AFC secures US$28m from Mutapa

AFC Holdings Limited (AFC) has secured US$28 million in facilities from its parent firm, the Mutapa Investment Fund (Mutapa), and begun monetising its peri-urban land to boost liquidity, NewsDay Business understands.

Back in March, in its financial year report for the period ended December 31, 2024, AFC disclosed that it would fund its 2025 strategic initiatives partly through the monetisation of government-injected land.

The group’s capital is anchored in these property assets, which include three idle peri-urban farms now earmarked for disposal to generate working capital.

This story is for NewsDay subscribers.