admin Business Editor
INTERNATIONAL private equity firm GEM Holdings chairman Harpal Randhawa is said to be behind the purchase of the Blueberry International, an offshore vehicle, which holds numerous entities in various jurisdictions, including the 60 percent shareholding in Celsys.
The purchase of the stake was announced in July. Cambria Africa PLC formerly LonZim said it had sold its entire holding in Blueberry International Services Ltd., which indirectly holds 60 percent of the shares in Celsys Ltd., to an investor group for US$1, and is therefore no longer seeking a secondary listing on the Zimbabwe Stock Exchange. The sale excluded the Cambria owned “Southerton properties” where Celsys operates.
Well placed sources say that while Lovemore Chihota led the consortium which bought the stake, Randhawa is also involved. On Wednesday, Celsys announced the change in the ultimate controlling shareholder. Under the new changes, Mr Lovemore Chihota is now non-executive chairman while Mr Valentine Mushayakarara is now the Finance Director. Mushayakarara, who was until recently outside the country, is son to mining company RioZim’s chairman Mr Elisha Mushayakarara.
GEM Holdings is the controlling shareholder in RioZim holding a 25 percent stake. GEM was initially supposed to partner local mining company Raintree in RioZim but Mr Randhawa discovered that he could invest in the country directly without a local company. Through his team, which includes experienced and respected Mr Richard Tait and chief executive Mr Ashton Ndlovu, Mr Randhawa has been able to turn around the fortunes of the mining company.
Mr Randhawa is a shrewd investor who has appetite to increase his holdings in the country. He has also been linked to possible interests in one of the local tertiary institutions.
Celsys specialises in security printing and provision of information technology and telecommunications. The company also announced that the offer for cash previously offered by Cambria Africa will be maintained by Blueberry International.
Celsys shares were suspended from trading on the Zimbabwe Stock Exchange in August 2013 pending the planned listing of the investment conglomerate Cambria on the local bourse after an offer had been made to minority shareholders. Cambria had made the offer to acquire all the outstanding ordinary shares held by minority shareholders of Celsys on the basis of the volume of the average weighted price for newly issued Cambria shares or cash.
Online Reporter