Masawara buys BP and Shell's Zimbabwe assets

Masawara, a new AIM-listed investment fund set up by one of Zimbabwe's richest men, has agreed in principle to buy BP and Shell's assets in Zimbabwe.The "significant" holding in BP and Shell Marketing Services acquired by Shingai Mutasa's vehicle includes 73 retail sites, storage capacity of about 59.5m litres in ten strategic centres in Zimbabwe and 87 staff. Full details of the deal will be made public once regulatory approval has been received by the Zimbabwean authorities.When the $100m fund launched in August it outlined plans to buy up cheap assets in Zimbabwe ahead of an anticipated upswing in the local economy as political stability returns."We have a great opportunity to lead the pack in bringing much needed investment capital to Zimbabwe and help the country rebuild following its recent economic difficulties," said Mutasa at the time.