Home » Business » Deven Bidders Shortlisted

Three bidders have been shortlisted to purchase Motec Holdings’ 100 percent shareholding in its coach building subsidiary company Deven Engineering.

Motec is a subsidiary of the Industrial Development Corporation.

Speaking on the sidelines of the launch of the Yutong F12 bus yesterday, Motec group chief executive officer Mr Bernard Kumalo said the three shortlisted companies now have the onus to demonstrate financial ability to pay for the stake.

“We have received bids from various interested parties and we have looked at the bids, working with the State Enterprises Regulatory Authority and our financial aisors.

“We are at that stage where we are now calling on the shortlisted bidders to give us irrevocable proof of their ability to pay (for the stake),” said Mr Kumalo.

Meanwhile Deven Engineering in partnership with Yutong will upgrade the existing coach building plant to assemble the new F12 bus, according to Deven managing director Mr Patrick Munyaradzi.

“We will upgrade our existing plant together with Yutong as part of capacity building for the local companies. The process includes training of personnel of Puzey and Payne and Deven on the assembly processes and after sales services,” he said.

The assembly of the F12 bus will primarily be for the local market but the company will target the SADC and COMESA regions for more business.

Speaking at the same event, the Ministry of Industry and Commerce director for enterprise development Mr Stanlas Mangoma said the Ministry is crafting the motor industry policy which will address issues of importation and value addition.

Source : The Herald

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