Wednesday, 25 July 2012

3 foreign investors express interest in mulungushi textiles

Three foreign investors have expressed interest in investing in the Zambia-china mulungushi textiles based in central province’s capital kabwe town.

Zambia-china mulungushi textiles once revamped and the right investor is found, will employ over 2000 employees and president micheal Sata has indicated that the textile company ill be opened by the end of this year.
Defense minister Geoffrey mwamba says two of the three investors are from china and one front Tanzania.
Mr. Mwamba says at the moment the biggest problem the issue of share holding in the company in which the Chinese company is the largest shareholder however government is considering various ways of buying the shares adding that at the moment is in the process of consulting the ministry of justice.
He says government will consider giving an investor who has an already available market for cotton which is abundant in the country like the one in Tanzania were demand is high.
THE DEFENSE minister says currently the country has enough stocks of cotton but the market is failing to gobble all the commodity hence opening mulungushi textiles will help farmers sell cotton to the company.

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