Sugar producer Starafricacorporation has converted more than $46 million of the company's balance sheet.
This was after creditors saw it fit to convert their debt into ordinary shares in the struggling sugar company. He further indicated that the principal amount of the debt converted to date represents approximately 70 percent of the principal amount of the Secondary Scheme Debt.
After conversion of the debt, the Zimbabwe Asset Management Company is now the majority shareholder in starafrica with a 58,54 percent stake followed by the National Social Security Authority, 31, 63 percent, and Old Mutual Life Assurance Company of Zimbabwe, 1, 118 percent among others.
- Daily News
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