CHIREDZI – Chiredzi Rural District Council has registered a private company whose mandate is to engage in business ventures for purposes of making profits.
The company, Spanwick Events will operate autonomously and independently from council but the local authority will be the major shareholder and provider of seed capital.
Chiredzi RDC Chief Executive Officer Isaac Matsilele confirmed the development and said Spanwick Events (Pvt) Ltd was registered under the Companies Act on October 26, 2016 and the seed capital that it will get from council will be regarded as a loan.
"We resolved as council to form a company which will operate independently from council.
The company will be a property of council with a mandate to generate income or profits. It should be a viable project which employs its own people including a business manager.
"At the moment we are looking at a starting capital of $150 000," said Matsilele.
Chiredzi RDC is one of the best run local authorities in the country.
Last year they managed to collect over 70 percent of anticipated income making them one of the few councils with best performing annual budgets.