Strive Masiyiwa, the head of the Zimbabwe-based Econet Wireless Group, says he is expecting to list shares of Mascom, its subsidiary in Botswana, by October this year, Reuters reports. Econet has agreed a USD300 million deal to acquire a 53% stake in Mascom from MTN Group of South Africa, raising its total interest to 60%. Once this deal is completed Masiyiwa wants to open the company up to public investment in what he expects to be one of the biggest flotations on the Gaborone bourse.
Mascom is the largest of Botswana’s three cellcos, controlling more than 51% of all wireless subscribers. The remaining 40% of Mascom is currently owned by the Botswana Public Officers’ Pension Fund (BPOPF), and reports suggest that Masiyiwa will urge BPOPF to release a 10% stake for sale, while Econet will do the same.