Mauritius-registered earth moving equipment supplier, Kanu Equipment, says it is committed to economic development in Africa and Zimbabwe, in particular.
The company said that such a scenario would result in massive financial as well as technical strength to its 50 percent owned Zimbabwe enterprise’s operations.
“Both Phatisa and Kanu Equipment (Pvt) Limited have a total commitment to development in Africa and specifically Zimbabwe,” director Bryan Tavener said.
Kanu Equipment, registered in Mauritius, is an associate of Phatisa, a subsidiary of African Agricultural Bank listed on the London Stock Exchange.
African Agricultural Bank, which has over $200 million worth of investments throughout Africa, bought a 40 percent shareholding in Kanu Equipment.
Mr Tavener said African Agricultural Bank intends to purchase the remaining shareholding from Torre Industries over the next three months. He added that the parent firm intends to list on the London Stock Exchange within five years, not on the Zimbabwe Stock Exchange as previously reported.
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.
Speaking on the sidelines of a rebranding ceremony in Harare last week Mr Tavener said Kanu has a staff compliment 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
