Published: 26 September 2013

Reserve Bank of Zimbabwe has disposed 49 percent of its 63 percent stake in the Astra industries to a Japanese paint manufacturing giant Kansai Plascon in a deal worth $5,5million.

The disposal is part of the RBZ's plans to sell off non-core assets to retire its debts. Kansai Plascon is now the major shareholder in Astra although majority the shareholding in the company of 51 percent is held by Zimbabweans.

Speaking at the event to mark the official announcement of the deal, Astra industries chairman Mr Addington Chinake said the deal was going to play a major role in the revival of the industry which was on the verge of collapse.

"The deal has been subject to speculation for the past six months and today we are formally telling the nation that Kansai Plascon and Astra are now partners.

"The role played by the Reserve bank should not be underestimated in making the deal successful and we are proud as Astra that we have managed to accomplish our look EAST policy by roping in our Japanese investors," he said.

Kansai Plascon has been in the paint manufacturing industry for 95years and has a presence in 16 African countries, including 10 manufacturing sites.
- bh24

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