Zimbabwe pays $40 million for Telecel stake


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Telecel-2nd-Street

Zimbabwe has completed the $40 million purchase of a 60 percent stake in mobile telecoms operator Telecel Zimbabwe from Vimpelcom, the communications minister said yesterday.

The Amsterdam-headquartered telecoms giant VimpelCom in November said it had agreed to sell its controlling stake in Telecel Zimbabwe to the government for $40 million.

Telecel is the country’s smallest mobile telecoms firm with over 2.4 million subscribers. The purchase of Telecel was done through ZARNet, an Internet Service Provider (GISP) wholly owned by the government through the Ministry of Information & Communication Technology, Postal and Courier Services which was set up in 1997.

The parastatal has no experience in telecommunications and lists on its website that it offers ICT solutions and e-learning platforms.

Information Communications Technology Minister Supa Mandiwanzira told a parliament committee that the government had raised the $40 million from state-run national pension fund, National Social Security Authority (NSSA).

Telecel’s remaining 40 percent is owned by Empowerment Corporation, a group of local shareholders who have also approached NSSA to buy their shares, Mandiwanzira said.

Government already controls another mobile operator in NetOne, which has 3,3 million subscribers according to latest official data as well as fixed line operator, TelOne. – The Source

 

See also:

Telecel Zimbabwe refuses to appear before Parliament’s indigenisation committee

POTRAZ cancels Telecel licence- gives it 30 days to wind up operations

Telecel: have the heavy weights really tumbled?

 

(26 VIEWS)

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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.

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