operating the ailing firm, which has prompted the Zambian Government to takeover the textile firm.
The Government would acquire all the shares of the company upon finalization of the agreement, the Minister informed.
Sydney Tembo, President of Kabwe Chamber of Commerce and Industry (KCCI), said the collapse of the firm has affected several people who directly or indirectly depended on the firm for their livelihood. He added that the cotton growers were the most hit due to closure of the company.
He expressed optimism that the Government would be able to quickly arrive at a solution.
Fibre2fashion News Desk - India
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