Zimbabwe tannery awaits capital injection

Zimbabwe
Published:  25 September, 2015

Placed under provisional judicial management a year ago, Wet Blue industries still awaits financiers to inject US$650,000 to recapitalise the business. 

Bulawayo-based tannery, Wet Blue Industries, was placed under provisional judicial management in September 2014 after business was damaged following the Cold Storage Company’s demise, the country’s biggest abattoir.

According to Chrispen Mwete, Wet Blue’s judicial manager, the company still awaits financiers to provide US$650,000 for retooling and working capital, out of which US$400 000 is to be used on machinery purchasing, and the balance would be for working capital. Mwete said the business was doing well and they expect further improvements.

In December last year, Wet Blue Industries signed an agreement with, Bulawayo Abattoirs, part of Grills Group for a supply of 4 000 hides a month.

As one of the biggest tanneries in Zimbabwe, Wet Blue Industries processed between 18 and 25 tons of leather per month.

Source: Newsday

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