Zimglass still in financial crisis

Zimbabwe Glass Industries (Zimglass) the country’s sole glass manufacturer is still reeling in financial woes seven months after the company resumed operations.

The company resumed operations in September last year following a $7 million cash injection after the firm had taken a two year hiatus which saw one of the blast furnaces being renovated.Sources at the Gweru-based glass manufacturing firm last week revealed that the company was facing cash flow challenges that have seen workers not getting salaries since the company resumed.The sources revealed that the company had only managed to pay half salaries to permanent employees while temporary employees were owed full salaries dating back to September when production resumed.Read more here.Zimbabwe Glass Industries (Zimglass) the country’s sole glass manufacturer is still reeling in financial woes seven months after the company resumed operations.   

The company resumed operations in September last year following a $7 million cash injection after the firm had taken a two year hiatus which saw one of the blast furnaces being renovated.

Sources at the Gweru-based glass manufacturing firm last week revealed that the company was facing cash flow challenges that have seen workers not getting salaries since the company resumed.

The sources revealed that the company had only managed to pay half salaries to permanent employees while temporary employees were owed full salaries dating back to September when production resumed.

Read more here.

600450 Zimglass still in financial crisis glassonweb.com
Date: 11 April 2013
Source: www.radiodialogue.com

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