Brainman Investments acquires Zimbabwe’s sole glass manufacturer for US$22m

ZIMBABWE – Zimbabwe’s Brainman Investments has acquired Zimbabwe Glass Holdings (Zimglass) for US$22 million in a development likely to pave way for the revival of the country’s sole glass manufacturer. Zimglass was owned by state enterprise, Industrial Development Corporation of Zimbabwe, which is in the processing of restructuring some of its subsidiaries and associate firms. The restructuring is not only confined to total disposal of subsidiaries and associate companies, but also entails liquidation, privatisation and partial privatisation. Zimglass was under final liquidation and Mr Winseley Militala the liquidator revealed to…

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Local investors eyeing stake in Zimbabwe Glass Holdings

ZIMBABWE – Two local Zimbabwe companies are angling for a shareholding in Zimbabwe Glass Holdings, a wholly owned subsidiary of the state enterprise, Industrial Development Corporation of Zimbabwe. Zimbabwe Glass Industries who are the sole manufacturers of glass packaging in Zimbabwe, was closed in September 2010 for refurbishments but the company failed to secure funding, leading to its placement under judicial management in 2014. About US$10 million is required to revive the plant, whose bulk of equipment is now beyond repair. The only most valuable asset owned by Zimglass is…

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