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Govt extends Zisco board tenure

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INDUSTRY and Commerce minister Welshman Ncube has extended the term of the ZISCO board until government concludes the $750 million Essar Africa Holdings deal.

INDUSTRY and Commerce minister Welshman Ncube has extended the term of the Zimbabwe Steel Company (Zisco) board until government concludes the $750 million Essar Africa Holdings (Essar) deal, a government official has said.

Business Reporter

The Zisco board was responsible for spearheading the conclusion of the $750 million steel production deal between government and Essar.

Appearing before a Parliamentary Portfolio Committee on Industry and Commerce yesterday, Ministry of Industry and Commerce secretary Abigail Shonhiwa said the tenure of the  Zisco board currently led by former CBZ group chief executive officer Nyasha Makuvise was extended last December to facilitate the handover-takeover exercise.

“The minister extended the mandate of the current Zisco board until the closure (of the Essar deal),” said Shonhiwa.

Shonhiwa said the Zisco board last held a meeting in 2012. In April this year, the Office of the President and Cabinet (OPC) took over the co-ordination of the takeover of Ziscosteel by Essar Africa in a bid to bring closure to the multi-million dollar deal signed two years ago.