ZUVA Petroleum says it has spent about $11, 8 million on rebranding its units across the country, adding that the exercise would be completed by the end of year.
BY MTHANDAZO NYONI
The company has a $20 million kitty it secured from Nedbank London to rebrand its 72 service stations across the country.
“We have rebranded about 59% of our service stations across the country and we will be done by end of year. We have spent about 59% of the $20 million we secured from Nedbank London,” company chief executive officer, Bethwell Gumbo, told NewsDay yesterday.
“As a company, we have improved our distribution and have opened more depots across the country to keep the market sustained.”
Gumbo said Zuva had plans to venture into the region which would come after the company has satisfied the local market.
In Bulawayo, the company has about 12 service stations.
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Recently, Gumbo revealed that the rebranding exercise was meant to increase the company’s market share in the highly competitive petroleum industry currently dominated by Total Zimbabwe and Engen.
He said they had installed state-of-the-art pumping systems at all their service stations and that had made them a key player in the market.
The company has more than 10 depots including an aviation as well as AP gas laboratory in the entire country.
Zuva Petroleum was once BP & Shell Marketing Services. It rebranded to Zuva after Masawara acquired BP & Shell assets in 2010.
Last year, a consortium led by FBC group chief executive officer John Mushayavanhu snapped up a controlling shareholding in Zuva from Masawara in a deal worth close to $30 million.
