This deal will provide local Zimbabweans with an opportunity to own shares in the company and will reduce foreign ownership to below 49% in accordance with government directives issued recently.
Telecel’s parent company, Orascom released a statement saying, “One of the proposals is that Telecel Zimbabwe be listed on the local stock exchange and new shares be issued. This would provide the company with fresh capital to expand its network and ensure a broad-based indigenization of the company.”
The statement also went on to say; “Telecel International, as the foreign shareholder, is committed to reducing its shareholding in Telecel Zimbabwe to 49% in order to comply with the terms of the license it received from the Posts and Telecommunications Regulatory Authority, or Potraz, in 2002 and the Indigenization Act.
