Torre rebrands, plans ZSE listing
EARTH moving equipment supplier Torre Zimbabwe has rebranded into Kanu Equipment after bringing in a new investor with plans to list on the Zimbabwe Stock Exchange (ZSE).
The ZSE last witnessed a listing last year after close to nine years of initial public offering drought going as far back as 2007.
This may possibly mark the end of a waitand-see attitude that investors had taken upon the ZSE as Zimbabwe was suffering from general lack of confidence among investors, BH24 reported.
Kanu equipment has 18 outlets throughout Southern Africa and aims to invest more in Zimbabwe as well as partnering more with customers, company officials said during a rebranding launch in Bulawayo on Friday.
The company is 100 percent owned by Phatisa Fund Managers, who are part of the African Agricultural Bank and are listed on the London Stock Exchange with close to $210 million of investments across Africa.
General manager Bulawayo branch Mr Khumbula Ndlovu said Phatisa brings in a trackrecord of managing private equity funds and businesses throughout the continent.
He said the African Agriculture Bank focuses on agriculture and food production, which is a target growth area for Kanu Equipment.
“It is envisaged that Phatisa’s expertise in developmental agriculture funding and their extensive African presence will bring opportunities to Kanu Equipment, allowing the company to reach its objective of becoming the leading distributor of equipment and related spares on the African continent,” said Mr Ndlovu.
“The coming in of new investors will help us with financial support to fulfil our vision of conquering Africa.”
He said his company was keen to work closely with players in the agriculture sector and applauded the Command Agriculture initiative by the Government.Company director Mr Bryan Tavener said the company has a staff complement of 90 people and has three branches in Zimbabwe namely Harare, Bulawayo and Hwange.
“Since our establishment in Zimbabwe we have supplied about 115 customers namely Zimbabwe Consolidated Diamond Corporation, National Foods, Marondera and Mazowe rural district councils among others,” said Mr Tavener.
Mr Ndlovu said his company offers quality service in terms of its machinery and spare parts adding that the firm was operating about 80 forklifts on rental basis countrywide.
The company supplies mining equipment, earth moving and construction equipment to different clients across the country.
Speaking at the event, Matabeleland North Provincial Affairs Minister, Cain Mathema, challenged the private sector to play their part by supporting Government in developing sound infrastructure in the country.
He called for increased Public-Private Sector Partnerships (PPPs) towards harnessing investment in infrastructure development.
Experts blame the dilapidated state of major infrastructure such as roads, railway system, energy and water for stifling investment and contributing to the cost of doing business.’
“As the private sector you need to work hand in hand with the Government”, said Minister Mathema.
“Kanu has got a huge role to play in the country. Roads need to be rehabilitated and the company must work with the Ministry of Transport in construction of our road network”. — @Kiyaz_ Cool