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Mkhululi Ncube, Business Reporter
AN INVESTOR from Italy has shown interest in investing in National Blankets and Cotton Printers, two of Bulawayo’s textile giants that have not been operating for years, a Minister has said.

Speaking at senior citizens day organised by the Seventh Day Adventist church at the Small City Hall in Bulawayo last week, Minister of State for Bulawayo Provincial Affairs Judith Ncube said the investor visited her office recently and modalities are already being worked out to resuscitate the two companies.

“We have factories which closed 15 years ago, last week an investor from Italy visited my office and expressed his interest in opening two of these companies,” she said.

Minister Ncube told the senior citizens that the investor was also keen on resuscitating Merlin but there were challenges at the company preventing him from doing so. “The move will result in our children getting employment which will also benefit their families. I’m proud that the investor has shown interest in Bulawayo,” she said.

Last week, the Zimbabwe Asset Management Company (Zamco) told this paper that it was ready to disburse a $5 million recapitalisation facility to Merlin once the company is handed over to its shareholders by the judicial manager.

Zamco was set up by the Reserve Bank of Zimbabwe in 2014 to mop up non-performing loans after an insidious culture of dishonouring credit obligations took root, choking banking institutions from providing fresh loans to the market.

In an interview after the address, Minister Ncube said the investor would be back in the country in the next few weeks. “They are still polishing up negotiations with concerned stakeholders. He went back to Italy but we expect him in the coming weeks. His partner is in the country continuing with the negotiations,” she said.

Minister Ncube would not be drawn into revealing the name of the investor saying it was premature to do so.

“It is something which is there and I can tell you with confidence that there is something happening. I’m so happy that as Bulawayo we will be witnessing some of these investors coming to join us in making our vision of resuscitating Bulawayo industry a reality,” she said.

National Blankets has been under judicial management since 2012 due to viability concerns.

It received a $500 000 loan facility from the Central African Building Society (CABS) under the Distressed and Marginalised Areas Fund (Dimaf) in 2013 but the money failed to change its fortunes. At its peak, National Blankets employed about 5 000 workers.