Published: 30 January 2018

The Industrial Development Corporation of Zimbabwe is looking for partners for its subsidiary, Chemplex Corporation Limited, which is into manufacturing and mining.

In an invitation for an expression of interest for financial advisory services, IDC said it wanted an investor to inject additional capital, bring technology and open new market avenues for the company.

"The Industrial Development Corporation of Zimbabwe is inviting expression of interest for the provision of financial advisory for the investor search and dilution of IDCZ's 100 percent shareholding in Chemplex Corporation Limited on a success basis.

"The investor is expected to inject additional capital into the business, bring in new technology and access to wider markets for the business," said IDCZ. The IDCZ is the industrial investment arm of the government, targeting mainly the manufacturing sector. Chemplex Corporation is involved in mining and manufacturing.

Chemplex Corporation beneficiates phosphate rock used in the manufacture of fertilizers, and produces sulphuric acid which is then converted to industrial chemicals.

It currently controls about 70 percent of the fertilizer industry and the whole phosphates value chain. But the company has been hit by financial challenges, which have also affected its subsidiaries such as Dorowa Minerals. Other subsidiaries of the company are Chemplex Animal and Public Health, Chemplex Marketing, GD Haulage and ZimPhos.

- New Ziana.

You might also want to read this

• IDCZ appoints financial advisor for Chemplex transaction
• Chemplex seeks $40m to fully recapitalise