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Masawara Fuel Unit Must Give 10% to Zimbabwe Workers, News Says

Oct. 21 (Bloomberg) -- FMI Energy (Pvt) Ltd., a unit of London-listed Masawara Plc, must cede a 10 percent stake to former employees of BP & Shell Marketing Services (Pvt) Ltd., the Daily News said, citing Zimbabwe’s Indigenization Minister, Saviour Kasukuwere.

Kasukuwere said FMI Energy had promised to set up an employee share-ownership trust by the end of the month, the Daily News said.

Masawara bought BP Plc’s and Royal Dutch Shell Plc’s Zimbabwe units last year, including 73 fuel outlets and 60 million liters (15.9 million gallons) of storage tanks across the southern African nation. The company is 63.4 percent owned by Zimbabwean businessman Shingai Mutasa.

For Related Company Information: On Masawara: {MASA LN <Equity> CN BN <GO>} On Oil in Zimbabwe: {TNI ZIMB OIL BN <GO>} Top Africa Stories: {AFTO <GO>} Most-read African News: {MNI AFRICA BN <GO>}

To contact the reporter on this story: Brian Latham in Johannesburg at blatham@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin on at asguazzin@bloomberg.net

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