Zimbabwe Broadcasting Corporation to Go onto Market for Re-capitalization

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Last updated at: (Beijing Time) Friday, January 17, 2003

Zimbabwe Broadcasting Corporation to Go onto Market for Re-capitalization

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The Zimbabwe Broadcasting Corporation (ZBC) will go onto the market this week to raise about1.7 billion Zimbabwean dollars (about 30.9 million US dollars) for re-capitalization purposes and other financial obligations.

A team of financial advisers has already been put in place to raise the funds.

A ZBC spokesman said here on Thursday that the public broadcaster would use part of the money to purchase equipment and meet other operational needs.

"As well as strengthening its financial position, the corporation has also prioritized strengthening its internal capacities, underpinned by correct pricing of products and services, investment and structuring of licensing database and regular engagement with its publics," he said.

The corporation's restructuring, which saw it scaling down its workforce by almost 50 percent to 400 employees, has enabled the public broadcaster to streamline and maintain thresholds between revenue generation and expenditure.

Meanwhile, the public broadcaster has said that the effects of the restructuring exercise may only start to show in a year's timebecause some aspects of restructuring were only concluded late last year.

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