A NEW investor, who has taken up the majority shareholding of David Whitehead Textiles (DWL), says he has access to finance facilities which can resuscitate the ailing company and give it a new lease of life.
Praduman Ganediwal, through his investment vehicle AGRI Value Chain Zimbabwe (AVCZ), recently acquired 51% shareholding for $5,4 million in the company.
DWL has been under judicial management since 2006 and numerous attempts to secure fresh investment, including a government backed bailout package, have been
futile. But Ganediwal is confident that his support will see the company through.
He told a creditors meeting on Monday that he was aware of the challenging operating environment in the country, but saw an opportunity for the textile giant to be revived.
“As an investor, I am not short of opportunities to invest, but I decided to take a bold step and put in money, acquiring majority shareholding in this company. Nobody else has made that bold decision. All there has been is vague interest here and there and yet creditors wait on the sidelines with nothing coming their way,” Ganediwal said.
“I have access to the best technical support that I can get. I have access to funding that will ensure that DWL produces sufficiently; a business model that I will only be able to go forward with once the scheme of arrangement is put in place and all legalities have been taken care of.”
The Chegutu-based firm was one of the largest players in the country’s textile industry, providing an anchor for the cotton value-chain before it fell on hard times.
“I intend to bring to close all the legacy issues,” he said.
“I am willing to do this so that I walk in on a clean slate and work on the developmental agenda.”
“My vision is to ensure that Zimbabweans wear garments made from textiles produced in Zimbabwe.”