CSC's first Ethos Capital drawdown likely in Q1 20...

CSC's first Ethos Capital drawdown likely in Q1 2023

Zim Now Writer

CSC-Boustead Beef Limited president Nick Havercroft said the company will start receiving “substantial” funds from its American investor next month.

“The amount Boustead has secured from Ethos is substantial, but remains confidential. The first drawdown from this facility will be available in December, but practically Boustead will most likely draw down commencing January 2023,” he said.

In a statement, Ethos chief executive Carlos Santos said he had committed to providing capital to sustain the venture for several years.

“We were very impressed with Boustead’s exceptional standards and level of operation in Zimbabwe. We are absolutely delighted at Ethos to be expanding our investments further into Africa and in particular, Zimbabwe for the first time,” he said.

https://zimbabwenow.co.zw/articles/915/ethos-asset-management-partners-boustead-beef-for-csc-revival

The company’s revival has been taking shape after Boustead Beef injected initial funds into the project following the signing a joint venture agreement with CSC.

Havercroft said the latest financial backing will augment the company’s capital inflows.

“The cash injection enhances the investment already secured and made into the business, but the main use of the facility secured with Ethos will be for the regenerative, holistic, sustainability, pasture and feedlot paddock development to ensure that we achieve carbon neutrality of the business to combat climate change,” he said.

He added that the funds will also be used to assist with community development, poverty alleviation and the development and well-being of farmers. “Without the farmers and good quality, grass-fed, free-range, organic, GMO and fair-trade cattle, Boustead will be unable to supply the lucrative export markets with top quality beef, which is in ever increasing demand,” he said.

Under the Agriculture and Food Systems Transformation Strategy, Zimbabwe targets growing the livestock sub-sector to US$1,9 billion by 2025 from the current US$900 million.