It never rains but pours, #MondayBlues w
ill be deleting the Telecel EC stake deal for the third time in a row in George Manyere’s quest to seal the long waiting deal, unfortunately, this time they have been called some “snake oil salesman”
The government of Zimbabwe, through the ministry of ICTPS which has always been angling for a total 100 % stake in Telecel Zimbabwe, has nullified and poured water over the recent Makamba – Manyere deal, stating their take over will not be stopped or delayed by this temporary inking.
Speaking to TechnoMag over the recent development, ICT Postal and courier Service minister Hon Supa Mandiwanzira said they do not recognize the sale at all and painted it illegitimate
” I hear of some sale but we don’t recognize any sale that’s not to governments approved entity. Government of Zimbabwe made it very clear that it’s going for 100% Shareholding. “ said the minister
The minister went on to state that if they were any exchange of bank balances, the payee is likely to become the ultimate loser of the transaction.
“Anyone who purports to have bought shareholding must know that they have lost their money. Govt is moving ahead with the acquisition of the 40% from the legitimate owners of the 40 percent”
George Manyere was reported to have bought the 40 % stake through James Makamba, at an undisclosed amount, though the last known public offer was $20 million.
The figure could have since gone down as the asset value of Telecel Zimbabwe dismally fell after the minister had initially threatened to close it down due to license issues.
The latest update of the Manyere-Makamba sell has been seen as nothing but an obvious move to frustrate the government ‘s effort to derail their 100% acquisition.
Some Analysts hinted that the only logical thing for Manyere was to buy the stake under the willing buyer-willing seller, only to sell to the next bidder, which is government at a higher premium.
However, some simply called the deal nothing but the works of snake oil salesman.
“These guys knowingly sell fraudulent goods hoping for a killing, these are acts of snake oil salesman” said another market watcher who denied to be named.
It remains to be seen if the transaction is not going to be completely cancelled or negotiated to pave way for the government.
Previously we reported Kestrel Investiments, a consortium owned by james Makamba owes Brainworks $5 million dollars and they had agreed that Brainworks buys off Makamba’s 15.5 % off the 40%, and take over the shares.
While Mr George Manyere came open about the deal, he also said this was just not about buying stake but an agreement reached to pay off what they were owed.
Historically, Economic Empowerment got their share at close to nothing from the government as a form of empowering the locals, Indigenous Business Women’s Organization IBWO, the war veterans, Zimbabwe Farmers Union and the Affirmative Action Group, (AAG) amongst others.
According to #MondayBlues Investigations, on February 27 of 2015, there was a resolution, which agreed to the transaction that stated the two main EC shareholders Mr Makamba representing Kestrel Corporation and Mrs Mutasa who stands for the Indigenous Business Women’s Organisation had held a secret meeting at the Saxon Hotel in Sandton South Africa. Lawyer Gerald Mlotshwa and EC company secretary Carlton Chikosi also attended the meeting.
Ironically, Mlotshwa, Manyere and Walter Kambwanji were subsequently appointed as directors of EC, along with Dr Mutasa. The EC has since called for an EGM Telecel Zimbabwe this month