7 October 2015
New Zimbabwe Header
'Killer' girl handed suspended sentence
Fastjet secures licence for Zimbabwe airline
Formal employment lower than 47 yrs ago
Mahachi exit reveals more Harare rot
Murambatsvina victims face fresh evictions
Snakeman says serpent back with him
Kombayi, Kasukuwere set for another clash
Frantic govt orders army, ZRP power cuts
Industry capacity use 36pct, CZI
Top brewer says revenue down 6pct
Koffi Olomide jets in for Harare carnival
UK film premieres at Zim film festival
‘Unruly’ Mutuma says focussed on double
Capello: Mourinho burns out players
Mufuka: Worshipping false gods has its limits
Zim: What is the national question?
Mawere: Letter to Charamba aka Manheru
New churches and human worship
Management consortium takes over Costain Zimbabwe
20/04/2011 00:00:00
by Business Reporter
New owners ... Management takes over at Costain
Anglo hands over 10 percent of Unki
Firms meet equity deadline: minister
Empowerment law scares investors: PM
Govt rejects Stanchart ownership plan
Deadline looms for foreign companies
Old Mutual reaches deal on equity law
Govt not cancelling mining licences: Mpofu
Empowerment law flexible: Mashakada
Empowerment stymies US$10bln investment
2006 empowerment deal binding: Zimplats
No indigenisation backtrack: Mugabe
Govt threatens to seize Barclays, Stanchart
Govt reduces penalties on ownership law
Block failed farmers from mines: Gono
Empowerment talks ongoing: Amplats
Govt pledges to pay for companies
PM says indigenisation necessary
Parly attack won’t affect indigenisation
Govt plans sovereign wealth fund
Govt tells ‘arrogant’ miners to leave
Indigenisation: miner targets pension funds
Indigenisation to benefit few: Gono
Miners submit empowerment plans
Tsvangirai backs indigenisation
Tsvangirai blasts company seizures
Orascom to cut back Telecel stake
We’re taking over foreign firms: Mugabe

INDIGENISATION and Empowerment Minister, Saviour Kasukuwere has commended the takeover of the Costain Group’s Zimbabwe interests by a management consortium saying the deal shows that the country’s empowerment programme is not an “asset grabbing” exercise.

In a statement issued early this month, London-based engineering and construction firm, Costain Group announced the disposal of its Zimbabwe interests for US$500 000 to a management consortium led by executive chairman, Tendai Phineas Chimuriwo.

“Costain announces the sale of its interests in the Zimbabwe contracting business, Ceezed Construction ('Ceezed'), which was formerly known as Costain Zimbabwe (Private) Limited. Costain's interests have been sold to a (local) consortium for £0.5 million in cash. Costain confirms that it will have no future involvement in Ceezed,” the statement read.

The consortium assumed complete control of the company from an initial 15 percent interest and also includes chief operating officer Dave Martens, finance director, Nozipho Guzha and technical services director, Kennedy Sakuhuni.

“As Zimbabweans who have run this business without any expatriates for the last sixteen years, local ownership was now overdue. We are very happy that the former shareholders in London have been proactive and supported our bid to purchase the business outright,” Chimuriwo said in a statement issued on Wednesday.

He added that a staff share ownership trust was being worked out to ensure that all members of staff also benefitted from the local ownership of the business.

Indigenisation minister Savior Kasukuwere said the deal was a positive development in the country’s empowerment programme which is aimed at seeing locals take-over control of the country’s economy.

“It’s a further cap in our programme for indigenization and economic empowerment. This transaction demonstrates that the programme is not a grabbing exercise as our detractors have been saying,” he said.

Costain is the country’s largest construction company and has build some of the country’s landmark buildings including the Reserve Bank headquarters, Karigamombe Centre and Eastgate

It is also involved in mining and infrastructure development programmes at Unki platinum mine in Shurugwi.

The company also recently won the tender to build a new hotel for NSSA in Beitbridge for USD20 million and is currently working on five State University projects in Zimbabwe. Its current order book stands at more than US$50 million for 2011.


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book


comments powered by Disqus
Car shipping to Namibia, Zimbabwe, Botswana, Mozambique, South Africa and Zambia from UK
RSS NewsTicker