Summary: The National Oil Company of Zimbabwe is a state run business, but they are trying to sell 48% of the stock in order to pay off its $270 million in debts. The state would still like to remain completely in charge of the company by owning 51% of the stocks, but this campany is still in really bad shape. They are running on 30% of its capacity, and are having to make some major cuts in its staff. The company also had to shut down many of its non-profitable projects including plantations trying to produce biodiesel. But the experts doubt that investers will buy stocks in this company due to its unreliability because of its past losses. There have also been reports of internal abuses in the company.
Opinion: I feel very bad that Zimbabwe's economy is in such bad state. It is very hard to recover from something like thia, and many of the same problems are occuring all over the world. Also since this company is borrowing so much money it will not only be harder to get out of debt, but the longer that it stays in debt the worse state the company is in. Also it is losing it credability which means that the future of the National Oil Copany of Zimbabwe is not looking
very good.
http://www1.voanews.com/zimbabwe/news/politics/Zimbabwes-National-Oil-Capmany-to-Sell-off-stakes--93952914.html
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