Orascom confirms talks in progress to reduce Telecel Zimbabwe stake

31 Mar 2011

Bloomberg reports that Egyptian cellular group Orascom Telecom Holdings has confirmed that it is in talks with the Zimbabwean government on reducing its stake in GSM operator Telecel Zimbabwe from 60% to 49% to comply with an indigenisation law requiring locals to own majority stakes in foreign companies. The firm’s statement was published in the state-backed Zimbabwean newspaper The Herald.