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Star Africa engages consultancy firm for new plant

basesite2026 on December 16, 2016

Starafrica Corporation has engaged the services of a consultancy firm Head Hunters International to recruit and operate the value chain of its Goldstar Sugar Plant in Harare.

Head Hunters consultancy is a Human resources consultants firm in Zimbabwe which also handles a number of assignments in the region mainly in Mozambique, Zambia and South Africa.

Among its services is organisational development which entails organizational restructuring and functional analysis, strategic planning facilitation, management of transformation and change initiatives and development of employee resourcing strategies and flexible staffing among others.

According to an internal source, the consultancy firm will manage production up to sales level as the group seek to maximise on the new plant.

“It has been contracted to recruit labour for sugar production as well as sales, so basically it’s managing end to end production and sales,” says the source.

Star Africa is currently in the final stages of commissioning its upgraded Gold Star Harare plant. The company is still operating under a scheme of arrangement that was sanctioned in 2013 by the High Court.

The Scheme of Arrangement between the company and its creditors required it to dispose of two assets Blue Star Logistics and Tongaat Hulett Botswana (THB and settle its obligations but the company has been struggling to find buyers.

With regards the new plant, the company is targeting to constantly produce at 300 tonnes per day before ramping up production to 600 tonnes per day at commissioning.

In the five months to August 2015, the plant produced 3 607 tonnes of refined sugar over a period of six weeks

As the company is still in default on part settlements and subsequent instalments under the scheme of arrangement, the group will soon seek shareholder and creditors approval for a debt –equity swap deal to free the balance sheet upon which the company will bring in a new investor to fund working capital requirements. The company is sitting on debt of above US$60 million. FinX

from http://www.financialgazette.co.zw/star-africa-engages-consultancy-firm-for-new-plant/

ZAMCO to take over 32m starafrica debt

basesite2026 on November 18, 2016

Sugar processor Starafrica Corporation Limited’s shareholders yesterday approved a scheme of arrangement in which the company’s $32 million debt owed to different financial institutions will be taken over by the Zimbabwe Asset Management Company.At an extraordinary general meeting held in the capital yesterday, shareholders approved all the ten resolutions that were on the agenda seeking to convert debt to equity as part of restructuring the company’s balance sheet.

The perennial loss making company defaulted on paying its creditors in terms of its scheme of arrangement.

Of the $32 million debt, BancABC was owed $16 million while Afreximbank was owed $11 million. The other lenders are the Infrastructure Development Bank, Stanbic Bank Zambia and the now defunct Kingdom each owed $1,8 million, $0,6 million and $2,6 million respectively.

“The ZAMCO Scheme is entered into with ZAMCO, on the understanding that ZAMCO has separately or will soon acquire the agreement of each of the lenders, to cede and assign their loans to the company, to ZAMCO,” said starafrica.

The shareholders also approved the National Social Security Authority and the Zimbabwe Sugar Sales schemes. As at March 2016, starafrica owed $10 million to the ZSS and $10 million to NSSA, which was for the plant upgrade.

At starafrica’s request, NSSA agreed to provide further funding of $1,5 million working capital.

“It has also been agreed that the $10 million will be combined with the $1,5 million funding into new convertible consolidated loan,” said starafrica.

Management at starafrica said this gave the company a fresh breath with a clean balance sheet and prospects were high for the sugar refiner.

In August 2013, starafrica concluded a scheme with its creditors and suppliers, which was sanctioned by the High Court and registered with the Registrar of Companies.

This Initial Scheme was put in place due to the severe working capital and solvency constraints faced by the company on the back of declining yields and lower quality of refined sugar from the Harare sugar refining plant which required significant upgrade.

Additionally, the company faced high competition from imports and a balance sheet burdened with the debt of liquidated subsidiary companies that starafrica had guaranteed.

According to its financials, starafrica has over the last six years been reporting significant losses.

As at full year to March 2016, the sugar processor reported a net loss of $10,2 million with current liabilities exceeding assets by $62 million.

from: http://www.herald.co.zw/zamco-to-take-over-32m-starafrica-debt/

Starafrica sells Bluestar for $1,5m

basesite2026 on March 15, 2016

Starafrica Corporation has sold Bluestar Logistics to a local private company for $1,5 million. The purchase price comprised a deposit of $200 000 with the balance being paid in equal instalments over a period of 13 months, Starafrica said in a statement yesterday. Bluestar’s profitability was negatively affected by low business volumes from Goldstar Sugar Harare, a sugar refining division of Starafrica and the impasse between platinum producers and Government on taxrelated issues, the company said in December.

