After some operational conflicts with other shareholders, Trek Zimbabwe, one of the top petroleum supply companies in Zimbabwe, has sold its stock to a new investor and fired its managing director, Innocent Mugwisi.
sources informed Zim Morning Post In response to the entrance of the new investors at the Trek headquarters on January 31, 2023, Mugwisi departed the organization.
The sources added that, aside from the petroleum industry, the new investor is very diversified and operates in every other sector in the area.
Trek Zimbabwe released the following statement to announce the new strategic move:
The Board and Management of Trek Zimbabwe officially inform the market that another entity has purchased the company.
The acquisition, whose specifics are confidential at this time, was completed smoothly and will improve our operations.
Despite the change, Trek Zimbabwe will continue to function under the same name.
We would like to let our consumers know that business will continue as usual while we push Zimbabwe closer to realizing its 2030 Vision of becoming an empowered and wealthy upper middle-income nation.
The company appreciates its devoted patrons who have supported it for a very long period.
Close sources, however, informed Zim Morning Post that Mugwisi left Trek because shareholders did not concur with him on a number of strategic decisions.
The source added, “The new investor is head hunting for a new managing director,” saying, “Soon the new investors will be named but what came out of recent discussions is that Mugwisi will no longer be the managing director.”
In 2014, Mugwisi started working with Trek Zimbabwe as the head of operations and finance. In 2018, he was chosen to serve as the business’s CEO. By the time this article went to print, Mugwisi had not responded to any inquiries.
Trek Zimbabwe takes pleasure in the fact that it is “dedicated to increase accessibility to premium service stations across the nation, while also generating value to our stakeholders” and that it aspires to “be a leading integrated global energy organization.”
Source | Zim Morning Post | ZiMetro News |
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