Listed logistics giant Unifreight Africa Limited is set to redefine Zimbabwe’s express courier landscape following the execution of a Sale of Shares Agreement to acquire an effective 86,67 percent stake in Cheetah Express Logistics, the nation’s sole authorised Global Service Participant for FedEx Express.
The transaction, valued at US$2,08 million, was detailed in a formal cautionary update to shareholders yesterday.
It represents a decisive pivot for Unifreight, whose customer-facing brand, Swift, is celebrating 80 years of continuous operations in Zimbabwe. The deal not only deepens the group’s domestic reach but instantly connects its extensive freight network to FedEx’s global air express infrastructure.
In an exclusive commentary accompanying the ZSE announcement, Richard Clarke, Chief Executive Officer of Unifreight Africa Limited, framed the acquisition as both a historic milestone and a strategic necessity for the Zimbabwean economy.
“For 80 years, Swift has focused on building a logistics network that Zimbabwe can rely on,” Mr Clarke said.
“This acquisition allows enhanced international connectivity and is a significant step for Unifreight, and for Zimbabwean businesses and individuals who need reliable access to global markets.”
The target, Cheetah Express Logistics, has maintained an unbroken partnership with FedEx since 1992, operating originally under the Supaswift banner. The company provides critical pick-up, delivery, and customs clearance services.
According to the transaction circular, the acquisition is designed to insulate Unifreight from the cyclicality of traditional bulk freight by introducing a service-based, non-asset-heavy revenue stream.
Mr Clarke was emphatic about the immediate financial and operational logic behind the move. “This introduces a service-based revenue stream with strong margin potential, reducing the group’s reliance on traditional freight cycles,” Mr Clarke stated.
“Furthermore, the combination is expected to yield significant operational efficiencies in administration, procurement, and route planning. We are not just adding volume; we are improving the cost-to-income ratio of the entire combined entity.”
The deal mechanics reveal a calculated corporate structure.
Unifreight is acquiring shares held by Runcourt Investments (Private) Limited both directly in Cheetah and indirectly via a 75 percent interest in Vermillion Investments (Pvt) Ltd. This gives UAL a commanding 86,67 percent effective shareholding, with the remaining minority stake held by Cheetah’s Managing Director, Steven Mannion.
The US$2,08 million consideration, representing approximately 15,7 percent of Unifreight’s ZSE market capitalisation, will be settled via a US$210 000 deposit funded from internal cash reserves. The balance of US$1,87 million will be drawn from existing overdraft facilities with two local financial institutions, secured against the company’s fleet of trucks at a fixed interest rate of 10,5 percent per annum over three years.
Mr Clarke noted that the debt structure is comfortably accommodated within the group’s existing financial framework.
“The facilities utilised are part of our established borrowing arrangements and are secured by a lien over our fleet,” Mr Clarke explained.
“We are leveraging a strong balance sheet to integrate a business that has been a cornerstone of international express logistics in this market for over three decades.”
Pro-forma financial statements as of December 31, 2025 indicate the acquisition will lift Unifreight’s consolidated asset base to ZiG1,37 billion. More importantly, the consolidation is expected to bolster retained earnings to over ZiG1,31 billion, underscoring the immediate accretion to shareholder value.
The transaction, which qualifies as a Category 3 event under ZSE Listing Rules, effectively lifts the cautionary statements first issued in January 2025. With the FedEx international pipeline now directly under the Swift umbrella, Unifreight is positioning itself as a comprehensive, fourth-party logistics (4PL) powerhouse.
“This acquisition provides an immediate and significant foothold in the high-growth express courier market,” Mr Clarke concluded.
“It positions Unifreight as a comprehensive, end-to-end logistics provider with both national reach and global connectivity. It is a fitting way to mark eight decades of Swift moving Zimbabwe forward.”-herald
