Pioneer Corporation Africa has moved closer to acquiring the entire shareholding in transport and logistics firm Blue Star Logistics. While Pioneer would neither deny nor confirm the deal, starafrica corporation said an offer for its unit, Bluestar, has been received from a Zimbabwe Stock Exchange listed entity.
“An offer has been received from a Zimbabwe Stock Exchange listed entity to purchase starafrica’s stake in Bluestar Logistics,” said starafrica in a note to shareholders.
Finer details of the deal remain a closely guarded secret, but sources confirmed that the suitor for Bluestar is Pioneer.
“Of course, Pioneer has been talking to starafrica with a view to acquiring the entire stake in Bluestar Logistics,” a source said.
The parties have agreed on most issues regarding the deal, but await various regulatory approvals. Pioneer said it had “no comment” and even if it was considering the acquisition it would only talk after complying with all regulatory requirements of the stock exchange.
“If at all Pioneer is considering such a transaction all due processes will have to be complied with before making any public announcements as Pioneer is a public listed company,” it said.
The proposed acquisition of Bluestar comes as Pioneer has just completed the acquisition of another transport and logistics firm, Unifreight, with all relevant approvals obtained.
Pioneer said on Monday all conditions precedent necessary to give effect to the sale and purchase agreement between Unifreight Limited and Pioneer Corporation Africa Limited transaction have now been met and the issue of shares to Unifreight can now be executed.
A total of 51 497 587 Pioneer Corporation Africa Limited shares will be issued to Unifreight Limited. The December 2013 audit is underway and the results will be issued in due course.
Meanwhile Pioneer group chief executive Mr Albert Ushe has left the group stepping down from his position with effect from February 2014 having completed two terms in office at the helm of the group. He decided to resign and pursue personal interests.
Group finance director Mr Gary Smith will be acting in that role in the interim until a substantive appointment has been made.