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Delta To Recapitalise Operations

Staff Reporter 18-05-2009

Delta, the diversified concern would soon begin a process of recapitalising operations and achieving volumes recovery the group’s chairman Dr Robby Mupawose has said. This comes at a time when a formal announcement has been made that Delta also seeks to divest from Ariston where it holds as significant stake.

Dr Mupawose said the company was very hopeful that the changes in the political and economic environment would change the fortunes of the group.

“The recent changes in to economic policy were vital if the country was to have a prospect of stemming the headlong decline in the economy and they present a real chance for Zimbabwe to move into economic recovery. This recovery will be a slow and painful process, but will lead to an improvement of the well being of the national as a whole,” said Dr Mupawose.

He added that it was prudent that government remained steadfast on an endeavour to have the country move out of the economic quagmire.

“With substantial inflows of international investment, lines of credit and aid it would be possible to achieve gross domestic product growth as high as 10percent per annum. For the immediate term the business focus will be on ensuring that inputs are are correctly priced so that products are priced to compete with imports, retaining skills through this period of transition,” added Dr Mupawose.

It is still not clear why the company has decided to divest from Ariston, a listed concern where Delta has a significant stake.

Ariston is agriculture based entity with interests in livestock, tea, horticulture, macadamia nuts and retail. While Delta was silent on the prospect of the sale of the stake in Ariston, the announcement was made on Thursday. Ariston in a notice to shareholders made the announcement.

“Shareholders are advised that Delta beverages a significant shareholder has entered into negotiations in a transaction to sell its shareholding in Ariston Holdings Limited,” read the notice.