Zimbabwe planning telco share sales

20 Mar 2019

The government of Zimbabwe is hoping to raise USD350 million from the sale of shares in five state-backed companies, including three telecoms operators. The African country, which is currently experiencing a severe cash crisis, plans to sell stakes in cellcos NetOne and Telecel, plus fixed line operator TelOne, as well as interests in postal operator Zimpost and POSB bank. Reuters cites Finance Minister Mthuli Ncube as saying: ‘Work is already underway to identify transaction advisers.’ TeleGeography’s GlobalComms Database notes that NetOne and TelOne are both wholly state-owned, while the government has a 60% interest in Telecel.

Zimbabwe, NetOne, Telecel Zimbabwe, TelOne