IDC takes steps to restructure ZESCO, seeks to split firm into three separate units
The Industrial Development Corporation has announced plans to restructure state power utility ZESCO.
Through a tender published in the Daily Mail of Tuesday, January 4th 2022, the IDC wants to engage a Consultant who will undertake financial and operational restructuring of ZESCO.
The IDC says the Consulant should also assess the possibility of segregating ZESCO’s main divisions such as generation, transmission and distribution into separate units.
IDC stated that the splitting of ZESCO should not only provide financial relief by disposing off loss making assets but will also enhance control of ZESCO’s efficiencies.
IDC also wants the Consultancy to improve ZESCO’s credit worthiness through a review of the current and contingency debts with a view to restructuring the outstanding debts as well as formulate loans restructuring plans and strategies.
The Consultant is also expected to provide plans on financial turn around of ZESCO and return the company to profitability through the review of all income streams, operating costs and expenses and balance sheet.
Bids for the consultancy should be sent through to the IDC not later than 28th January 2022.