Zanu PF Mashonaland East provincial chairman and one of Zimbabwe’s leading entrepreneurs Ray Kaukonde has acquired Mike Harris, a local car dealership, through Scotia Haoldings.
The diversified non-listed conglomerate in which Kaukonde, the former governor and resident minister of the province, enjoys total control confirmed through a spokesperson that it had landed the entire shareholding in Mike Harris, which used to operate as a family business, for an undisclosed amount.
“I can confirm that Mike Harris, an exciting business opportunity for us, is now part of our group 100%,” said the spokesperson.
“The business has an exciting skills base and solid infrastructure that we believe can add value to our group. We acquired the business as a going concern, which means that none of our stakeholders, including our workers, would be affected by the change of ownership.
“Our focus at the moment is to grow the business and exploit the synergies that exist within our group.”
Mike Harris is one of Zimbabwe’s oldest and enduring businesses operating in the motor industry.
In the past, it has won a lot of accolades for offering services that measure up to international standards.
Kaukonde and his son Brian signed the deal on behalf of Scotia while Mike Harris and other directors appended their signatures on behalf of the car dealership.
Following the acquisition, Mike Harris will now fall under Scotia Holdings’ automotive arm, Amalgamated Motor Corporation (AMC), further diversifying the group’s portfolio.
Scotia Holdings’ business interests include AMC, Professional Security, Ray and Brian, Scotia Steel, Spar Joina City, Spar Borrowdale Brooke and various shareholdings in listed and non-listed stocks such as Innscor Africa Limited, National Foods, Colcom Holdings, Zimbabwe Alloys, Willdale Bricks and African Sun, among others.
The group also operates farming interests and businesses in South Africa.
“We have had to hit the ground running so to speak to ensure that the processes are completed within the shortest possible time and without any glitches,” said the spokesperson for the group.
The Scotia group is one of the early birds among local companies to seize opportunities that have been emerging in Zimbabwe since February last year when the country’s economy was deregulated.
Early this year, the group bought Die & Pressure Castings, an enterprise operating in the Msasa industrial area in Harare which was previously run as a family business.
Last month the group consummated a joint venture with Face Technologies of South Africa to provide information technology solutions in Zimbabwe.
Owned 51% by Scotia Holdings, the joint venture company, Face Technologies Zimbabwe, started operations last month.
Scotia CEO Pauline Chapendama recently told guests at the launch of Face Technologies Zimbabwe that the group has never looked back since Kaukonde bounced back from government where he was the governor and resident minister of Mashonaland East.
“We want to thank you Sydney Sekeramayi for withdrawing Mr Kaukonde from government so he can dedicate all his attention on the business. It has worked wonders for us,” Chapendama said jokingly.
Sekeramayi, a Cabinet minister, is one of the senior politicians in Mashonaland East where Kaukonde hails from. He was the guest of honour at the launch of Face Technologies Zimbabwe.