ZESA Holdings’ subsidiary, Zesa Enterprises (Zent), says it requires at least $12 million for recapitalisation.
By Business Reporter
Zent business development and marketing manager Fabian Vere told Energy minister Dzikamai Mavhaire last week that the required money would clear the company’s debts and provide working capital.
“We need between $10 million and $12 million to recapitalise operations and that will see improvement on capacity,” Vere said.
Zent is a non-regulated entity under Zesa Holdings which repairs and manufactures transformers for both public and private entities. The company recently secured orders from several countries in the region, but is currently operating at below 20% capacity due to lack of working capital.
“We have the capacity to quickly repair transformers, but due to limited resources we are operating under capacity,” said Zent manufacturing divisional manager Loveness Kunaka.
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Zesa Holdings is a State-owned company which was recently unbundled to form separate business units, namely the energy generating company Zimbabwe Power Company, Zimbabwe Electricity Transmission and Distribution Company, Zent and Internet service provider PowerTel Communications.