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Johannesburg - Investec Asset Management's Africa Frontier Private Equity Fund, a unit of Investec, is finalising a private equity investment for a 10% to 20% stake in OK Zimbabwe, the Business Day newspaper reported on Wednesday.
The paper said the fund planned to make a $5m convertible loan available to OK Zimbabwe, the country's second-largest supermarket chain by number of stores.
William Alexander, the fund's investment principal, said the fund would also underwrite a $15m rights issue in OK Zimbabwe so that the existing owners could also participate in the fundraising.
When asked about the speculation in Zimbabwe media that the investment was on behalf of Shoprite Holdings, Alexander told Business Day: "totally incorrect".
The company was not available to comment further.
- Reuters