BOUSTED Beef, the British investor, whose joint venture to revive the Cold Storage Company (CSC) was terminated last year, continues to illegally occupy the state-owned firm’s Bulawayo abattoir and withhold key property deeds, undermining government efforts to restore Zimbabwe’s largest meat processor, the Zimbabwe Independent can exclusively reveal.
The government cancelled the US$130 million Livestock Joint Farming Concession Agreement (LJFCA) with Boustead Beef in August 2024 after the company failed to fulfil its contractual obligations.
Despite the termination, Boustead Beef has refused to vacate the Bulawayo facility, one of the country’s largest abattoirs with a daily slaughter capacity of 800 cattle.
Court proceedings are now underway to evict the company, which insists that an ongoing arbitration process justifies its continued occupation of the premises.
However, CSC’s corporate rescue practitioner, Crispen Mwete, has rejected that claim outright, stating that there is no such arbitration underway.
“In court they (Boustead Beef) claimed there is an arbitration process going on. That is not true, there is no arbitration going on,” Mwete told the Independent.
He, however, said Boustead Beef’s actions were not “disturbing” them.
“We are working, there is no disturbance.”
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The dispute deepened with revelations that Boustead Beef is still in possession of title deeds for several CSC properties.
Mwete confirmed that only two property titles, for the Bulawayo abattoir and the canning factory, are currently in CSC’s custody.
“The title deeds for the rest of the properties are with Boustead Beef, who have continued to withhold them even after the cancellation of the LJFCA,” Mwete revealed in his CSC corporate rescue plan.
“A legal process has been initiated to recover the title deeds from Boustead Beef and, thereafter, an examination of the deeds will be undertaken to ascertain that the assets of CSC are unencumbered by mortgages or any other similar liens.”
The meat processor and marketer boasts a vast asset portfolio spanning eight provinces, including a land bank conservatively valued at over US$1 billion.
This figure far exceeds the company’s net fixed asset value of US$69 million as of December 31, 2024.
The company owns 150 000 hectares of ranches and feedlots, with a monthly cattle holding capacity of 9 231 and feedlot space for 40 800 head.
Its three major abattoirs — located in Bulawayo, Masvingo, and Chinhoyi — can collectively process up to 1 800 cattle daily once fully refurbished.
CSC also holds 29 residential properties worth US$2,2 million, contributing to a real estate portfolio independently valued at approximately US$100 million in 2018.
Efforts to obtain comment from Boustead Beef were unsuccessful.
Recognising CSC’s significant potential, its new shareholder — the Mutapa Investment Fund (MIF) — has committed to fully recapitalise the company.
Under its revival plan, MIF will provide a US$9,3 million capital injection in 2025 to settle debts, conclude business rescue proceedings, and reactivate the Bulawayo abattoir.
A further US$47 million will follow from 2026 onward to complete the turnaround.
This financial restructuring coincides with favourable market conditions, as Zimbabwe’s beef consumption is forecast to reach 123 400 metric tonnes by 2026, up from 120 000 in 2021 — positioning the revitalised CSC to capitalise on growing domestic demand.
“The meat market in the Middle East (for beef, mutton, poultry and goat) is growing at 2% per year,” Mwete said in his plan.
“On this note, the CSC has already secured an order of 5 000 metric tonnes of beef per annum from the United Arab Emirates.
“It is anticipated that this Dubai Beef Quota will be funded by an allocation of funds from the MIF as part of the drawdown from the injection of US$47 million. Besides the Dubai Beef Quota as an export market, the UK and the EU are still interested and are making enquiries.”
CSC has launched a Carbon Credits Development & Offset Programme (CCD&OP), designed to combat climate change through sustainable land use, reforestation, and improved forestry practices across its 150 000 hectares of titled land.
To implement the initiative, CSC has partnered with Fortis Asset Management (Private) Limited (Fortis) as advisors and project sponsors.
Fortis will support carbon credit development, marketing, and — critically — secure funding to help CSC resume eco-friendly operations, spanning pasture to slaughter.
Backing this ambitious plan, CSC has secured a US$50 million line of credit from Maersk/HEK International, facilitated by Fortis.
The funding will be collateralised by two million future carbon credit units generated from CSC’s programme.
With an estimated 2 113 264 carbon credits (valued at US$63,4 million) expected from its land, the initiative will not only drive sustainability, but also fully cover the HEK facility repayment.
