Zimbabwean government to recapitalise Mazda JV

Car production by WMMI has dropped by one-third to 6,000 units annually in recent years owing to stiff competition from second-hand imports.

The Industrial Development Corporation (IDC) of Zimbabwe plans to inject USD4 million into Willowvale Mazda Motor Industries (WMMI) as it moves to recapitalise the struggling car assembler, reports The Zimbabwe Standard. The IDC will reportedly raise the required funds through disposal of two of its units − Deven Engineering and Amtec Private Limited. "Between the land and property for Deven, the valuation was USD3.5 million and with Amtec, we are talking about USD4.5 million. We have to pay our debts and will end up with half of the amount," said IDC general manager Mike Ndudzo.