Admarc secures K423 billion funding
Agricultural Development and Marketing Corporation (Admarc) has announced that it has secured $548 million (about K423 billion) funding aimed at revamping its operations.
The corporation’s board chair Alexander Kusamba Dzonzi made the remarks Wednesday in Blantyre, where he also outlined Admarc’s new vision.
Under the new vision, Admarc would have textile, surgical wool and cooking oil processing plants. He further said they would also establish a grain processing plant.
“We now want to take Admarc to the people. Admarc has for a long time been a dumping place for politicians, who had been selling substandard maize. Unfortunately officials from Admarc were threatened by these politicians,” Dzonzi said.
He could, however, not be drawn to disclose the source of the funds, saying they were yet to present a report on the same to the Ministry of Agriculture.
However, Kusamba Dzonzi said the funds would help Admarc become self-reliant.
“Previously, we were being accused of late purchase of farm produce from farmers because we were waiting for support from the government. Now, since we will be self-reliant financially, we will be able to go on the market and buy produce in good time,” he said.
The board chairperson also disclosed that Admarc offered its struggling subsidiary, Auction Holdings Limited, a K6 billion financial bailout.
“AHL is going through a restructuring process. We are following what is happening at the company and we have asked them to do a functional review, where they should come up with a proper strategic plan,” Dzonzi said.
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