UNIFREIGHT Africa Limited (Unifreight) has entered into a US$2,08 million agreement to acquire an effective 86,67% stake in Cheetah Express Logistics (Private) Limited (Cheetah), marking its planned entry into Zimbabwe’s express courier segment.
According to Unifreight, Cheetah is the sole authorised global service participant for FedEx Express in Zimbabwe, a relationship that has existed since 1992.
FedEx Express is the international air and time-sensitive delivery arm of FedEx Corporation, an American company specialising in overnight and express shipping of documents, parcels and freight across a global network spanning more than 220 countries and territories.
Originally established under the name Supaswift, Cheetah provides courier services, including pick-up and delivery, on behalf of FedEx Express customers across Zimbabwe.
“The board of directors of Unifreight Africa Limited is pleased to advise shareholders and the investing public that the company has entered into a sale of shares agreement for the acquisition of an effective 86,67% shareholding in Cheetah Express Logistics (Private) Limited, the sole authorised global service participant for FedEx Express in Zimbabwe,” Unifreight said in a statement.
“This acquisition marks a significant step in Unifreight’s growth strategy, providing immediate entry into the high-growth express courier segment and strengthening Zimbabwe’s connection to the global economy.”
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Unifreight, a transport and logistics concern, said the acquisition would be effected through the purchase of both direct and indirect shareholdings held by the seller, resulting in it becoming the majority shareholder in Cheetah.
“The total consideration for the acquisition is US$2 080 000, representing approximately 15,7% of the company’s market capitalisation on the Zimbabwe Stock Exchange (ZSE),” Unifreight said.
Explaining the proposed transaction, Unifreight noted that the purchase would diversify its revenue streams, improve operational efficiencies and strengthen its position as a comprehensive, end-to-end logistics provider in Zimbabwe.
“The acquisition provides Unifreight with an immediate and significant foothold in the high-growth express courier market, adding a well-established business with a 30-year track record as Zimbabwe’s sole authorised FedEx Express Global Service Participant,” Unifreight said.
“The acquisition introduces a service-based, non-asset-heavy revenue stream with strong margin potential, reducing the group’s reliance on traditional freight cycles.
“The combination is expected to yield operational efficiencies in administration, procurement and route planning, improving the cost-to-income ratio of the combined entity.”
The acquisition is also expected to enhance medium-term profitability and positions Unifreight as a comprehensive, end-to-end logistics provider with both national reach and global connectivity.
“On February 27, 2026, Unifreight Africa Limited and Runcourt Investments (Private) Limited executed a sale of shares agreement for the acquisition of 86,67% shareholding in Cheetah Express Logistics (Private) Limited by Unifreight Africa Limited,” Unifreight said.
“Once the purchase price is fully settled, Unifreight will become the majority shareholder in Cheetah Express Logistics (Private) Limited.
“The transaction is the subject of cautionary statements issued on January 20, 2025 and March 18, 2026.”
Runcourt is the current majority shareholder in Cheetah, holding a direct shareholding of 46,67% and an indirect stake of 40% through its investment vehicle Vermillion Investments (Private) Limited.
“As Swift, Unifreight’s customer-facing brand, marks 80 years of operations in Zimbabwe, this acquisition represents a significant milestone in the group’s continued growth,” Unifreight said