|Selphon Investment Private Limited|
|Genre||Indigenous, Family Business, Private Company|
|Jane Mutasa, Patrick Zhuwao, James Makamba|
|Parent||Empowerment Corporation of Zimbabwe|
Selphon Investments Private Limited is a company owned by a Zimbabwean born businesswoman Jane Mutasa. It is a family owned investment company which operates under a consortium of local companies called Empowerment Corporation of Zimbabwe (ECZ). ECZ has 40% stake in Telecel Zimbabwe.
In January 2015, Selphon investments made headlines when it made threats to stop an extra ordinary meeting in the parent company Empowerment Corporation. The meeting was scheduled to take place on the 20th of February 2015 and on the agenda were deliberations to decide the ceding of 40% equity in Telecel Zimbabwe. The equity was said to be worthy US$20 million. Selphon Investments also questioned the role of Patrick Zhuwao the company's managing director and his influence on the proposed 40% equity deal with Brainworks Capital Management.
In 2014, Selphon Investments opposed a move by Telecel Zimbabwe to sell 72% of the company's shares to a South African based Zimbabwean business guru James Makamba through his company Kestrel Corporation. The company, together with other founding stakeholders of Empowerment Corporation of Zimbabwe such as the Indigenous Business Women Organisation launched an inquiry on how James Makamba had accrued 72% of shares in the company.
The rift between Selphon and Makamba's company began in around 2000 when Kestel chipped in with about z$16 million to rescue Empowerment Corporation from a liquidity crunch. This, according the company's constitution, this awarded Makamba with bigger share than other members. At this time, IBWO sold 1 500 of its shares and Selphon declined to acquire the shares. This resulted in Makamba's Kestel acquiring the bigger chunk of the shares.