Oil Mogul Kuda Tagwirei has sold his 51% stake in Trafigura Zimbabwe to Swiss headquartered Trafigura Zimbabwe, The Zimbabwean reports. Trafigura now has full control of fuel distribution and supply for all Puma, Redan and Sakunda service stations.
The development was confirmed by Trafigura Zimbabwe’s spokesperson who said:
In December 2019, Trafigura Pte Ltd signed an agreement to become the 100 percent owner of fuel supply business Trafigura Zimbabwe. This follows the purchase of Sakunda Holding’s 51 percent stake in the company which is currently awaiting final regulatory approval,
This will bring improved clarity on Trafigura’s activities in the country, an opportunity for more robust financing of Trafigura Zimbabwe and aims to help improve the security of supply of fuel to Zimbabwe.
Trafigura Zimbabwe will continue to ensure that petroleum products are made available in line with ZERA (the Zimbabwe Energy Regulatory Authority)’s regulated price build-up and quality standards.
The development became public a few hours after Zanu PF youths Lewis Matutu and Godfrey Tsenengamu accused the fuel mogul of breading a fuel cartel in Zimbabwe and wreaking havoc in the economy.
More: The Zimbabwean