Shingi Mutasa eyes Cottco stake

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Tinashe Makichi

Business tycoon, Shingai Mutasa is eyeing to take over Cottco Holdings, a company which was once listed on the Zimbabwe Stock Exchange but is now owned by Government through the Reserve Bank of Zimbabwe.

Cottco is a ginner and marketer of cotton and is involved in cotton production and sales, including the provision of agronomic advisory services, and production and merchandising of planting seed.

A well-placed source told Business Times that the business tycoon has been making moves to acquire a stake in the state-owned cotton company.

“Mutasa has been making moves towards taking up a stake in Cottco Holdings and he has on several occasions engaged Surface Wilmar, a company that has also been trying to take-over by Cottco. The idea by the businessman is to have some control into cotton production.”

According to the source, Government has not fully committed to the offer from Surface, which is not seeking total control of the shares but is targeting a 50% stake.

Efforts to get a comment from Mutasa were fruitless as his mobile ran unanswered yesterday.  Mutasa is the majority shareholder in Masawara Limited.