HARARE, Apr. 17 (NewsDay Live) – Zimbabwe Stock Exchange-listed Unifreight Africa Limited has acquired an 86.67% controlling stake in Cheetah Express Logistics for US$2.08 million, taking control of FedEx Express’s sole authorised Global Service Participant in Zimbabwe.
The transaction marks Unifreight’s entry into the express courier segment and comes as its customer-facing brand, Swift, celebrates 80 years of operation.
Unifreight will fund US$210,000 from internal cash resources, with the remaining US$1.87 million drawn from existing overdraft facilities with two local banks. The facilities carry a fixed annual interest rate of 10.5%, are repayable over three years, and are secured by a lien over the company’s truck fleet.
The consideration represents approximately 15.7% of Unifreight’s current market capitalisation on the ZSE.
“This acquisition enhances international connectivity and marks a significant step for Unifreight, as well as for Zimbabwean businesses and individuals requiring reliable access to global markets,” said chief executive officer Richard Clarke.
The company said the deal will diversify revenue streams, improve operational efficiencies, and strengthen its position as an end-to-end logistics provider. The acquisition will be executed through the purchase of both direct and indirect shareholdings held by the seller.
The transaction is classified as a Category Three transaction under Section 253 of the ZSE Listings Requirements (Statutory Instrument 134 of 2019), with the announcement issued in terms of Section 258. Cheetah’s constitutive documents will be amended to comply with the Tenth Schedule as required under Section 258(4).
Founded in 1946, Unifreight’s Swift brand provides bulk freight, liquid transport, removals, contract hire, national and international courier services, cross-border freight, and fourth-party logistics (4PL) supply chain management across sub-Saharan Africa.
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“For 80 years, Swift has focused on building a logistics network that Zimbabwe can rely on,” Clarke said.
Unifreight has recently expanded its fleet with the acquisition of 100 trucks to strengthen operations in Zimbabwe, including along the Beitbridge border corridor.
