Chinese run Kingphar Pharmaceuticals Limited has been placed under supervisory liquidation.
This follows a Consent Order to place Kingphar Company Zambia Limited under supervision and commencement of business rescue proceedings.
Lewis Mosho of Lewis Nathan Associates as been appointed as provisional liquidator in respect of all assets belonging to the company.
Kingphar Pharmaceutical, located in the Lusaka East MFEZ was only commissioned two years ago and was supposed to be producing injective drugs and oral preparations.
The plant was commissioned by President Edgar Lungu who hailed the investment as the beginning of Zambia’s drug export exploits.
The total investment was about 25 million US dollars.
200 Zambian workers were created.