Published: 29 July 2017

The government will maintain the remaining ten percent stake in cooking oil processing firm Surface Wilmar Investments to facilitate stable pricing models and the growth of cooking oil manufacturing industry.

The sale of the majority shares by the government through its investment vehicle, Industrial Development Corporation (IDC) to Surface Wilmar Investments has however resulted in the growth and recovery of the cooking oil manufacturing sector.

The Minister of Industry and Commerce, Dr Mike Bimha confirmed to reporters, government will however not be selling its remaining ten percent shares as it is getting a fair portion of returns when compared to the period the firm was under the control and ownership of the state.

"Things are moving in good shape and we anticipate better returns in the future as we seek to focus on viability," said Dr Bimha.

The government has therefore mandated the IDC to focus on restructuring operations to fulfill its role towards the growth and viability of firms across the nation.
- zbc