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ZCMT board to chalk out survival plan

31
Jan '07
Zambia China Mulungushi Textiles (ZCMT) board is holding talks with its stakeholders to formulate a survival plan for the closed ZCMT textile plant.

Chinese Government is trying to find a long term solution for reopening the fabrics firm which went bankrupt. A delegation from China is visiting Kabwe to study the problems faced by company.

ZCMT was formed by joint venture between both Governments, with Chinese Government holding 66 percent shares and Zambian Government holding 34 percent. Among the board directors, five including the chairperson are Chinese and four are Zambians.

According to Board Chairman Yong Yan, company's management must analyze the difficulties and find out solutions to prevent the plant from collapsing.

Shutting of Maamba Collieries, from where company used to procure coal, is partially responsible for the present crisis. Plant has sent 700 workers on unpaid leave as they formed a union to put pressure.

Yong expects that the survival plan will be implemented before reopening of plant in March 2007.


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