Categories: Stories

Econet plans to list $8 billion shares on London Stock Exchange

African telecommunications group Econet is planning to list shares worth $8 billion on the London Stock Exchange (LSE) from a combination of new and existing assets.

Bloomberg reported today that the company will acquire some African telecommunication companies to grow its asset base and is said to be in discussions with Millicom International Cellular SA to buy some of the Luxembourg-based carrier’s assets on the continent.

Millicom is scaling back its operations in Africa where it has operations in Tanzania, Chad, Ghana and Rwanda where it serves some 25 million users.

The Zimbabwe Stock Exchange listed Econet is trying to attract new international investment and plans to make an initial public offering of $1 billion new shares in London.

It may also consider a secondary listing at the Johannesburg Stock Exchange.

Econet sources said the report was ‘about right.’ The group has interests in 17 countries. – The Source

(157 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

Reserve Bank of Zimbabwe expects more foreign currency sellers to join the interbank market

The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…

December 4, 2024

Zimbabwe 2025 citizens’ budget

Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…

November 28, 2024

To go or not to go- Mnangagwa in a quandary

Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…

November 25, 2024

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024