Published: 31 January 2014

Delisted food processing firm Cairns Holding has received the regulatory approval paving way for a South Africa-based investor to inject $30 million to boost output, NewsDay Business reported.

A source close to the development told NewsDay that Vasari had been waiting for the nod to inject fresh capital into the company following its near-collapse a few years back.

The regulatory processes, according to the source, included a proposed plan by the investors to comply with the country's indigenisation and empowerment regulations compelling foreign-owned firms to sell 51% stake to locals.

Vasari assumed 67% shareholding in Cairns after the Reserve Bank of Zimbabwe disposed its stake in line with a government directive for the apex bank to wind up non-core activities.
- newsday

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