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Grindrod acquires Zim company

Harare - Grindrod [JSE:GND] through its trading division has acquired a 51% stake in Zimbabwe-based company United Refineries Ltd (URL).

URL is a Bulawayo-based fast moving consumer goods company. It manufactures vegetable and animal oils and fats and refines oil.

URL is the country’s second largest cooking oil refinery, with monthly capacity of 8 000 tonnes of oil seeds.

The Herald newspaper quoted URL managing director Busisa Moyo as saying that under the transaction, Grindrod Trading will arrange lines of credit for URL to boost capacity.

This is in addition to a commercial contract signed for the supply of the raw materials.

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