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Econet Wireless releases $10million to shareholders

July 14, 2010 • Mobile and Telecoms, Top Stories

ZIMBABWE’S leading cellular operator, Econet Wireless, has released R74 million (US$10 million) in dividend payments to its shareholders for year ended February 2010.

Announcing the development on Wednesday, Econet Wireless finance director, Kris Chirairo, said the payout would provide relief to thousands of pensioners who were on pension funds invested in Econet.

Econet is listed on the Zimbabwe Stock Exchange (ZSE).

“Our shareholder profile is dominated by thousands of small shareholders and mutual funds that predominately invest for pension funds,” said Chirairo.

He said Econet Wireless was not owned by a single person, but by a wide cross-section of shareholders. “The truth is we are a public company, and we are owned by thousands of shareholders. Many people are not even aware that they own shares through their pension funds that are invested in us.”

Chirairoalso stated that Econet Wireless was the first company in Zimbabwe to pay out a US dollar dividend.

Apart from Econet Wireless, Zimbabwe has two more cellular mobile companies- NetNone and Telecel.

MARCUS MUSHONGA
Harare Bureau

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