Alternative Investment Market listed company, Masawara Plc has begun rebranding assets it acquired from energy giant BP and Shell Marketing Services (BPSMS) in line with the conditions of sale.
Masawara was given six months to rebrand the 70-plus retail outlets it acquired last year.
Informed sources told NewsDay yesterday the rebranding exercise was likely to be completed by April this year and would result in the service stations trading as Zuva Petroleum.
However, efforts to get an official comment from Masawara chief executive officer Shingai Mutasa were fruitless as he was said to be out of the country.
At the time of completing the acquisition last year, Mutasa said: “This is an exciting acquisition for Masawara.
This is a business that has been very profitable in the past and with adequate funding, will steadily grow again. BPSMS fits our strategy of investing in cash generative businesses with a clear growth potential.”
As at December 31 2010, the unaudited value of the property, plant and equipment held by BP Zimbabwe, Shell Zimbabwe and BPSMS was $48 million, with total net assets of $52 million.