Mutasa steps down as TA Holdings executive chairman

HARARE – TA Holdings' (TA) executive chairman Shingai Mutasa has relinquished his executive role in the investment group following appointment of Gaving Sainsbury as chief executive.\r\n

Sainsbury, former chief executive of Innscor subsidiary Colcom Limited, takes over from Mutasa after a 13-year stint as the group’s executive chairman.

Mutasa is said to be moving over to Masawara, a US$100 million Jersey-registered investment company which was set up to identify opportunities locally and regionally.

Innscor and fellow Masawara director Julian Vesey has also been appointed to the TA board as a non-executive director.

Changes at TA come after Mutasa ceded his 30 percent shareholding in the group and his 44 percent stake in Joina Centre as part of Masawara´s initial local investment.

The Aim-listed investment company has also been linked with the acquisition of BP and Shell´s local business portfolio made up of 73 retail outlets and 60 million litre–storage tanks or depots across 10 strategic centres.

A Mutasa-controlled company, FMI Zimbabwe, was also appointed Masawara’s local investment adviser.

TA has interests in Cresta Zimbabwe, Zimnat Lion Insurance Company, Zimnat Life Assurance Company, Zimnat Asset Management, PG Industries Limited and Sable Chemical Industries.

Its external operations include Botswana Insurance Company and recently listed Cresta Marakanelo Ltd in Botswana, Lion Assurance Company in Uganda, and other assets in Nigeria and South Africa.