Makamba wins legal case to retain Telecel shares

5 Nov 2019

James Makamba, a shareholder in the Zimbabwean mobile operator Telecel, has won a long-running legal battle over his holding in the telco. Makamba’s firm Kestrel Corporation is part of the Empowerment Corporation, a consortium of local investors which holds 40% of Telecel’s shares; the remainder is owned by the government. Magamba eChimurenga Housing Trust had claimed a 24% stake in Empowerment Corporation, but News Day reports that the country’s high court has dismissed its application with costs. According to TeleGeography’s GlobalComms Database, Telecel had an 8.3% share of Zimbabwe’s mobile market at the end of June 2019.

Zimbabwe, Telecel Zimbabwe