29 June 2017
   
Nkosana Moyo to run for President
Even with billions aid, Zim doomed: NPP
Dzamara sentenced to 12mths in prison
Many queries as new govt airline launches
ThisFlag's Mahere to run for Parliament
Govt overspending legal: Chinamasa
Zinasu says Mawarire caused UZ violence
MDC-T to announce 2018 results before ZEC
MORE NEWS
Egyptians in $15m Hre water meters deal
Most small firms illegal, can't access RBZ loans
MORE BUSINESS
Maintenance dodger Sulu Chimbetu jailed
Ngugi quits bk fair over right-wing newspaper
MORE SHOWBIZ
Chitembwe says might quit; Caps thumped
UK: Zim's Byrom untroubled on debut
MORE SPORTS
We must not wait for Mugabe to die
Zim: The $100bln economy dream
MORE OPINION
 
2018: Looming battle of manifestos & issues
Roadmap to free and fair elections
MORE COLUMNISTS
 
 

Telecel Zimbabwe seeks $200mln reboot

18/05/2017 00:00:00
by Source.co.zw
 
ICTs minister Supa Mandiwanzira
 
RELATED STORIES

HARARE: Zimbabwe’s smallest mobile network operator, Telecel  is in discussions with investors over a $200 million loan seen as crucial to reviving its operations.

Telecel has 1,8 million active subscribers out of its 4,6 million total customers according to the latest data from the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ).

“At this stage, negotiations and discussions are ongoing with financiers for an investment of $200 million to kick start the Telecel project, that is the project going forward with the government as the major shareholder.

"More details of the funding will be communicated in due course,” the Minister for Information, Communication and Technology and Courier Services Supa Mandiwanzira told a Telecel briefing on Wednesday night.

Part of the fund will be used for network upgrade.  The company has so far started upgrading its network with 4.5G LTE infrastructure to be launched by the third quarter of 2017.

Mandiwanzira said the government, which now owns 60 percent of Telecel through its wholly owned internet service provider, ZARNnet, plans to acquire 100 percent of Telecel shareholding.  

Currently, Empowerment Corporation, a group of local investors owns 40 percent.

“Government has plans to ultimately buy 100% of the Telecel business.  Efforts to sanitize the ‘shareholder wars’ and eventually make the business private through listing or selling, et cetera continue.  Advisors will advise us which route to take,” said Mandiwanzira.

Government already controls another mobile operator NetOne, which is struggling financially and is also facing corporate governance issues.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark
 
 
 
comments powered by Disqus
 
RSS NewsTicker