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Surface is seeking to increase capacity through the acquisition of struggling or closed companies

Tinashe Makichi Business Reporter
Surface Investments, an upcoming cooking oil manufacturer, intends to acquire non-performing fellow oil seed processors with a view of growing its business. Surface Investments chief executive Mr Sylvester Mangani said in an interview last week that the company was considering purchasing properties and companies as part of its strategy to become the dominant player in the industry.

“The company will reach that status, from largest oilseed processor in Zimbabwe to largest oilseed processor in the region. Greenfield projects will be expensive; hence growth through acquisition of companies with good infrastructure should be targeted.”

He said no deal had been finalised yet, but the strategy is firmly in its firm’s expansion plans. The company is a joint venture between the Industrial Development Corporation of Zimbabwe, which holds 26 percent and Indian firm, Midex Global, which holds the balance. Surface Investments has Zimbabwe’s largest multi-oilseed processing plant. He said the company has intentions to become the biggest producer of cooking oil in the country.

“Surface Investments is installing a new refinery set to be completed within the next two years to triple production from the current three million litres a month,” the CEO said.

The new multi-purpose refinery will have capacity of 250 tonnes of seed per day. The capacity of the existing refinery would also be increased to 120 tonnes of oilseed daily from 100 tonnes.