TSL Ltd is set to acquire a majority stake in Harare-based Premier Forklifts to complement its logistics division.

A source told All Africa Global Media that TSL owns one of Zimbabwe's largest logistics companies and the acquisition "makes a lot of business sense".

"They have agreed on most of the critical issues and the deal looks certain," the source added.

TSL Ltd is a conglomerate with interests in logistics, tobacco, agricultural inputs and properties. Its logistics division, BAK Logistics, one of the largest in the country, is involved in port handling, storage, distribution, transportation, contract management, car rentals and tours.

The acquisition price is estimated to be nearly USD3 million.

Premier Forklifts is the official agent and distributor of Toyota, Clark and Kalmar forklifts in Zimbabwe. It is also an agent and distributor of BT Lifting Equipment, Bolzoni Auramo clamps and forklift attachments, and various brands of forklift tyres.

According to All Africa Global Media, for the 2012 financial year, TSL Ltd's logistics division reported 22.8% revenue growth from the previous year's USD11.7 million to USD14.4 million.