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Textiles

Cottco to expand thru' acquisition route

21 Mar '06
1 min read
The Cotton Company of Zimbabwe Limited (Cottco) is undergoing discussions to acquire a known company which is important for its growth prospects.

The talks were aimed at diversifying Cottco's operations and to widen its income base.

This company is in the cotton processing business, said a stock broker.

Cottco confirmed the talks with caution last week.

The company advised its shareholders to be careful in dealing with the group's shares due to ongoing transaction for acquisition.

Cottco was interested in a joint venture to increase its market share in the cotton sector, said an analyst.

Cottco had pulled out of merger talks with Merlin Limited, a Bulawayo based clothing and textile firm.

Cottco has appointed ZSR Chief Executive, Mr Patison Sithole as Chairman with effect from this month.

He has experience in the industry and management expects him to formulate plans to increase exports, an official of the company said.
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