Outcry over M&R deal

The acquisition of construction giant Murray and Roberts (M&R) Zimbabwe by a consortium of local and foreign investors could turn sour amid reports that aggrieved minority shareholders lodged a complaint against the transaction.

Zumbani Capital last week snapped up a controlling stake in M&R Zimbabwe through a special bargain brokered by Lynton-Edwards Stockbrokers (LES) after majority shareholder M&R South Africa disposed of its stake.

Main representatives for the local investors making up the consortium are chairman Paddy Zhanda and former M&R Zimbabwe chief executive officer Canada Malunga.

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