Olivine Industries Shuts Down Operations

olivine industries press release zimshoppingmalls zimbabwe

OUR VALUED OLIVINE CUSTOMERS


The Board of Directors and Management of Olivine Industries (Pvt) Ltd regrets to advise its customers that all manufacturing operations have stopped. The company has struggled to restart its manufacturing operations in January 2019 for lack of imported raw materials. As such it remains closed after the shutdown in December 2018 and employees have been sent on indefinite leave.

Our company manufactures Buttercup margarine, Olivine cooking oil, Olivine and Green valley baked beans, Jade toilet soap, Perfection, Dolphin and Big Ben laundry sops and is jointly owned by the Ministry of Finance & Economic Development and Wilmar Group.

Unfortunately, production during the remainder of 2018 struggled at low capacity due to shortages of raw materials procured through letters of credit established before 30 September 2018 and on foreign supplier credit which were last serviced in 2018. The company currently owes US$11 million to its foreign suppliers who have since cut off suppliers until the arrears are paid. The company, awaits foreign currency allocations, and is sitting with sufficient RTGS account bank balances to pay off the foreign creditors in full and produce further raw materials.

Our efforts to engage government especially our shareholders i.e. Ministry of Finance have not had any resolution and we regret closing of our operations till further notice.

We thank you for your understanding.

olivine industries zimbabwe press release zimshoppingmalls

Add Your Thoughts/Comments:

avatar
  Subscribe  
Notify of