A group of seven global companies and private equity funds have expressed interest in taking over distressed companies under the Zimbabwe Asset Management Company (ZAMCO).
The past few years have seen debts accrued by local firms at a value of US$900 million being bought by ZAMCO to clean the balance sheet of banks.
While ZAMCO is pursuing strategies to resuscitate the firms by disposing off the debts to willing investors, the corporation has since this week been in talks with willing external firms.
ZAMCO Chief Executive Officer Dr Cosmas Kanhai says the global investors have therefore tabled bids to revive debt riddled firms in the gold, manufacturing, tourism, hospitality and financial services sectors,
ZAMCO, which was established by the central bank, has cleared non-performing loans accrued by ailing corporates with a mandate of formulating a workable revival strategy.