“In terms of the loan agreement between PTA Bank and Starafrica, the purchaser paid deposit and will pay the balance of the purchase price, directly to PTA Bank as part of settlement of the debt owed to PTA Bank by Starafrica corporation,” said the company.
However, the company is still looking for buyers of its 33 percent shareholding in Tongaat Hullet Botswana. The disposals are part of the scheme of arrangement entered into with creditors and lenders in August 2013.

The company did not provided an update on operations. But in December last year, it said the integration of its sugar refinery, Goldstar Sugar in Harare would be completed during this quarter.
This will see the company doubling daily capacity to 600 tonnes. Currently, the company is producing 300 tonnes per day, enough to meet demand from retail and industrial consumers.
The group’s revenue increased to $6,6 million in six months to September last year from $2,8 million in the previous comparable period due to increase in sugar sales,” Starafrica said.

Loss for the period was $5,2 million from $3,1 million. The group’s total assets stood at $37 million against total liabilities of about $73,5 million. Short-term loans and borrowings stood at $36,7 million, up from $31,9 million while other current liabilities increased to $28,3 million from $25,4 million. Long term loans and borrowings declined to $6,3 million from $9,4 million.
from: http://www.herald.co.zw/starafrica-sells-bluestar-for-15m/

Starafrica upbeat on new sugar import tax

basesite2026 on October 9, 2015

SUGAR producer Starafricacorporation expects to enjoy the positive impact of a new sugar import tax regime in the next quarter of its financial year as demand for the local product is seen booming when imported stock runs out, an official has said.
Fidelity Mhlanga
Company chief executive Regis Mutyiri last week told shareholders at the company’s annual general meeting that the business enjoys 80% market share for sugar supplies to industrial companies and 20% direct consumption.

“Government introduced the 10% plus US$100 duty on sugar and that made our sugar competitive because our major customers are the industrial companies which were the major importers of sugar,” Mutyiri said. “When the Minister of Finance (Patrick Chinamasa) imposed the duty it enabled us to sell our sugar to the local market.”

Chinamasa introduced a 10% custom duty plus US$100 per tonne on imported to limit sugar imports that were beginning to take a toll on local industry. He said local producers have capacity to adequately supply the Zimbabwean market and export surplus.

Prior to the new tax system, Starafrica had shut down its production plant for two months only to resume production mid-September 2015. Now, the company targets to produce 300 tonnes per day by next month.

“The shut down was caused because we were now producing sugar just for piling and this resulted in working capital constraints,” Mutyiri said.
Mutyiri added Starafrica plans to lobby government to put in place a reference pricing duty structure similar to the one obtaining in the region to ensure locally produced sugar remains competitive.

Starafrica’s upgraded plant at its Goldstar sugar Harare, according to Mutyiri, was assessed by independent sugar technology consultants from South Africa who confirmed that the new equipment had been installed successfully.

The same consultants have also recommended some remedial work on 40% of the plant which has not been upgraded at a cost of US$300 000.
The firm acquired US$7 million equipment from Integrated Casetech Consultants (Private) Limited (ICCPL) of India for upgrading the plant.
Mutyiri said production will gradually increase to 600 tonnes per day with technical assistance from Global Cane sugar Services of India (GCS), with a view to commissioning the plant by end of the calendar year.
“We have concluded a sugar distribution arrangement with a wholesaler with a country wide depot network. This will make Goldstar white sugar readily accessible in all corners of the domestic market and boost sales volumes for table sugar,” he said.

Starafrica has engaged key creditors and shareholders with an option to restructure it’s balance sheet.
A circular to shareholders is being worked on by the company with a view to holding an extra ordinary general meeting (EGM) of shareholders on or before November 30 2015 to consider and, if though fit, to pass the resolutions paving the way of the requisite creditors meetings and balance sheet restructuring.

The company said volumes at its transport unit Bluestar Logistics were adversely affected by the impasse between regulatory authorities and platinum producers on the 15% tax levied on platinum concentrates resulting in the business not generating any revenue on its term contracts for transporting platinum exports to South Africa during the first quarter.
from: https://www.theindependent.co.zw/2015/10/09/starafrica-upbeat-on-new-sugar-import-tax/

Starafrica seeks funds for plant upgrade

basesite2026 on October 1, 2015

Diversified conglomerate starafricacorporation Limited will spend $300 000 for remedial work to upgrade the remaining part of the Goldstar Sugars Harare plant in line with recommendations made by an independent sugar technology consultancy firm from South Africa.

BY TATIRA ZWINOIRA

The group has now upgraded 60% of the plant and is seeking external funding for the remaining 40%. The total cost for the upgrade is $7 million.

Speaking at their annual general meeting in Harare yesterday, starafricacorporation chief executive officer Regis Mutyiri said the company requires funding to finish the upgrade.

“We are negotiating with suppliers to give us terms and some of our shareholders to assist us, but we have made progress because we got support from some of our stakeholders and also support from the suppliers, who are going to do the technical consultancy in terms of staggering the payments,” Mutyiri said.

