Econet gains more expansion funds via exit from KMAL

5 Oct 2009

Zimbabwe’s leading mobile operator Econet Wireless has sold its shareholding in Kingdom Meikles Africa Limited (KMAL) for USD17 million and will use the proceeds for additional network expansion,’ the company said on Friday. Econet sold 24.5 million shares in Zimbabwe-based KMAL, which has interests in sectors including banking, other financial services, agriculture, hotels and retail. Politically motivated infighting at KMAL was said to have influenced the cellco’s decision to exit the company.

Zimbabwe, Econet Wireless Zimbabwe (incl. ZOL, Liquid Telecom)