HARARE – A local firm owned by FBC Holdings Limited (FBCH) chief executive John Mushayavanhu has acquired a 51 percent stake of Masawara plc’s energy portfolio — held through Masawara Energy Mauritius (MEM), the Daily News can reveal.
While the parties have agreed on a conditional sale since negotiations started in February, the reclusive banker’s chosen investment has been named as Woble.
“Yes, I can confirm that we have acquired Masawara’s energy business,” Mushayavanhu told this paper yesterday.
Tackled on the deal financing and strategy going forth, the seasoned banker said the assets have been acquired with “funds raised off-shore”.
In an Alternative Investments Market filing on Tuesday, Shingai Mutasa’s London-listed investment fund said “the total consideration payable by Woble… will be $24,8 million in cash” and upon approvals by Saviour Kasukuwere’s Indigenisation ministry, and the Reserve Bank of Zimbabwe.
As Mushayavanhu and the sellers have agreed on a binding empowerment plan for the 73 former BP & Shell Marketing Services (BPSMS) assets, the FBCH boss said he had no other intentions, but to stick to the government-approved plan.
This comes amid growing speculation that Mutasa’s MEM was on the verge of selling the Zuva Petroleum (Zuva) portfolio to a group of United Kingdom (UK)-based petroleum operators, including Glencore Energy and Strauss Logistics.
Earlier, a Masawara source said “the transaction will not affect the conditions given by Kasukuwere’s department to dispose off sites to dealers”.
“The company will continue to engage the dealer council… towards satisfying this key condition,” insiders told the Daily News this week, adding “further announcements were in the offing and as the transaction progressed”.
Mushayavanhu was adamant yesterday that Masawara had “made a profit on the transaction”.
Zuva, formed after Masawara’s acquisition of BPSMS’s Zimbabwean assets in 2010, not only comprises of retail sites but depots across 10 strategic centres countrywide.
When Mutasa’s Jersey-registered fund acquired the assets nearly three years ago, he paid nearly $33 million.
While Zuva is owned by MEM — a joint venture between MEM and Alveir Management — the portfolio was part of a number of investments the Jersey-registered private equity fund would unveil, including Telerix Communications.
This week, a company registry search for Woble showed that the investment vehicle was registered in December 2006, while Mushayavanhu and his wife Tariro Mashuku were the only directors.
Apart from this newly-acquired energy venture, little is known about the former Bankers Association of Zimbabwe president’s other business interests.
Credited with the continued growth and stabilisation of the FBCH group, Mushayavanhu was recently in the news after concluding a $4,9 million deal for the acquisition of a seven percent stake in the Zimbabwe Stock Exchange-listed group by ShoreCap II Limited.