The upgrade will see output doubling to 200 000 tonnes of sugar per annum.

Mutyiri said orders had been placed for equipment to carry out the remedial work, which is scheduled to be completed by mid-October 2015.

Currently, starafricacorporation’s market is 80% towards industrial sales or the manufacturing sector who use the sugar in producing their products while the other 20% is sold for direct consumption.

“The funding is what we require now as we have upgraded 60% of the plant and then the 40% but because these are two machines and we want to join them together to integrate, so that is the funding which we are talking about,” Mutyiri said.

Integrated Castetech Consultants Pvt Ltd were hired to help assist the company with the plant integration but have now moved offsite and will be replaced by Global Canesugar of India who will now provide technical assistance.

from: http://www.topnews.co.zw/read/265706/

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Sharon Mangena

CCF General Manager

Sharon is a seasoned business executive with more than 10 years of experience in the FMCG Industry. She holds a Bachelor’s degree in Accounting from the University of Zimbabwe and a Masters in Strategic Management and Corporate Governance from Midlands State University (ZW). She also holds a professional Post Graduate Diploma in Marketing from the Chartered Institute Of Marketing (UK) which body she is an affiliate member of.

Prior to this appointment, Sharon held several cross functional progressively senior roles at Nestle Zimbabwe. Her most recent role was General Manager- Dendairy Distribution, under Zimgold Oil Industries.

Mr. Darlington Tambo

Operations Executive

Darlington is a professional Electrical Engineer and a manufacturing industry leader. He holds a BSc (Hons) degree in Electrical Engineering and a Masters in Business Administration. Mr Tambo is a member of the South African Institute of Electrical Engineers (SAIEE), a member of the Zimbabwe Institution of Engineers (ZIE) and a certified energy manager by the Association of Energy Engineers (AEE). Prior to rejoining the business, Darlington was an Acting Plant Manager at PPC Zimbabwe.

He has over 24 years experience in engineering and management in various manufacturing companies in Zimbabwe, including National Foods, Lafarge Cement Zimbabwe and Art Corporation. He previously held the position of Electrical Engineer for Starafrica’s Goldstar Sugars before leaving the business back in 2008.

Ms. Yeukai Njanji

Commercial Executive

TBC

Mr. Kenneth Mukada

Human Resources Executive

Kenneth has more than 10 years’ progressive experience in the HR field spanning all facets of human resources management. He is passionate about partnering with line management and related key stakeholders in shaping and delivering HR solutions in line with business strategy. Prior to joining the business, he was an HR Business Partner at Econet Wireless. He started his career in the agriculture industry and held managerial roles in the mining and telecommunications industries. He holds a Degree in Human Resources Management, Postgraduate Diploma in Law (Conciliation and Arbitration) and IPMZ Diploma in Human Resources Management. He is also a Chartered OD Practitioner (ITMA Global) and a Certified Talent Practitioner (ITMA Global).

Mr. Revesai Gwenhamo

Commercial Executive

Revesai is an accomplished marketing and operations professional who has worked in diverse industries over the past fifteen (15) years. These include financial services, Fast Moving Consumer Goods (FMCG), Telecommunications and heavy manufacturing where he has held various positions in marketing, brand management, business development and operations management, with a proven track record in delivering business results. His most recent role was General Manager at Lafarge Cement Zimbabwe (Dry Mortars) where he was instrumental in commissioning and commercializing a fully automated plant that increased production capacity tenfold. Prior to that, he was Marketing Manager at Lafarge and Product Specialist at Econet Wireless Zimbabwe. Revesai is a holder of a Masters in Business Administration and a Bachelor of Commerce (Honors) Degree in Marketing from the National University of Science and Technology (NUST). He is also a Certified Digital Marketing Professional (DMI Ireland).

Mr. Innocent Mutsvedu

Operations Manager (CCF)

Innocent is a Business and Information Communication Technology (ICT) professional with over 34 years of ICT and operations management experience. He holds a Bachelor of Business Studies and Computing Science Degree and a Masters in Business Administration from the University of Zimbabwe. He is also a Certified SAP FI consultant and a Prince2 project management professional. He has held several ICT and Operation management roles in the Information Technology and sugar manufacturing industries locally.

Mr. Gaylord T. Nyamayi

Non-Executive Director

Appointed 1 September 2022

Gaylord is a Partner and Investment Executive at Takura Capital Partners (Private) Limited. He has vast experience in origination, negotiation, execution, monitoring and exiting of investment transactions in the region. Gaylord is a Chartered Accountant who served his articles with KPMG Zimbabwe, before working for the same organisation in the Caribbean Region and United Kingdom.

