HomeLocal NewsRufaro workers resist TN Holdings deal

Rufaro workers resist TN Holdings deal

-

Scores of Rufaro Marketing workers on Thursday took to the streets in central Harare, demonstrating against the proposed leasing out of 25 council beer outlets to TN Holdings.

The workers first besieged Nyaradzo Funeral Services, the workplace of their chairman Philip Mataranyika, before proceeding to Town House where they protested against the move, which they claimed would result in many of them losing their jobs. Rufaro Marketing employs over 400 workers.

Mataranyika, however, said management believed the arrangement, under which TN Holdings would remodel the properties into banking malls and furniture shops, would ultimately benefit Rufaro Marketing.

He said the demonstrations were instigated by a few workers who did not realise Rufaro Marketing was undercapitalised and the latest strategy to lease out the outlets was the proper prescription to steer the company out of the quagmire.

“We are happy the shareholder has since approved the turnaround plan, which is now in full swing in terms of its implementation,” Mataranyika said.

Rufaro Marketing, he said, sealed a deal last week with TN Holdings that was expected to raise $1, 4 million for the company as capital to resuscitate itself and clear its debts.

“Management has come up with a comprehensive turnaround strategy whose underlining objective is to remodel Rufaro Marketing into a lean, mean and efficient structure,” he said.

Rufaro Marketing would remain with 50 beer outlets that would continue trading as Rufaro Marketing.

Recent Posts

Stories you will enjoy

Recommended reading