HARARE Oil giants Shell and BP have sold their Zimbabwean assets to TA Holdings Limited executive chairman, Shingai Mutasa, through his investment fund, Masawara Plc.
Richard King, BPs Project Advisor, and executive Samuel Mupanemunda were in Zimbabwe this week to oversee the transaction which still needs to meet the approval of various regulatory bodies. The assets sold encompass BP and Shell’s entire business portfolio in Zimbabwe, including 73 retail outlets and 60 million litre-storage tanks or depots across 10 strategic centres.
According to BP Southern Africas Chief Executive, Sipho Maseko, former employees of the oil partnership stood to benefit from Zimbabwes broad based economic empowerment initiative. “With their experience and existing businesses in Zimbabwe, we believe that FMI Zimbabwe will be able to build on BPSMS’s good assets and grow the business further in line with their plans,” said Maseko.
Apart from a share trust for staff and management, Masawara has also fashioned out an elaborate dealer ownership scheme as part of the empowerment drive. In launching the US$100 million fund in August, Mutasa and his partner Invesco Perpertual’s Neil Woodford said they were hoping to buy cheap assets in Zimbabwe before a much hoped-for economic swing back and return to normalcy.
Post published in: News