Completion of Disposal

Masawara Plc

03 February 2014

Masawara PLC

("Masawara" or the "Company")

Completion of Investment Disposal

Further to the announcement made on 16 July 2013 and following receipt of all required regulatory approvals, Masawara PLC (AIM:MASA), the AIM Listed investment company, is pleased to announce that the sale of Masawara Mauritius Limited's ("MML") 51% stake in Masawara Energy Mauritius Limited ("MEM") to Woble Investments (Private) Limited, a company wholly owned by indigenous Zimbabweans, has been concluded ("the Transaction").

Masawara is further pleased to advise that, since the initial announcement in respect of the Transaction, the parties agreed to an increase in the Transaction consideration to US$29.325 million (from US$24.888 million). Following receipt of all outstanding regulatory approvals in respect of the Transaction, a revised sale and purchase agreement was signed with Woble Investments (Private) Limited on 31 January 2014. The Transaction consideration was received by Masawara on 31 January 2014 and proceeds will be applied in line with Masawara's investment strategy.

The Chairman of Masawara commented:

"The Transaction is in line with the investment objectives of Masawara. The disposal was particularly well timed as the company has a number of exciting investment opportunities that it has been pursuing that can now be implemented."

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Contact details

Masawara PLC:

Oliver Lutz/Pride Masamba +263 4 751805

Cenkos Securities plc (Nominated adviser and broker):

Nicholas Wells/Max Hartley +44 20 7397 8900

About Masawara

Masawara is a proactive investment company focussed on identifying growth opportunities that deliver cash returns both in Zimbabwe and the southern African region. The Company continues to appraise high quality new investment opportunities in Zimbabwe to add to the investment portfolio, and is intent on unlocking intrinsic value from the existing investment portfolio.