Mars seeks equity partner

HARARE - Medical Air Rescue Services (Mars) Zimbabwe (Private) Limited is scouting for an equity partner to take up 60 percent of its shares.

The air and road rescue service was placed under voluntary judicial management in February 2013 in terms of the High Court Order HC 819/13, granted in Harare.

Before being placed under judicial management, it had succumbed to a myriad of operational challenges which, among other things, saw the company’s creditors’ book rising to $256 000 as at September 30, 2012.

Yesterday, the company floated tenders inviting interested parties to purchase 60 percent of its equity.

Judicial manager Christopher Maswi said since 2013, the air and road rescue company has responded positively to various interventions implemented.

Maswi requested interested parties to register with him by completing bid forms upon payment of a non-refundable bid and registration fee.

At the time Mars applied for judicial management, it had lost 45 percent of its revenue due to the liquidity crunch and increased competition emanating from companies that offer the same services.

Mars was also affected by hyperinflation which depleted its capacity to replenish ambulances, medical equipment as well as other critical resources.

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