Zimbabwe’s Mangwana Opportunities Fund buys stake in oil and gas company
Posted on: 4 May, 2020 at 9:11 AM
Invictus Energy Limited, listed on the Australian Securities Exchange, has entered into a binding AUD 0.44 million (about USD 0.28 million) share subscription agreement with the Mangwana Opportunities Fund.
Invictus is an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa. Its asset portfolio consists of a highly prospective 250,000 acres within the Cabora Bassa Basin in Zimbabwe.
The Mangwana Opportunities Fund, managed by Zimbabwe-based Mangwana Capital, is funded by Zimbabwean institutional investors, including pension funds, and invests primarily in the fields of agriculture, mining and tourism with an investment horizon of 10 years. The fund has prescribed asset status and has been granted tax-exempt status by the Ministry of Finance.
Funds raised from the placement will be used to advance the Cabora Bassa project including on-the-ground activity and preparatory works in the project area.
“We are delighted to become a shareholder of Invictus. Our fund investors comprise a broad range of Zimbabwe’s institutional investors and our investment in Invictus will ensure that they share in the success of the company. The Cabora Bassa project in Muzarabani is a potential game-changer for the country which can bring about significant economic benefits and energy security to the entire region. We look forward to supporting Invictus to achieve their goals in Zimbabwe and developing our partnership with them,” said Joe Mutizwa, chairman, Mangwana Capital.
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