Published: 28 April 2014

Motec Holdings, has its subsidiary, Deven Engineering, up for sale as it seeks to mobilise capital to enable its parent company, the Industrial Development Corporation (IDC), to effectively execute its re-defined role.

The IDC, which is Government's commercial arm, currently owns more than 15 companies operating in various sectors of the economy.

Government under its new economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation, recently announced intentions to restructure the IDC to allow it to focus on revival of the country's struggling industry.

In line with the objective, Motec Holdings has put up Deven Engineering, which specialises in coach building, transport solutions and general engineering, up for sale.

"Proceeds will be utilised to fund new ventures in line with the IDCs mandate that entails establishing new industries and facilitating, guiding and promoting financing, reorganisation and development of existing industries," Motec Holdings said.

The disposal will be either through a share sale or asset sale.

Motec Holdings said interested bidders can acquire 100 percent of the Deven Engineering's issued share capital or any separable assets such as land, buildings, equipment and or the business.

Preference would be given to bidders in compliance with the country's indigenisation laws, the firm said.

Other subsidiaries of Motec Holdings are Amtec, Autologistics and Willowvale Mazda Motor Industries.

- New Ziana

You might also want to read this

• Lifeline for Deven Engineering
• Deven Engineering slapped with $300k lawsuit