Old Mutual to invest in Mhondoro

Old Mutual to invest in Mhondoro
Published: 26 April 2019
Diversified financial services group, Old Mutual Zimbabwe, is set to construct a state-of-the-art regional hospital and an industrial park at Turf, Mhondoro-Ngezi, after getting 27 hectares from the local authority.

According to Mhondoro-Ngezi Rural District Council chairman Alderman Ephraim Chengeta's 2019 Full Council Report for the 1st Quarter, the land was provided at a discount.

The project is set to be a major facelift not only for the fast growing district, but Mashonaland West Province amid reports that land evaluators had already assessed stands offered by the local authority for possible investment.

"Old Mutual sent their evaluators to assess the stands we offered for the construction of a regional hospital – 12 hectares – and an industrial park that will be constructed on 15 hectares," he said.

The local authority has offered Old Mutual land for the hospital and industrial park valued at US$4,25 and US$2,50 per square metre, respectively.

Mhondoro-Ngezi RDC chief executive, Mr Itai Mawonde, said the deal was now at an advance stage, with construction expected to start soon. He said Old Mutual was negotiating with its financiers for the project.

Clr Chengeta's report indicated that platinum giant, Zimplats, had requested to carry out cattle ranching in the district, with council giving them the green light on condition that it has a five percent stake in the deal.

"Zimplats previously applied for 4 500 hectares of land and were now requesting for 11 000 hectares for the purposes of cattle ranching and dairy projects," reads the report.

"They will form a special purpose vehicle and partner with Tsebo Servcor and three other LED's."

Mr Mawonde said Zimplats already owned the requested land granted by Government years back, but council was chipping in as the mining giant had now applied to divert from their specific business of mining. "We also considered that there will be adequate grazing land left at both sides for villagers," he said.

"Of utmost importance since our area is battling theilorisis or January disease, the company will assist us do research for such diseases and look for treatment since they wouldn't want contamination of their breed."

The local authority is expected to relocate its offices from Mamina Growth Point to Mamina and has resolved to release $100 000 towards the construction of the new offices that will also house some Government ministries and departments.
- the herald
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