ZIMBABWE-FOCUSED investment fund Masawara listed on London’s Alternative Investment Market (AIM) on Thursday raising about US$25 million which will be used for further investments in the country and the sub-region.

The company expects to raise another US$73 million in a follow-up offer within the next six months.

Masawara presently holds a 30 percent interest in the Zimbabwe Stock Exchange (ZSE) listed diversified investment company TA holdings and owns 40 percent of Harare’s Joina City, the capital’s largest retail and commercial building.

The Jersey incorporated firm listed 30 million shares and is expected to have a market capitalisation of US$80 million.

In its prospectus, Masawara said Zimbabwe “is ripe for investment (and offers) significant capital growth within five years”.

TA Holdings boss, Shingai Mutasa, a key shareholder in Masawara through his FMI Holdings, recently said investors could benefit from the country’s political stability and economic recovery.

“The hyperinflation era and difficult political environment of the last 10 years sapped most Zimbabwean businesses of capital,” he said.

“We see a massive opportunity in the rebuilding of the economy over the next 10 years.”

Masawara aims to deliver long-term capital growth for investors, buying into Zimbabwean mines, oil companies, property, agriculture and telecoms.

The company also plans to take part in the privatisation of state-owned assets and benefit from the anticipated recovery in the region’s fragile economy.

Masawara’s prospects recently attracted British fund manager Invesco Perpetual which is run by Neil Woodford.

Invesco snapped up a 29.5 percent interest in Masawara in a transaction worth US$25 million at the beginning of the month.