Mutapa Fund Set to Acquire CAPS Holdings
CAPS ownership has been mired in controversy since 2015 when the GoZ entered into a share purchase agreement with beneficial owner Mr Fred Mutanda.
Mutapa Fund Set to Acquire CAPS Holdings
CAPS Holdings is set to be bought by Mutapa Investment Fund, Zimbabwe’s sovereign wealth fund.
According to The Herald the move comes despite a Supreme Court ruling in February this year that overturned a High Court order granting ownership to the State, including the authority to appoint directors to the firm’s board.
The ownership of CAPS has been mired in controversy since 2015 when the Government entered into a share purchase agreement with CAPS’ beneficial owner Mr Fred Mutanda, who holds a controlling 88 percent stake in the company.
However, Mr Mutanda alleges that the Government later pulled out of the deal, rendering subsequent actions null and void.
In a letter to Mr Mutanda about two weeks ago, Industry and Commerce Secretary Dr Utete Wushe said the Government would now address the matter through Mutapa.
Mutapa Fund Set to Acquire CAPS Holdings
“Reference is made to your letter dated 20 September 2024 regarding the acquisition of your shares in CAPS Health Care and Manufacturing by the Government of Zimbabwe,” read part of the letter.
“We have carefully considered your request and have consulted with our principals. After a thorough review, we have been informed that your matter will be handled by the Mutapa Fund. The Mutapa Fund is a reputable financial institution with a proven track record in managing complex transactions.
“They are well-equipped to address the specific nuances of your situation and will provide you with the necessary guidance and support. We believe that engaging with the Mutapa Fund will ensure a fair and efficient resolution to your matter.”
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Mr Mutanda confirmed receiving the letter, saying he now awaited engagement with Mutapa on the way forward, once official protocols regarding the transfer of the matter to the sovereign wealth fund are completed.
