Government to divest mCel stake

12 Jun 2009

Mozambique’s Minister of Transport and Communications, Paulo Zucula, has revealed plans to partly privatise incumbent mobile operator, mCel. According to the plan at least 5% of company shares will be made exclusively available to Mozambicans, with the possibility of further sales to the international investment community. Zucula said, ‘mCel is working on a proposal that I believe we will have within a month, and afterwards we will submit that proposal for the government’s consideration. The proposal will say how much shares will cost, how many shares will be sold and how we will do the whole process. And from there, the government will have to approve the whole package.’