Harare (ZimEye) A consortium involving controversial businessman Phillip Chiyangwa last week concluded its takeover of a significant part of the Meikles group after buying $17 million worth of shares from mobile phone operator Econet.

The deal was announced last year, but was only concluded last week on the Zimbabwe Stock Exchange.

Chiyangwa’s Loakcape Investments, whose chairman is Chiyangwa’s right-hand man at Pinnacle Holdings, Rugare Chidembo, snapped up 24 537 480 shares at a pre-agreed 0.71 cents a share.

Chiyangwa is currently locked in a land dispute with Meikles chair and Harare mayor Muchadei Masunda, raising questions about the pair’s future relations in Meikles.

Loakcape also includes Chipo Mutasa, CEO of the rival Rainbow Tourism Group, again attracting interest from the Competition Commission, officials said.

Meikles has been the subject of massive Zanu PF interest for a long time and the takeover of a 10 percent stake by Chiyangwa and his partners is seen as a step towards eventual acquisition of the group.

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