Zimbabwe: Mangwana Opportunities Fund completes transaction
Posted on: 20 July, 2020 at 10:14 AM
Invictus Energy has completed the placement for an equivalent of AUD$440,000 (about $310,297) with the Mangwana Opportunities Fund, as announced on 30 April 2020, following approval received from the Reserve Bank of Zimbabwe Exchange Control Authority.
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.
Invictus Energy 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.
Invictus managing director Scott Macmillan commented, “We are pleased to welcome Mangwana to the register as a strategic investor. Our partnership is already beginning to bear fruit and Mangwana has been assisting the company in country over this period in advancing the key objectives such as the production sharing agreement and other regulatory approvals for our world class Cabora Bassa project.”
Joe Mutziwa, chairman of Mangwana Capital and incoming director of wholly owned subsidiary Invictus Energy Resources Zimbabwe commented, “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.”
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