Gold Star resumes operations

Zim Now Writer

Gold Star, a subsidiary of ZSE-listed StarAfrica, has resumed operations at its Harare refinery following a successful resolution of the pricing of raw sugar and the trading terms thereon, between the company and the raw sugar supplier.

In a statement, the board of directors of Starafrica Corporation Limited (“the company”) informed its stakeholders that the refinery at Goldstar Sugars operations resumed on Sunday, February 19, 2023.

“GSS has resumed the supply of granulated white sugar to the market and will continue to do so for the foreseeable future.

“Customers have been advised of this development and the resultant refined sugar prices consequently thereof, the Cautionary Statement published in the Herald, Newsday and the company’s website on 15 February 2023 is, hereby, withdrawn,” reads the statement.

The company said it is grateful for the support received from its stakeholders, including the regulatory authorities, during challenging period and regrets any inconveniences caused by the temporary closure of the refinery.

The refinery’s closure had led to the placement of employees on indefinite leave, with the company citing a sharp increase in raw sugar prices by its supplier, Tongaat Hulett.

Gold Star commercial executive Revesai Gwenhamo said raw material price increases made their operations unprofitable, hence closure.