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Masawara PLC Agrees To Sell 51% Stake In Masawara Energy Mauritius Limited To Woble Investments (Private) Limited


Tuesday, 16 Jul 2013 06:31am EDT 

Masawara PLC announced that it has conditionally agreed to sell its 51% stake in Masawara Energy Mauritius Limited (MEM) to Woble Investments (Private) Limited, a 100% indigenous Zimbabwean entity (the Transaction). The total consideration payable by Woble Investments (Private) Limited will be USD24.888 million in cash conditional upon, amongst other things: the consent and approval for the Transaction by the Minister of Youth Development, Indigenisation and Empowerment in Zimbabwe (in respect of the provisions of the Indigenisation and Economic Empowerment Act); and the consent and approval of the Reserve Bank of Zimbabwe in respect of the purchase by a Zimbabwean entity of equity in a Mauritius registered company. Upon completion, the proceeds of the sale will be applied in line with Masawara's investment strategy. 

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17 Dec 2014