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Business Reporter
COMMERCIAL lawyer Mr Addington Chinake has been appointed chairman of Astra Industries following the acquisition of the company’s 63 percent by a local firm, Hemistar Investments.Former chairman Dr Charles Utete and Mr Herbert Nkala have been retained as non-executive directors. Also joining the board are Mr Mohamed Ebrahim and Mr Douglas Thomas.
The two represent the interests of Kansai Plascon, a 49 percent shareholder in Hemistar.
Mr Mackenzie Mazimbe and Mr Heritage Nhende were both retained in their capacity as managing director and financial director respectively, Astra said in a statement.
Those who retired from the Astra board with effect from July 25 2013 are Ms Aquiline Chinamo, Mr Julian Davies, Mr Tim Johnson, Professor Rukudzo Murapa and Mr Willard Zireva.
Mr Chinake is a lawyer with 21 years’ experience and a former deputy chairman of Murray & Roberts Zimbabwe, now Masimba Holdings. He is a senior partner at Kantor & Immerman, a leading law firm.
He specialises in corporate and commercial law and all aspects of business law. Mr Nkala is a businessman and chairman of Arena, FBC Holdings, Turnall Fibre Cement Limited, Homelink Ltd and Zimbabwe Grain Bag.
Dr Utete is a board member at Seed Co Limited and Zimbabwe Newspapers Group and a former chairman of Astra Holdings.
Finstrust, an investment vehicle owned by the Reserve Bank of Zimbabwe sold, its aggregate 88 526 968 ordinary shares being 63,25 percent of the Astra, to Hemistar Investments in a deal worth about US$5,5 million or US0,06213c per share.
Hemistar is an indigenous investment vehicle that is 51 percent owned by Astra management and staff and 49 percent by Kansai Plascon Africa Limited.
“The transaction has received the provisional approval of the Minister of Youth Development, Indigenisation and Empowerment and the RBZ exchange control division and the external loans co-ordinating committee,” said the company in a statement yesterday.
Kansai Plascon is a leading manufacturer and marketer of decorative and performance coatings in Southern Africa, and is a subsidiary of Kansai Paint Co, Limited, a company incorporated in Japan and listed on the Tokyo Stock Exchange.
Astra Industries has four major business lines —paint, steel, chemicals and alcohol – through its joint venture with Hippo Valley Estates.
Astra Paints is the largest paint and protective coatings manufacturer in Zimbabwe with about half of the local market.
Astra Chemicals has a range of 400 product lines while Astra Steel’s core business is steel reinforcement.
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