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Trek Zimbabwe boots out MD, sells stake

One of Zimbabwe’s leading petroleum supply company, Trek Zimbabwe, has sold its stake to a new investor at the same time booting its managing director Innocent Mugwisi, after some operational disagreements with other shareholders.

Insiders told Zim Morning Post Mugwisi left the company on 31 January 2023 upon the arrival of the new investors at the Trek head office.

The sources also said the new investor is widely diversified with operations in all other sectors in the region except the fuel industry.

Announcing the new strategic move Trek Zimbabwe said in a statement:
“The Board and Management of Trek Zimbabwe formally announce to the market that the business has been acquired by another entity. The transaction, whose details cannot be revealed at this stage, has been successfully concluded and will boost our operations.”
“Trek Zimbabwe will continue to operate under the same name, despite the transition.
We would like to notify our customers that business continues as usual, as we fuel Zimbabwe towards the attainment of Vision 2030 of a prosperous and empowered upper middle-income economy. The business would like to thank its valued customers who have stood with it for a long time.”

However, close sources told Zim Morning Post that Trek shareholders failed to agree with Mugwisi on a number of strategic changes resulting in his departure.

“Soon the new investors will be announced but what came out of recent meetings is that Mugwisi will no longer be the managing director,” said the source adding “the new investor is head hunting for a new managing director.”

Mugwisi joined Trek Zimbabwe in 2014 as the company’s director of finance and operations. He was appointed the company’s chief executive officer in 2018. Questions sent to Mugwisi had not been responded by the time of going to print.

Trek Zimbabwe prides itself as having a vision “To be a leading integrated global energy company” as well as “committed to increasing accessibility to premiere service stations across the nation, all the while delivering value to our stakeholders.”