The Sunday Mail
Zimbabwe’s major seed house, Seed Co has found a new investor who has poured in $60 million in the company which will see the organisation expanding its business empire which currently covers 15 African countries.
Speaking at a dinner to celebrate Seed Co’s 75th anniversary in Harare yesterday, Minister of Finance and Economic Development Mr Patrick Chinamasa said the new investor, Limagrain which is the fourth largest seed producer in the world should be applauded for bring such huge investment in the country at a time Zimbabwe was luring foreign investment.
“This should be applauded by every serious business minded person. Limagrain investment of $60 million into Seed Co represents 32 percent ownership which is in line with our laws,’’ said Cde Chinamasa.
He said foreign investment which brings in finance also comes with technical knowledge. As such other local companies should emulate Seed Co which had managed to attract such huge investment because of its upright management skills.
“It is through god management and sound company policies that attract foreign investment. We do not want to see companies whose executives continue awarding themselves hefty salaries as well as allowances when the organisations are not performing with the workers going for months without salaries,’’ said Cde Chinamasa.
Limagrain founded and managed by French farmers is an international agricultural seed company specialized in field seed, vegetables and cereal with Seed Co also venturing into vegetable seed production.
The company’s vegetable seeds activity has been a major business for the company since 1975 with its coming into Seed Co being viewed as a major breakthrough as the local company targets horticulture farmers as well through its vegetable seed production.
Cde Chinamasa said in that area of horticulture farming, he had held several meetings with scores of Dutch investors who had shown interest in investing in the horticultural production sector with smallholder farmers.
The occasion was graced by the French Limagrain chief executive Mr Daniel Cheron who came in to celebrate with Seed Co its 75th anniversary.
