Zimbabwe looking for full control of Telecel

18 May 2018

Mergers, Acquisitions and Financial Results

Zimbabwe’s ICT minister Supa Mandiwanzira has confirmed that the government has no plans to sell off its 60% stake in the country’s third largest mobile network operator, Telecel, and is instead looking to buy out the minority 40% shareholder to take full control of the cellco.

A report from The Independent cites the minister as saying: ‘We have been approached by many people who want to buy [our] 60% stake, but I am very clear that it is the government’s position that this 60% [stake] is not up for sale.’

He added that none of the approaches from prospective buyers were strong enough to guarantee a secure future for Telecel, noting: ‘There is a lot of money required to revive the business and to capitalise it, so we need shareholders who are strong [enough] to capitalise the business.’

Source: Telegeography