Zimbabwe’s government to acquire Telecel

Shareholders have offered to sell their interests in the business to government
Zimbabwe’s government to acquire Telecel


Zimbabwe’s government is set to acquire Telecel. The operator’s shareholders have offered to sell their interests in the business to government, according to News Day.

The government has accepted the offer as it sees this as an opportunity to reorganise the sector, the source from News Day added. Negotiations are currently underway.

Telecel is currently 60%-owned by Russian-backed, Amsterdam-based Vimpelcom, with the remaining 40% held by a consortium of domestic investors under the umbrella of the Empowerment Corporation (E Corp).

The operator was ordered to stop its operations earlier this year for not paying licence fees and contravening a foreign ownership cap of 49%, though it managed to win a high court reprieve which has allowed it to continue operating pending an appeal over the revocation of its licence.

Telecel says it has met all required licence payments under a seven-year instalment plan agreed with sector regulator POTRAZ, though the government argued that POTRAZ had no authority to set up such an arrangement in the first place; the entire board of the regulator was recently dismissed.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story