Business / Companies
Board changes loom at Astra Industries
26 Jul 2013 at 17:30hrs | Views
Board changes are looming at Astra Industries Ltd after the company was taken over by a management consortium and a foreign company, Kansai Plascon, businessdigest revealed.
Sources close to the deal said a notice on the proposed board changes was awaiting the ZSE's listing committee approval.
The sources said respected corporate lawyer Addington Chinake is going to takeover as chairman of the board of Astra from Charles Utete.
Utete and Herbert Nkala , according to the sources, will however remain on the board as non-executive directors. Mohamed Ebrahim and Douglas Thomas will also join the board of Astra Industries.
The duo represents the interests of Kansai Plascon. Executive directors - Mackenzie Mazimbe and Heritage Nhende - will also sit be on the board.
Willard Zireva, Rukudzo Murapa, Acquiline Chinamo, EJ Davies and TM Johnson resigned from the board yesterday. Hemister Investment, a special purpose vehicle that acquired the Finance Trust of Zimbabwe's 63.25% of Astra equity stake, is 51% owned by Astra management with the remainder held by Kansai Plascon.
It is understood that a provisional approval by the Indigenisation minister Saviour Kasukuwere has been sought for the transaction while the RBZ has also blessed the deal.
Sources close to the deal said a notice on the proposed board changes was awaiting the ZSE's listing committee approval.
The sources said respected corporate lawyer Addington Chinake is going to takeover as chairman of the board of Astra from Charles Utete.
Utete and Herbert Nkala , according to the sources, will however remain on the board as non-executive directors. Mohamed Ebrahim and Douglas Thomas will also join the board of Astra Industries.
The duo represents the interests of Kansai Plascon. Executive directors - Mackenzie Mazimbe and Heritage Nhende - will also sit be on the board.
Willard Zireva, Rukudzo Murapa, Acquiline Chinamo, EJ Davies and TM Johnson resigned from the board yesterday. Hemister Investment, a special purpose vehicle that acquired the Finance Trust of Zimbabwe's 63.25% of Astra equity stake, is 51% owned by Astra management with the remainder held by Kansai Plascon.
It is understood that a provisional approval by the Indigenisation minister Saviour Kasukuwere has been sought for the transaction while the RBZ has also blessed the deal.
Source - businessdigest
