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Makamba calls off Telecel-Brainworks deal

by Staff reporter
20 Feb 2015 at 08:54hrs | Views

Empowerment Corporation Private Limited shareholders have buried the hatchet with company chairperson James Makamba calling off a Friday extra ordinary general meeting and subsequent deal to sell their 40 percent stake in Telecel Zimbabwe Private Limited.

The development comes after a bruising battle between Indigenous Business Women's Organisation founder Jane Mutasa and the exiled businessman amid revelations by company managing director Patrick Zhuwao that the mobile venture was bust and needed $300 million in recapitalisation funds.

Prior to Wednesday's shock announcement, Mutasa had approached the High Court seeking an order to stop Friday's proposed EGM and $20 million transaction with George Manyere's private equity firm. 

Source - Zim Ind
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