Three companies have submitted bids to acquire controlling stake in one of the country’s sugar producing firm, Star Africa Corporation following its rescue from debts by state owned Zimbabwe Asset Management Company (ZAMCO) in a deal worth over $38 million.

The downsizing of operations at Star Africa had created challenges in terms of adequate sugar supplies, value chain and pricing models on the back of huge debts that crippled the operations of the once vibrant public quoted company.

However, the absorption of its debts earlier this year by ZAMCO in return for equity has seen renewed investor interest that might result in the turnaround of the company.

“It is all about finding a real investor with adequate capital to sustain and revive operations that is critical. There is need to ensure that whatever we do can be sustained in the long term as we seek to facilitate the revival of the company and viability in the near future for the benefit of several stakeholders,” ZAMCO CEO, Dr Cosmos Kanhai said.

In terms of the current shareholding structures in the company currently operating below full capacity, ZAMCO has a 58 percent stake after the debt to equity swap deal, while the National Social Security Authority (NSSA) has 20 percent.