Farai Dziva| Government functionaries have been stunned by the decision by a Chinese company, R and F to pull out of a deal to acquire a stake in ZISCO.

According to the Herald, the government wanted to renegotiate the deal, agreed on under the previous administration.

“R and F wrote to the Government advising that it was no longer interested. The parties could not agree after the new dispensation ordered the deal to be re-looked into.

There are several issues the Government was not happy with. It is not like the Government wanted to side line the investor, but wanted a win-win situation.

Under the deal, R and F would have acquired ZISCO’s majority shareholding, thus paving the way for the resuscitation of the iron and steel plant at a cost of US$1 billion,” a source told the state run publication.