The Mutapa Investment Fund, which is Zimbabwe’s national investment fund, plans to buy CAPS Holdings, a company that makes healthcare products and drugs. This decision follows a Supreme Court ruling in February that changed a previous High Court decision about who owns CAPS.
Even though the court ruled against the government’s ownership of CAPS, officials still see it as an important company. They will negotiate the sale with Fred Mutanda, who owns 88% of CAPS.
CAPS Holdings includes businesses like St Anne’s Hospital, CAPS Manufacturing, and QV Pharmacies. The ownership of CAPS has been a problem since 2015 when the government tried to buy shares from Mutanda but later backed out, causing disagreements over who really owns the company.
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In a letter to Mutanda, Dr. Utete Wushe, the Secretary for Industry and Commerce, said the government will work on the issue through the Mutapa Fund. The letter mentioned that the Mutapa Fund is good at handling complicated financial matters and will help find a fair solution.
Mutanda confirmed he received the letter and is waiting to talk with the Mutapa Fund once everything is officially sorted out.
Currently, there has been no response from Dr. John Mangudya, the CEO of the Mutapa Fund.
The Mutapa Fund was created by Parliament to help the government invest in different sectors. It gets its money from shares in certain government-owned companies and manages investments in areas like mining, energy, agriculture, and finance.
The aim of the Mutapa Fund is to help everyday Zimbabweans by making its investments successful and lessening the need for government support. This is expected to create jobs, improve the economy, and help achieve national goals to increase overall income and economic growth.
