14 June 2013 - by -
Stellar Winery is delighted to announce that the Industrial Development Corporation of South Africa Ltd (IDC) has agreed to partner with our enterprise in providing investment finance.
Development partnership takes Stellar to the next level
Stellar Winery is delighted to announce that the Industrial Development Corporation of South Africa Ltd (IDC) has agreed to partner with our enterprise in providing investment finance. This development is the result of a stringent application and due diligence process and we welcome the confidence that the IDC has placed in Stellar’s long-term sustainability prospects.
Founded with private and commercial bank finance, Stellar has grown at a rate that was unexpected, often resulting in strain on our available resources that tended to hamper smooth operations. For this reason, the Board and management decided to apply for the IDC investment.
The capital investment by the IDC will put the company on a much firmer financial footing, enabling us to complete the retro-fitting of the Vredendal cellar and put in place a number of measures that aim to take the quality of our products to the next level and enhance consistency of supply to our markets. The investment also provides security for our vital social development and environmental agendas.
The IDC - established in 1940 - is a self-financing, national Development Finance Institution owned by the state and reporting to parliament annually. Its mandate is to promote economic growth and industrial development within and outside South Africa’s borders, and in the instance of Stellar Winery, the promotion of the local organic and no-sulphur added wine industry, broad based black empowerment, and rural development. More information is available at www.idc.co.za
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