Mangudya speaks on Mutapa’s noble US$10 mln injection to Invictus Energy
Business Reporter
ACCOMPLISHED banker and Mutapa Investment Fund’s (MIF) inaugural CEO,Dr John Mangudya says the move to inject a whooping US$10 million into Invictus Energy will go a long way to support economic revamping efforts in the long term.
Invictus recently floated 151,515,152 shares worth US$10 million in a private placement out of which Mutapa will underwrite US$5 million of the share issue while a private equity fund, Mangwana Capital will inject another US$5 million to acquire the total shares on offer
The MIF recently supported the ongoing oil and gas exploration being undertaken by Invictus In the Zambezi Basin. One of the assets under the fund is Invictus.
Speaking on the latest deal, Mangudya said the capital injection is highly strategic at an investment level as well as in meeting the economy’s energy needs in the long term.
“Because we have a footprint in that , though at a lower level which is about 10% as a local partner,it stood to reason that we support the company through the issuance of the US$10 million capital call they wanted to further exploit the Zambezi Basin,” he said.
The former Reserve Bank of Zimbabwe exchequer said Invictus currently has two holes , which have proved to be very resourceful and making it a good asset.
“What we want to do in the long term is to help increase the supply of energy in the country from gas.Energy is an enabler of any economy.We are hopeful , as they continue to drill, we will get more resource because this project is a game changer for our economy,” added Mangudya.
