Published: 30 July 2013

Cairns Holdings judicial manager Reggie Saruchera says none of the potential investors who submitted bids to acquire the Reserve Bank's stake in the company had indicated plans to lay off workers.

This contrasts sharply with market reports that South African firm Vasari Holdings, which has been listed as the priority entity to acquire controlling interest in the firm, wanted to retrench the majority of the workers.

Saruchera last Friday dismissed the reports as mere speculation saying none of the bidders that were angling to acquire the RBZ's 67% stake had revealed plans to lay off the bulk of the firm's 695 workers.

The bidders for the central bank's Cairns shareholding included local companies Dairibord Holdings and Judah Holdings Limited and South African firms Vasari Global Limited and Eastern Trading Company Limited.

He added that out of the staff complement of 659 employees, 495 employees were back at work and capacity utilisation had increased from 5 to 30 percent since the start of the judicial management in November 2013.
- herald

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