IDCZ declares ZW$15 million dividend

By Justin Mahlahla

The Industrial Development Corporation of Zimbabwe Limited today handed over a ZW$15 million dividend cheque to the government, 12 years after the parastatal last honoured its obligations to the state.

Receiving the dividend cheque at State House this afternoon, President Emmerson Mnangagwa said the declaration is indicative of the successes being scored by the policies of the Second Republic.

“It further attests to the impact of hard- honest work and a results-oriented culture. I, thus, congratulate the Industrial Development Corporation for this demonstration of their positive turn-around efforts. I, however, expect much more from such a strategic national entity, with tentacles that spread across sectors of the economy,” said President Mnangagwa.

He said the payment of a dividend by the Industrial Development Corporation should inspire other state-owned enterprises to follow suit, adding, “The time has come for Parastatals to propel the growth of economy by meaningfully contributing to the country’s GDP, fiscus and job creation. After all, state-controlled entities are obligated by Section 195 of our National Constitution to be profitable and viable. As we accelerate our quest to achieve a Prosperous and Empowered Upper Middle-Income Economy by 2030, the issuance of dividends by state-owned-enterprises.”

President Mnangagwa noted that the culture of flimsy excuses for breaching statutory requirements with regards the disclosure of financial and non-financial information must stop forthwith.

“Inefficiencies in the operations of state-owned-enterprises as well as malfeasance such as nepotism and opaque personnel management practices must be a thing of the past. Hence, the onus is on the Boards and Management to guarantee adherence to mechanisms that have been put in place to prevent these practices.”

Recently, all heads of state-owned-enterprises signed performance contracts in line with Government’s quest to engender corporate governance systems that support operational efficiency, long-term growth and sustainable development of the respective entities.

At the same event, President Mnangagwa launched two pesticides manufactured by Masasa-based Chemplex Corporation, subsidiary of the IDCZ.

Said President Mnangagwa: “Ladies and Gentlemen; Apart from receiving the dividend from the Industrial Development Corporation, we have also gathered to officially launch two exciting new products. These are a cotton pesticide as well as a combination liquid pesticide for dipping livestock, which are produced by Chemplex Corporation, a subsidiary of the Industrial Development Corporation. This development will undoubtedly help transform the cotton and livestock value chains which provide throughput to aspects of our country’s manufacturing sector.”

“The deployment of science, technology and innovation should he accelerated to ramp up production and productivity as we modernise and industrialise our country… I challenge Chemplex Corporation to remain alive to the fact that producing products is not an end in itself. It is imperative that these products are available to farmers at affordable prices through the most convenient distribution channels across the country,” said the President.

He applauded the great strides that have been made by the Industrial Development Corporation of Zimbabwe and other players towards strengthening the fertilizer value chain, notably the refurbishment and expansion of production lines at Dorowa Minerals, which is a critical entity in the country’s fertilizer value chain industry.

On its part, Government will continue to provide a conducive operating environment for players in both the public and private sectors of the economy. All industry players and potential investors are invited to work more closely with Government to develop a vibrant and sustainable industrial base in our country for win-win benefits and a better future for all, said the President.

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