ECONET SECURES FOREIGN CURRENCY FOR EXPANSION PROGRAMME

Mergers, Acquisitions and Financial Results

Zimbabwe’s largest telecommunications company, Econet Wireless Limited, has secured foreign currency to embark on another multi-million-dollar project to further expand its network from 800,000 to 1.3 million subscribers by the end of August this year.

The expansion, a sign of confidence by the company in the economy despite the current challenges, is designed to meet the unsatisfied demand for its services countrywide.

Econet spokesperson Sure Kamhunga said: "This expansion will be even bigger than the current upgrade, which is nearing completion."Econet started to upgrade its capacity from the then 500,000 to 800,000 subscribers using a US$20 million loan obtained from the Cairo-based African Import Export Bank."

He confirmed that Econet had concluded financing facility arrangements for the project and had already placed orders with Ericsson for the supply of equipment. However, Kamhunga said it was premature at this stage to discuss details of the expansion. He added that Econet would build new switches as well as add more base stations around the country.

The Herald