Zimbabwe looking for full control of Telecel
18 May 2018
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.’