MAURITIUS registered earth moving equipment supplier, Kanu Equipment Ltd intends to snap controlling stake from Torre Zimbabwe over the next three months as it moves to consolidate its business in the country and extend footprint in the region.
Managing director, Mr Bryan Tavener, said the giant firm also plans to register on the London Stock Exchange within a period of five years, contrary to earlier reports that the firm was earmarking listing on the Zimbabwe Stock Exchange.
“Our principal is Kanu Equipment (Pty) Ltd registered in Mauritius. Phatisa a subsidiary of African Agricultural Bank registered on the London Stock Exchange, which has over $200 million dollars investments through Africa, has bought a 40 percent shareholding in Kanu Equipment (Pty) Ltd and intends purchasing the remaining shareholding from Torre Industries over the next three months,” he said.
“Our principals intend to register on the London Stock exchange within five years. Both Phatisa and Kanu Equipment have a total commitment to development in Africa and specifically Zimbabwe. This will provide massive financial and technical strength to the local Zimbabwe enterprise that has a local 50 percent shareholding.”
The company recently rebranded its operations to Kanu Equipment from Torre Zimbabwe. Kanu Equipment Zimbabwe are also the official dealers for ELB Equipment, which is registered on the JSE and which is a 125-year-old company providing top of the range mining and construction equipment into the African continent.
Kanu has a staff complement of 90 people and has three branches; in the capital city, Bulawayo and Hwange. Since establishment in Zimbabwe, Kanu has supplied about 115 customers including Zimbabwe Consolidated Diamond Cooperation, National Foods, Marondera and Mazowe rural district councils among others.