Zimbabwe—Nampak Zimbabwe limited manufacturers and marketers of products including paper, plastic, and metal is engaged with the government over a possibility of regaining control, of its estates.
The prestigious manufacturing company in Zimbabwe has engaged authorities over talks to reclaim its plantations. The company’s CEO held an indoor meeting with President Emmerson Mnangagwa yesterday. A meeting that key government stakeholders assembled to understand the fate of Nampak company.
In a trading update for the quarter of nine months ended on June 30, 2022, Nampak said: “ We continue to engage with the relevant authorities to regain effective control over our estates. It remains our intention to rehabilitate them for timber and agricultural purposes in line with Government’s declared thrust in this direction.
“With families concerned being resettled in another part of the estate.”
According to the company, upon regaining of the estates, the company has announced the intention to rehabilitate them for timber and agricultural purposes.
By 2025, Zimbabwe’s national thrust for production should be at the US $8.2 billion. It’s a vision put in place by the Agriculture and food systems transformation strategy, which was launched by President Mnangagwa last year. For the third quarter under review, the group’s revenue was 37 percent ahead of the prior-year quarter in inflation-adjusted terms and 234 percent in historical terms.
For nine months there was a rise in unemployment in Zimbabwe, a move that has since witnessed an increase in strikes and demonstrations from the civil workers in the country.
The leadership of Namapak believes that upon the company regaining its working capacity then and regaining control of its estates then the unemployment graph would automatically go down.
During the period under review, Nampak has managed to dispose of Softex Tissue products (Private) Limited.
As it projects in its fourth quarter that performance is likely to be impacted as a result of recent disturbances in South Africa.