Published: 17 February 2014

Businessman and FBC Holdings group chief executive officer John Mushayavanhu has successfully purchased Zuva Petroleum - former BP & Shell assets - from Masawara.

This was after regulatory authorities gave a green light to the transaction, but he had to cough up $4.5 million more than the initial price tag as the deal dragged on for more than seven months awaiting approval.

The acquisition of the 73 former BP & Shell Marketing Services assets by Woble, the businessman's investment vehicle, is symbolic especially at a time when foreign firms are actively scouting for opportunities in the local fuel industry.

Masawara, which is owned by local businessman Shingi Mutasa, announced recently that the two parties agreed to increase the price tag of the assets to $29.3 million from the initial $24.8 million.

However, the transaction consideration represents a 10.4% discount to the $32.7 million that Masawara paid for the business in 2010.

Woble Investments had paid off the new fee by the end of last month.
- Sunday Mail

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