Staff Writer 
FOSSIL Mines, a major shareholder in Khayah Cement, has been pushed out of the cement manufacturing industry following a creditors’ meeting in Harare this today, with the company set to sell its shares at a loss.
The move marks a crucial step towards resuscitating the struggling cement manufacturer, which has been grappling with financial challenges since being slapped with restrictive measures by the United States.
Khayah Cement has been struggling since being placed under United States sanctions, leading to the drying up of lines of credit, while other funders stopped dealing with the company.
A creditors meeting marked the beginning of a roadmap towards resuscitating the company which was placed under corporate rescue in December last year.
It has since emerged that despite the financial challenges, a roadmap tabled by the entity’s corporate rescue practitioner, Bulisa Mbano, towards its revival was approved by creditors and investors.
“The meeting went on well and it is our hope that the resolutions for the rescue plan will be implemented in accordance with our time lines for the befit of investors and creditors,” he said.
Engagements with creditors are cited as key in facilitating the revival of the company.
“It is our hope that what we have managed to gather today will set the tone towards the revival of the entity,” Mbano said.
“Of course, there are challenges, but engagements are key in finding each other and get to real issues for the revival of the entity.”
