Broke NRZ wants to sell 60% stake

FINANCIALLY-troubled National Railways of Zimbabwe (NRZ) has approached the government seeking the greenlight to raise nearly $700 million by either disposing 60% of its stake or through borrowing money on the open market to fund its recapitalisation and turnaround programmes.

The parastatal, which owes workers close to $90 million in outstanding salaries and wages, is looking to raise $635 million to settle its debts and replace its antiquated equipment, most of which has outlived its life span.

NRZ board chairperson, Larry Mavhima, confirmed yesterday that his board had prepared a proposal to be submitted to Cabinet soon.

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