Paza Buster, a motor vehicle dealer, has acquired a controlling stake in Autoworld Harare and Bulawayo.
In a trading update, Paza Buster said the acquisition had been approved in terms of section 8(2) (a) of the Indigenisation and Economic Empowerment general regulation of 2010, as amended.
“The directors are pleased to announce that Paza Buster (Pvt) has acquired a controlling interest in Autoworld Harare and Autoworld Bulawayo,” reads part of the statement.
“The relevant shareholders and directors look forward to a long and prosperous business partnership and to playing a role in building the automotive industry in Zimbabwe.”
Autoworld Harare was founded in 2003 as a fully franchised Zimbabwean dealership representing General Motors and Isuzu Trucks, South Africa.
The dealership met all the criteria demands of General Motors, South Africa, and Isuzu Trucks with all departments meeting the high standards laid down by them and conforming to corporate image of General Motors as required throughout the Southern African region.
Autoworld Harare has received the General Motors, South Africa prestigious Top Export Sales Retailer of the Year award consecutively for four years, 2006 – 2009; competing with franchise holders in Zambia, Mozambique, Malawi and Mauritius.