Zamco to offload Starafrica shareholding by year-end

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THE Zimbabwe Asset Management Corporation (Zamco) is planning to dispose of its 57,4 percent stake in Starafrica Corporation (Starafrica) before the end of the year, it has been learnt.
Zamco took over Starafrica’s debt totalling $32 million in 2016. The debt was later converted to equity making it the sugar processor’s largest shareholder.
“We have achieved all that we sort to achieve by holding a stake in that company, and in accordance with our mandate, we cannot exist in perpetuity so we had to let go at some point,” Cosmas Kanhai, Zamco’s chief executive told The Financial Gazette last week.

“We are hoping to complete the transaction this year, but it will depend on how quickly we get bids and the quality of bids we will get,” he said.
Zamco has since issued a statement inviting offers.