Taurai Mangudhla
HARARE – Zimbabwe’s largest beverages manufacturer Delta Corporation plans to spend $250 million in capitalisation of its beverages portfolio over the next five years in tranches of $50 million annually.
The investment, Delta Chairman Canaan Dube said, will be on plant and equipment.
“The investment efforts I have just outlined testify to our strong desire to improve the level of service we offer to our customers. We are grateful for the support we continue to receive from the government, our suppliers, customers and consumers and various stakeholders as we invest in capacity to satisfy the market with our various brands,” Dube told delegates after President Emmerson Mnangagwa’s historic tour of the company’s beer plant in Southerton this morning.
President Mnangagwa’s visit is the first time by a sitting Head of State or Government to the Castle Brewery since the factory was commissioned by Sir Roy Welensky, then Prime Minister of the Federation in 1962.
President Mnangagwa commended Delta’s investment as a show of confidence in his administration which took over in November 2017
He said the multimillion investment by Delta, being among the top counters on the Zimbabwe Stock Exchange, helps rebrand the country as a safe investment destination.
“I am confident that your continued capital injection into the country will inspire and motivate aspiring investors,” he said.
President Mnangagwa also urged Delta, whose market remains predominantly domestic, to either invest in growing export capacity or set up plants in the region to earn Zimbabwe foreign currency.
Delta recently invested in three returnable glass beer plants, four Chibuku plants and two sparkling beverages plants.
When the Delta Castle plant was commissioned in 1962, it produced 150 000 bottles of beer per day. Now it produces 40 000 bottles an hour.
Dube said Delta declared dividends twice since President Mnangagwa came into office. The company contributed to the fiscus $141 million in taxes and duties in the year to March 2018.
