CFI Holdings Limited vows to continue pursuing the exit of Victoria Foods from judicial management.
Victoria Foods and Agrifoods now enter the fifth year under the judicial management ordered by the High Court in 2016 as the companies required about $12 million for recapitalisation.
CFI Chairperson, Itai Valerie Pasi said, “The return of this company to the Group ( CFI Holdings Limited)’s control after more than four years under judicial management will mark an important milestone in the Group’s turnaround efforts and the Group’s resurgence as a significant pillar in underpinning food security in the economy.”
CFI has been aggressively pursuing to pull Victoria Foods out of judicial management since early 2020.
Victoria Foods requires $6 million to recapitalise.
Pasi said, “The Board will be supporting further recapitalisation of all the business units in the year ahead.
“The management of a consistent raw material supply line for Agrifoods and Victoria Foods will remain an on-going priority given the current liquidity situation in the economy and long delivery lead times for imported products.”
The brand, known for producing food staffs including snacks and mealie meal, has a milling capacity of 147 000 tonnes per year.
Pasi also revealed that Victoria Foods resumed mealie-meal production in Gweru during 2020, thus assisting in enhancing food security in the country.
The milling company had closed the Gweru operations in 2016.