Factual Position regarding shareholding of Telecel Zimbabwe

This is reference to an article that appeared in the Zimbabwe Independent on the 8th of June, 2018 under the headline " Makamba Gets US$11M from Telecel Exit Deal".

We have been instructed by Dr. James Makamba our client and owner of investment vehicle known as Ketsrel Corporation (Private) Limited to correct certain factual inaccuracies in media reports which claim that an Extra Ordinary General Meeting was held on the Jth of June 2018 at 8:30am at Telecel Zimbabwe (Private) Limited boardroom wherein our client Dr. James Makamba is alleged to have sold his Equity in Telecel Zimbabwe (Private) Limited and that he agreed to step down as Chairman of the Board of Telecel Zimbabwe (Private) Limited and as Director in Telecel Zimbabwe (Private) Limited.

Read full report: Statement of factual Position- C&P

Also attached, is a signed letter from Carlton Consultants, being the Company Secretary for Empowerment Corporation, that states Jane Mutasa & James Makamba remain Directors of EC.

Calton Consultants

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