He has in-depth knowledge of alternative investments, having worked for several years in the hedge fund sector in London. He is also a Chartered Financial Analyst Charterholder, who holds a Master of Business Administration Degree from University of Cambridge’s Judge Business School in the United Kingdom.

Ms. Sarudzayi N. Njerere

Non-Executive Director

Appointed 1 June 2024

Sarudzayi is a legal practitioner by profession, registered by the High Court of Zimbabwe and a member of the Law Society of Zimbabwe. She has over 23 years’ experience in various fields of law, that include commercial, administrative, labour, family and human rights law.

She holds a Bachelor of Arts degree in Law and Political Philosophy and a Bachelor of Laws (LLB) degree from the University of Cape Town. She was previously a partner at Honey & Blanckenberg, worked in the Attorney General’s office and also served as a part time Lecturer at the University of Zimbabwe. She is currently serving as a Board Member of South Feminist Futures.

Mr. Cliford Matorera

Non-Executive Director

Appointed 1 September 2022

Cliford holds an Honours Degree in Sociology from the University of Zimbabwe and a Master of Science Degree in Strategic Management acquired from Chinhoyi University. He is an extensively experienced public servant, and currently, the Director in the Ministry of Skills Audit and Development. He is also a past interim Board Chairman of National Social Security Authority.

Cliford is a performance management strategist, whose core skills include analytical thinking, knowledge of employment law, leadership and evaluation.

Ms. Odiline Kava

Non-Executive Director

Appointed 1 June 2024

Odiline’s track record includes successful brand building initiatives for several companies in Zimbabwe. She holds a Master’s Degree in Business Administration, Bachelor of Business Administration Degree and several Diplomas in various fields. She has worked for several companies, including FBC Holdings, Export Credit Guarantee Corporation, The University of Zimbabwe and NicozDiamond Insurance Limited.

She is currently serving as the Board Chairperson for Management Training Bureau and is a past Vice President of the Zimbabwe Institute of Public Relations.

Mr. Mirirai E. Chiremba

Non-Executive Director

Appointed  1 September 2021

Mirirai holds a BSc Economics degree from the University of Zimbabwe, and a Masters degree in Anti-money laundering/Counter-Financing of Terrorism/Counter-Financing of Proliferation of Weapons of Mass Destruction studies from the University of Charles Sturt, Australia.

After graduating at the UZ in 1984, he spent 2 years working for the public sector, and joined the Central Bank at the end of 1986 where he spent sixteen (16) years, working as a senior manager in the Exchange Control and Bank Supervision departments, and seventeen (17) years as the Director General of the Financial Intelligence Unit.

Mirirai currently consults for entities in the financial sector as a financial crime specialist.

Mr. Dzingayi Maworera

Finance Director and Company Secretary

Appointed 1 April 2024

Dzingai is a Chartered Accountant and holds a Bachelor of Accountancy Honours Degree from the University of Zimbabwe. He has more than fifteen years of experience in financial management, management accounting, treasury, and investments. Prior to joining Star Africa Corporation Limited, he was an Investment Principal at Takura Capital Partners (Private) Limited.

Dr. Mavellas Sibanda

Group Chief Executive Officer

Appointed CEO 8 July 2024
Non Executive Director 1 September 2017

Mavellas is a chartered Mechanical Engineer and manufacturing expert. He holds a BSc (Hons) degree in Mechanical Engineering, a Masters in Manufacturing Systems and Operations Management, a Masters in Business Administration and a PhD in Business Administration. He is a Fellow of the Institution of Mechanical Engineers (IMechE UK), a Fellow of the Zimbabwe Institution of Engineers (ZIE) and an Associate Member of Chartered Institute of Secretaries and Administrators (ICSAZ).

Mavellas has over 30 years experience in the manufacturing industry of which 17 years were spent in the sugar industry. He held the position of Operations Director before leaving the company in 2016.

Dr Rungano J Mbire

Non-Executive Chairman

Appointed Chairman 22 July 2021
Non Executive Director 1 August 2010

Dr Rungamo J. Mbire is a Chartered Accountant by profession and he holds a BSc Economics (Hons) (UZ), B. Compt (Hons) Unisa, a Masters in Business Leadership degree and a Doctor of Philosophy in Management, Innovation and Technology. He is a well respected finance professional with a track record with prominent Zimbabwe Stock Exchange (ZSE) listed companies.

Dr. Rungano J Mbire

Non-Executive Chairman

Appointed Chairman 22 July 2021
Non Executive Director 1 August 2010

Rungamo is a Chartered Accountant by profession and he holds a BSc Economics (Hons) (UZ), B. Compt (Hons) Unisa, a Masters in Business Leadership degree and a Doctor of Philosophy in Management, Innovation and Technology. He is a well respected finance professional with a track record with prominent Zimbabwe Stock Exchange (ZSE) listed companies.