Just as there was drama and intrigue when Masawara acquired the former BP & Shell assets in 2010, last week's disposal of the same assets continues to court controversy after a Mauritian joint venture partner in the petroleum business, Alveir Management, approached the Mauritian courts to block the deal, sparking uncertainty over the consummation of the latest transaction.
Zuva Petroleum, a local subsidiary of Masawara Energy Mauritius (MEM) - jointly owned by Masawara and Alveir Management - had been put on the market with a $24 million price tag.
The price represented a 27% discount to the $32.7 million that Masawara paid for the business.
Suitors to the business then included British-based companies Glencore Energy and Strauss Logistics, including local oil company Sakunda Energy.
However, on Wednesday Masawara announced that it had conditionally sold the business to Woble, a local business entity owned by businessman and FBC group chief executive officer John Mushayavanhu.
- sunday Mail
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