Econet forms new venture

22 Jan 2004

Econet Wireless Group has revealed plans to form a new pan-regional venture with local firm Altech. Newco, as the new investment vehicle has been named, will ultimately assume ownership of all of Econet’s assets in New Zealand, Lesotho, Botswana, Kenya, Zimbabwe, Nigeria and the UK. However, for the time being it will not include Zimbabwe Stock Exchange-listed Econet Wireless Holdings and its subsidiaries or its other international interests. According to Econet’s management these assets are due to be added to the alliance ‘when political, regulatory and economic conditions permit.’