Surface Wilmar offers to inject $100m into Cottco

CHITUNGWIZA edible oil processor, Surface Wilmar has tabled a proposal to take over management of Cottco in order to boost production of the crop in the country, so that they could extract cooking oil from cotton.

Early this week, the company’s chief executive officer Sylvester Mangani, chairperson Narottam Somani and director Peter Magara appeared before the Justice Mayor Wadyajena-led Parliamentary Portfolio Committee on Agriculture, where they revealed they were willing to inject $100 million to support farmers growing cotton with inputs like fertiliser, seed and insect sprays.

Mangani said the company wanted a 50% stake in Cottco, with government taking the remaining shareholding.

This story is for NewsDay subscribers.