Engineering group Apex Holdings said yesterday it was offloading its majority shareholding in Phoenix Consolidated Industries which is currently under judicial management. Apex holds a 46,68 percent stake in the steel and plastics products manufacturer.
The group, which ceased operations over five years ago after financial challenges brought the once prosperous listed firm to its knees, has been the major shareholder in the firm since its establishment.
The stake is being sold via chartered accounting firm, Grant Thorton, the judicial manager for Apex Holdings.
“Tenders are hereby invited from interested parties to purchase the Apex shareholding of 46,68 percent in Phoenix Consolidated Industries,” said liquidator, Reggie Saruchera in a tender notice.
Apex is still in the process of being liquidated.
At the time it was shut down, the company had assets worth $2,6 million while its liabilities were estimated at $11 million.
Phoenix, the firm in which Apex intends to sale its shareholding, has been doing well under a High Court sanctioned revival programme that saw it resuming production under the direction of Mr Saruchera.
Once listed on the Zimbabwe Stock Exchange, Phoenix has been through financial problems that saw its listing on the local bourse being scrapped, eventually de-listing from the exchange and its subsequent placement under judicial management in 2013.
Reports last year indicated that the firm was operating profitably under a turnaround programme led by Grant Thornton.
Phoenix was formed after the unbundling of then conglomerate, Apex Corporation of Zimbabwe which was made up of companies including Scandia Wire, John W Searcy, William Smith and Gourock & Pacprint.
source: the herald