Telecel seeking funding for network expansion

24 Mar 2021

The chairman of Zimbabwe’s smallest mobile operator, Telecel, says the company is looking to raise fresh capital so it can embark on a network expansion programme. A report from The Herald cites Selby Hwacha as saying: ‘There are a couple of initiatives to raise capital. Telecel is a very attractive proposition. It is the least funded network; it’s easier to get into a relationship with us. That makes it attractive for equity adjustments, joint ventures, lending, but I can’t get into specifics because of non-disclosure expectations.’

Hwacha added that long-running disagreements involving 40% shareholder Empowerment Corp are now easing. The dispute has stifled network investment, with Telecel losing market share against its larger rivals Econet and NetOne. The smallest operator had just 5.5% of all subscribers at the end of 2020, down from over 17% in 2015. The government of Zimbabwe has held a 60% interest in Telecel since 2016.

Zimbabwe, Telecel Zimbabwe