Innscor acquires Transerv

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Innscor has reportedly acquired a controlling stake in automotive spares distributor Transerv. According to the group, the acquisition was concluded early this month. Transerv is a successful home-grown utomotive spares business which has expanded throughout Zimbabwe and currently operates from 32 branches in fitment centres. Innscor says it was attracted to this investment because of its superior performance, growth prospects and highly motivated management and staff.  The acquisition follows pronouncements made by group chief executive Toni Fourie this year that the company would be active in the acquisitions market. He said in the short term Innscor would announce three acquisitions which included a business which will bring diversity and one which will complement an existing business line. Fourie is currently leading Innscor through a re-organisation and restructuring. The group plans to generate superior return on equity (ROE) in excess of 30% and generate free cash in excess of 60% of earnings before interest depreciation tax and armotisation (EBIDTA) The group says it will efficiently deploy free cash to develop current infrastructure and acquire new infrastructure. – The Herald,15 July 2015

VP Emmerson Mnangagwa says the Zimbabwean government needs to swallow its pride and review some controversial economic policies to attract foreign investment. Speaking in an interview with CCTV, the Chinese national television broadcaster, last week during his week-long visit to the Asian country, Mnangagwa said government will have to literally bite the bullet for the country to catch up with its African peers. He said the Zanu PF government was working on a massive reform process, including social and legislative frameworks, to bring Zimbabwe back to the table of nations. Mnangagwa said Zimbabwe also needed to go through a vigorous reform process as happened in China following the death of the late communist dictator Mao Zedong in 1976 leading to its near-miraculous transformation into the world’s second largest economy inside three decades. – NewsDay, 15 July 2015

Anchor Holdings’s real estate arm, Anchor Yeast Properties, has declared its assets in terms of Section 47 of the Insolvency Act to pave way for the conclusion of the company’s transaction with French yeast manufacturer Lesaffre Group. In a notice, Anchor Yeast Properties said it will dispose of its three business premises including the head office in Gweru among other assets. Anchor Holdings chairman Mike Nyabadza said that the notice was part of any normal procedure followed before any transaction can go through and did not mean that the company was in a state of insolvency. – The Herald,15 July 2015

SNV Netherlands Development Organisation in Zimbabwe will host the Mashonaland Central Solar Fair today at the Mount Darwin Town Centre. SNV Renewable Energy Sector head Chandirekera Makuyana said the Solar Expo, organised in partnership with Government, solar companies and provincial authorities, will bring together more than 25 major solar companies, to display products ranging from lights and solar home systems to agro-based solar solutions. – The Herald,15 July 2015

Zimbabwe has missed the 220 mln kg tobacco target set for this year largely due to bad weather in the early stages of the growing season. Statistics from the Tobacco Industry Board (TIMB) reveal that by the end of the trading season yesterday, the country had sold a total of 186 mln kg of the golden leaf earning $548 million compared to 204 mln kg sold last year for $649 mln. – Daily News,15 July 2015

By |July 15th, 2015|Categories: Headlines|

About the Author:

Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.