{"id":31488,"date":"2020-12-21T21:30:22","date_gmt":"2020-12-21T19:30:22","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=31488"},"modified":"2020-12-21T21:30:22","modified_gmt":"2020-12-21T19:30:22","slug":"star-africa-clears-98-of-its-debts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts","title":{"rendered":"Star Africa Clears 98% Of Its Debts"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>By Alois Vinga<\/b> – LISTED sugar processor, Star Africa Corporation Limited (SACL) has managed to clear 98% its debts and is now targeting to address foreign creditors within the first quarter of next year.<\/p>\n

In 2013, SACL survived liquidation by a whisker after the courts approved a scheme of arrangement with a reprieve allowing the company not to pay any creditor inside a period of six months to allow time accumulate growth.<\/p>\n

The corporation was saddled with a debt totaling US$19.7 million which once prompted creditors to demand the firm\u2019s liquidation following an unsuccessful scheme of arrangement more than a decade ago.<\/p>\n

But presenting financial performance for the half year ended September 30 2020, SACL chairman, Joseph Mutizwa revealed the significant progress made.<\/p>\n

\u201cThe scheme of arrangement, whose tenure expires in 2022 remains in place with 97.95% of debts being settled,\u201d he said.<\/p>\n

Mutizwa highlighted the strategy may result in the debts being extinguished by 31 March 2021 and shareholders will be advised of the outcome thereof in due course.<\/p>\n

Market watchers believe that the debt clearance will provide the company with sound leverage to focus on key capital expenditure endeavors.<\/p>\n

Meanwhile, during the period under review the corporation\u2019s subsidiary, Gold Star Sugars Harare (GSHH) managed to sell 32 047 tonnes of sugar against 35 791 tonnes sold last year.<\/p>\n

The decrease in sales volumes was attributable to Covid-19 related challenges, associated transport restrictions, maintenance shutdown and disruptions to the operations due to a fire that destroyed the raw sugar warehouse.<\/p>\n

\u201cCountry Choice Food products continued to dominate the market. Volumes were, however, down 11% due to low disposable incomes and depressed business activity experienced by this operational unit\u2019s major industrial customers,\u201d said Mutizwa.<\/p>\n

The properties business recorded a 53% increase in turnover from $5,3 million recorded in prior half year to 8.2 million due to increased occupancy levels.<\/p>\n

Tongaat Hullet Botswana continued to dominate the Botswana sugar market recording a profit after tax of $99,95 million of which the company share was $33,3 million after converting earnings into Zimbabwean dollars at the prevailing RBZ auction exchange rate.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga – LISTED sugar processor, Star Africa Corporation Limited (SACL) has managed to clear 98% its debts and is now targeting to address foreign creditors within the first quarter of next year. In 2013, SACL survived liquidation by a whisker after the courts approved a scheme of arrangement with a […]<\/p>\n","protected":false},"author":84,"featured_media":31487,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,19],"class_list":["post-31488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-zimbabwe"],"yoast_head":"\nStar Africa Clears 98% Of Its Debts - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Star Africa Clears 98% Of Its Debts\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Zimbabwe. By Alois Vinga – LISTED sugar processor, Star Africa Corporation Limited (SACL) has managed to clear 98% its debts and is now targeting to address foreign creditors within the first quarter of next year. In 2013, SACL survived liquidation by a whisker after the courts approved a scheme of arrangement with a […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-21T19:30:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/12\/img-5fe0cf37e16ca.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"736\" \/>\n\t<meta property=\"og:image:height\" content=\"481\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Star Africa Clears 98% Of Its Debts\",\"datePublished\":\"2020-12-21T19:30:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts\"},\"wordCount\":342,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/12\/img-5fe0cf37e16ca.jpg\",\"keywords\":[\"Africa Press\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts\",\"name\":\"Star Africa Clears 98% Of Its Debts - zimbabwe\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/12\/img-5fe0cf37e16ca.jpg\",\"datePublished\":\"2020-12-21T19:30:22+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/12\/img-5fe0cf37e16ca.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/12\/img-5fe0cf37e16ca.jpg\",\"width\":736,\"height\":481,\"caption\":\"Star Africa Clears 98% Of Its Debts\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/zimbabwe\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Star Africa Clears 98% Of Its Debts\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#website\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/\",\"name\":\"zimbabwe\",\"description\":\"\u0623\u062e\u0628\u0627\u0631 \u064a\u0648\u0645\u064a\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/zimbabwe\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Star Africa Clears 98% Of Its Debts - zimbabwe","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts","og_locale":"en_US","og_type":"article","og_title":"Star Africa Clears 98% Of Its Debts","og_description":"Africa-Press – Zimbabwe. By Alois Vinga – LISTED sugar processor, Star Africa Corporation Limited (SACL) has managed to clear 98% its debts and is now targeting to address foreign creditors within the first quarter of next year. In 2013, SACL survived liquidation by a whisker after the courts approved a scheme of arrangement with a […]","og_url":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts","og_site_name":"zimbabwe","article_published_time":"2020-12-21T19:30:22+00:00","og_image":[{"width":736,"height":481,"url":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/12\/img-5fe0cf37e16ca.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Star Africa Clears 98% Of Its Debts","datePublished":"2020-12-21T19:30:22+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts"},"wordCount":342,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/12\/img-5fe0cf37e16ca.jpg","keywords":["Africa Press","Zimbabwe"],"articleSection":["all news","Economy","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts","url":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts","name":"Star Africa Clears 98% Of Its Debts - zimbabwe","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/12\/img-5fe0cf37e16ca.jpg","datePublished":"2020-12-21T19:30:22+00:00","author":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"breadcrumb":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#primaryimage","url":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/12\/img-5fe0cf37e16ca.jpg","contentUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/12\/img-5fe0cf37e16ca.jpg","width":736,"height":481,"caption":"Star Africa Clears 98% Of Its Debts"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/star-africa-clears-98-of-its-debts#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/zimbabwe\/"},{"@type":"ListItem","position":2,"name":"Star Africa Clears 98% Of Its Debts"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#website","url":"https:\/\/www.africa-press.net\/zimbabwe\/","name":"zimbabwe","description":"\u0623\u062e\u0628\u0627\u0631 \u064a\u0648\u0645\u064a\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/zimbabwe\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/zimbabwe\/wp-json\/wp\/v2\/posts\/31488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/zimbabwe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/zimbabwe\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zimbabwe\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zimbabwe\/wp-json\/wp\/v2\/comments?post=31488"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/zimbabwe\/wp-json\/wp\/v2\/posts\/31488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zimbabwe\/wp-json\/wp\/v2\/media\/31487"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/zimbabwe\/wp-json\/wp\/v2\/media?parent=31488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/zimbabwe\/wp-json\/wp\/v2\/categories?post=31488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/zimbabwe\/wp-json\/wp\/v2\/tags?post=31488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}