Makamba's EC acquires further 11% Telecel stake

HARARE - Empowerment Corporation (Private) Limited (EC), a local investment group led by businessman James Makamba, has acquired an 11 percent stake in Telecel Zimbabwe (Private) Limited (Telecel) and as it seeks to raise its shareholding to 60 percent.

This also comes as the diversely-owned investment group has officially announced Patrick Zhuwao’s appointment as its managing director and Telecel moves to comply with its licencing and indigenisation requirements.

“…Zhuwao’s primary task and focus is the total transfer of 20 percent of Telecel Zimbabwe… to Empowerment Corporation. Already, EC has paid for 11 percent of that (stake) and awaits the transfer of the shares from Telecel International Limited,” Makamba, the Telecel chairman, said, adding “negotiations and valuations” for the other nine percent were underway.

While discussions with other key stakeholders such as Empowerment minister Saviour Kasukuwere and his Communications counterpart Nicholas Goche were underway, the former Zanu PF legislator has also been mandated with “positioning EC to play a significant role in the indigenisation of Zimbabwe’s economy in various sectors”.

With Zhuwao’s appointment taking effect from July 1 -— as reported by the Daily News last week — the President Robert Mugabe-nephew has also been charged with stakeholder relations such as “coordinating, facilitate and mediating between… shareholders of EC”.

In the statement, Makamba expressly stated he will be reporting to the board through the EC chairman’s office held by the South African-based businessman.

Already, Zhuwao on Thursday led a delegation of founding members and shareholders to meetings with Goche, and Kasukuwere “to update and advise them of the latest developments”, and similar visits to other targeted economic sectors would follow.

The delegation also included representatives from Integrated Engineering Group — a company owned by the EC MD’s brother Leo Mugabe.

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