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Business Reporter
MOTEC Holdings Private Limited, a subsidiary of the Industrial Development Corporation, plans to dispose its shareholding in Deven Engineering Private Limited. Deven a coach building, commercial passenger transport solutions and general engineering company and Yutong franchise dealer is wholly owned by Motec.
In a statement, Motec said it had decided to dispose of the subsidiary by way of a share sale or an asset sale.
“Proceeds of the sale will be utilised to fund new ventures in line with IDC’s mandate that entails establishing new industriesand facilitating, guiding and promoting financing reorganisation and development of existing industries,” said the company.
Shares available for sale are 100 percent of the issued share capital or any separable assets.
Sale options available are Share sale or Asset sale (land and building, equipment) and or the business.
Corporate Excellence has been appointed as financial advisors to manage the disposal through a competitive tender process.
Bids are being invited from interested investors to Deven and this is open for both local and foreign bidders.
“Subject to the indigenisation laws of the country, participation in the acquisition of Deven under the sale options mentioned above is open to all Zimbabwean citizens, locally registered companies as well as foreign and externally registered firms,” said the company.
Bidders are to submit their applications on or before May 10 2014.
IDC also plans to dispose of Sunway City residential area, IDC House, Stone Holdings, Zimbabwe Grain Bag, Allied Insurance and Zimbabwe Copper Industries.
Other IDC subsidiaries include Almin Metal Industries, Amtec, Sunway City, Zimbabwe Copper Industries, Deven Engineering, Willowvale Mazda Motor Industries, Sable Chemicals and Zimphos.
IDC is a self-financing, national Development Finance Institution (DFI) established in 1963 and is wholly owned by the government.
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