Business / Companies
Makamba calls off Telecel-Brainworks deal
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
