Cabinet has resolved that Government should have a 26 percent minimum equity holding in Silo Food Industries after Government partially privatised it.
Addressing journalists at a post cabinet briefing, Information , Publicity and Broadcasting Minister Monica Mutsvangwa said Silo needs US $54.7 million and RTGS$40 million to finance it’s operations.
“The Minister of Finance and Economic Development Mtuli Ncube highlighted that steps of progress had been taken, these include that Silo Food Industries requires US $54.7 million and RTGS $ 40 million to finance it’s operations.
“That Government’s minimum equity holding in Silo Food Industries be 26%,” she said.
Mutsvangwa said Ncube had told cabinet that the company would begin operations on April 1.
“Silo Food Industries is set to begin operations in its new status from April 1 2019,” she said.
She said Ncube also told cabinet that various institutions had already expressed interest in the company.
“Various institutions have already expressed interest to partner Silo Food Industries,” she said.
Mutsvangwa said cabinet had approved that the process of appointing of the company’s board be expedited.
“The process of appointing the Silo Food Industries Board be expedited to give the necessary strategic guidance and oversight to the entity.
“That funding proposals from potential strategic partners for Silo Food Industries be submitted for consideration and approval by government,” she said.