Published: 05 March 2014

Olivine Industries Limited requires about $32 million to increase capacity and retool its plant.

The fast foods consumer goods manufacturer's production capacity plunged by 82% from about 202 330 tonnes in 2001 to the current output level of around 35 095 tonnes.

Olivine, a subsidiary of the Industrial Development Corporation, is struggling to raise working capital and to attract investors who would inject fresh funding.

Olivine Industries managing director Jonasi Mushangari said yesterday the company has rolled out initiatives to make sure it returns to viability.

Mushangari said of that amount, about $4 million is required for retooling the manufacturing plant to increase volumes.

He said the management is looking at measures to ensure profitability and this includes influencing policies to create a balanced market for both imported and locally produced products.

Mushangari said Olivine is negotiating with investors willing to inject capital into the company on a partnership basis.
- herald

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