Director/PDMR Shareholding

Masawara plc

("Masawara" or the "Company")

Director/PDMR Shareholding

Masawara announces that it was informed on 8 November 2011 that FMI Holdings (Private) Limited ("FMI Holdings"), a company controlled by Shingai Mutasa (Non-executive Director), entered into a surety agreement on 31 October 2011 in which FMI Holdings pledged 50,000,000 ordinary shares of USD 0.01 each in the Company ("Ordinary Shares") as security in respect of Shingai Mutasa's financial arrangements with his bankers.

Under the AIM Rules, entry into such an agreement constitutes a dealing by Mr Mutasa and, as a result, requires disclosure to the market.

Following the signing of the loan, Mr Mutasa's interest in Masawara remains unchanged.

Contact details

Masawara plc

P Masamba +263 4 777216/7/8

Cenkos Securities plc (Nominated adviser and broker)

Nicholas Wells/Max Hartley /Elizabeth Bowman +44 20 7397 8900