Aico injects 15m into Olivine Industries

Diversified agro-industrial conglomerate Aico Africa Limited (Aico) on Tuesday said the group has agreed to inject $15 million towards the revival of Olivine Industries.

Speaking at the company’s analyst briefing for the year ending March 31 2011, Aico group chief executive officer, Patrick Devenish said stakeholders had agreed to put in the required capital, starting with a total $10 million that was injected in June 2011.

A further $5 million will be injected by the end of July this year “This money will be used for working capital purpose (mostly raw material) and to restructure short-term debt,” said Devenish

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