NEW David Whitehead (DW) majority shareholder is keen to
see legacy issues at the struggling textile giant quickly resolved to pave way
for the resuscitation of the company.
Mr Praduman Kumar Ganeriwal, who acquired 51 percent stake
in DW, expressed concern yesterday over the postponement of the meetings for
creditors and shareholders that were scheduled for today and tomorrow
respectively, saying such meetings were key to take the revival of the firm.
In a statement on Tuesday, judicial manager Mr Knowledge
Hofisi said he had rescheduled the meetings to July 15 and 16, due to
“circumstances beyond our control.”
Mr Hofisi is expected to present audited financial accounts
and introduce the new shareholder to existing members and creditors.
“As an investor, I have put in money and I would like to
proceed as soon as possible with the scheme of arrangement after getting
audited financials,” Mr Ganeriwal told The Herald.
“(Legacy issues at) DW have been pending for than a decade
and it is in the interest of everyone to take it to a stage of closure and work
towards revival of the company.
“While we were all looking forward to the meetings this
week, I sadly learnt that the meetings have been postponed and (that they) will
be convened in two weeks.”
Mr Hofisi said it was regrettable that the meetings had to
be moved to later dates because “some crucial issues (pertaining the meeting)
have not yet been concluded.”
Formerly owned by Lonrho PLC before a management buyout in
2001, led by former CEO Edwin Chimanye, DW has three factories in Chegutu,
Kadoma and Gweru.
The company used to produce about 20 million metres of
fabric per year while directly employing 3 000 workers and thousands in down
and upstream industries.
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