Masawara, a Jersey registered investment company eyeing opportunities in Zimbabwe, joined the Alternative Investment Market this morning at the same time as raising US$25m in a placing priced at 50p per share. At the placing price, Masawara is valued at US$80m. The company is now planning to pursue high quality new investment opportunities in Zimbabwe, adding to an existing portfolio of Zimbabwean assets, to participate in the recovery of Zimbabwe's economy. The directors believe that the growth of Zimbabwe's economy over the medium term will accelerate as the momentum of the political stability gathers pace

The initial portfolio comprises an effective 40% interest in Joina City, the single largest commercial and retail building in Harare, and a 30% interest in TA Holdings Ltd, a diversified investment company that holds stakes in insurance, agro-chemical and hospitality businesses across sub-Saharan Africa and is listed on the Zimbabwe Stock Exchange

Masawara's investment adviser is FMI Zimbabwe, a wholly owned subsidiary of the company, which will be responsible for identifying opportunities and managing investments in Zimbabwe and the wider Africa. FMI Zimbabwe is led by Shingai Mutasa and fellow principal Julian Vezey who have numerous relationships in Zimbabwe and surrounding territories. Both Mr Mutasa and Mr Vezey will hold non executive director positions on the board of Masawara and have previous experience in investing in Zimbabwe

Mr Mutasa said: “We have a great opportunity to lead the pack in bringing much needed investment capital to Zimbabwe and help the country rebuild following its recent economic difficulties. Masawara offers investors a high quality portfolio of new and existing investment opportunities which we are confident will deliver significant value.”

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