"The Ministry of Youth Development, Indigenisation and Economic Empowerment has approved the deal.
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International construction firm, Costain Group Plc has announced that it had concluded the disposal of its 85% stake in its local unit to management led by the executive chairman, Tendai Chimuriwo.
Without disclosing the terms of the deal, Costain said it will no longer have any future operations in the country.
The Ministry of Youth Development, Indigenisation and Economic Empowerment has approved the deal.
With the localisation of the shareholding, Costain Zimbabwe will now change its name to CZL Incorporated (Private) Limited.
Other members of the consortium are Mr Dave Guy Martens, the chief operating officer, group finance director Mrs Nozipho Guzha and the technical services director, Mr Kennedy Sakuhuni..
While it has sold its construction and engineering business in the country, Costain Africa (Private) Limited remains invested in Zimbabwe in the property sector, where it owns various buildings and prime property sites in major cities.
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