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.