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Zimcast Assets Back Under The Hammer

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By Sydney Gokomere

 Gweru, November 26, 2016 - GWERU based iron products producing company, Zimcast's assets, which were advertised for public auction in May this year, will re-go under the hammer this Friday after it emerged no bidders bought the property six months ago.

 

Although it was not clear how much the company owed its creditors and workers, assets such as a block of offices, loading bays and store rooms will be sold at Raylton Sports Club in Harare.

 

“Duly instructed by Grant Thornton, the liquidators of Apex Holdings, we will offer Lot 4, Gweru, Zimcast Pvt Ltd 22-23 Cnr Portland and Bristol Road. A block of offices, engineering workshops, loading bays, store rooms, ablutions and shades, fenced and gated yard on 6.9464ha," read part of the public auction sale by Hammer and Tongues Real Estate.

 

The firm's buildings, which have been lying idle since the company closed four years ago, are now dilapidated, a situation that could be affecting the purchase of the property.

 

Zimcast closed down in 2012 and owes former employees thousands of dollars in outstanding wages and salaries among other debts.

 

At its peak the company employed more than 400 workers and produced close to 8 000 tonnes of finished iron products, with a third of the products exported to neighbouring countries such as South Africa and Botswana.

 

Zimcast is among companies such as Zimglass, Zimalloys, David Whitehead and Radar Castings, which have closed down in the Midlands capital due to the harsh economic environment.

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