Zimplow FD, Francis Rwakonda (left) with CEO, Zondi Kumwenda (right) - Pic Big Law

Published: 07 November 2013

Zimplow Holdings today announced the disposal of 100% of its shareholding in Bulawayo Steel Products (Private) Limited trading as Tassburg, effective 1 November 2013 to members of the management team.

The bolts and nuts manufacturer was disposed for a consideration believed to be around $500 000 and approvals from the Zimbabwe Stock Exchange were granted.

The disposal is now unconditional, having received all the required regulatory approvals.

In a statement to shareholders, Zimplow said this disposal is in line with it's thrust to streamline its operations and to focus on its key farming and mining equipment and implements businesses.

The disposal of Tassburg together with that of Puzey & Payne will complete part of the process of rebranding Zimplow Holdings following its takeover of Tractive Power. Puzey & Payne was sold to former Chief Executive Charles Nyambuya for a consideration of $1.56 million which will be paid on a structured basis.

Under the new image, Zimplow will have new corporate colours, green and orange and a new pay off line: Your mining and agricultural partner.

- businessdaily

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