- May 15, 2018
- Posted by: Adrian Hall
- Category: More Africa News
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.’
TeleGeography notes that Telecel has struggled to compete with larger rivals Econet Wireless and state-owned NetOne in recent years. Telecel had 1.65 million subscribers at the end of 2017 compared to NetOne’s 4.96 million and Econet’s 7.49 million.