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The third mobile telecommunications company in Zimbabwe, Telecel, in which government owns 60% stake is on the brink of collapse amid reports that servers have not been in operation since December last year due to debilitating economic situation.
Government through ZARNet (Private) Limited has completed the previously announced acquisition of 100 percent shareholding in Telecel International Limited from Global Telecom Holdings SAE for $40 million, the Ministry of ICT, Postal and Courier Services said yesterday. TIL owns 60 percent shareholding in Telecel Zimbabwe (Private) Limited with the Empowerment Corporation controlling the remaining 40 […]
Netherlands-based integrated telecommunications services operator, VimpelCom, says the disposal of its 60 percent shareholding in Telecel Zimbabwe (Telecel) was above board. This was after Empowerment Corporation (EC), which owns 40 percent in the local mobile operator, had recently threatened to sue VimpelCom for breach of pre-emptive rights. Through their lawyers Titan Law Chambers, the consortium […]
By Ndakaziva Majaka Information Communication Technology (ICT) minister Supa Mandiwanzira on Monday said government expects to finalise the acquisition of Telecel Zimbabwe (Telecel) next month. This comes amid indications that Zimbabwe’s cash-strapped government had breached its contractual obligations to pay $40 million for a 60 percent stake to Nasdaq-listed international communications and technology company, VimpelCom, by March […]
Zimbabwe’s third largest telecommunication company, Telecel, has missed out on a $1 billion software deal between its parent company VimpelCom and Erickson. The deal encompasses a complete overhaul of VimpelCom’s information technology infrastructure across 11 countries on a scale that is the largest and most ambitious in the telecommunication industry’s history. “This marks a fundamental […]
Amsterdam-based mobile phone operator VimpelCom is seeking President Robert Mugabe’s assistance to secure an outstanding $30 million from the sale of its 60 percent shareholding in Telecel Zimbabwe (Telecel). People privy to goings-on at the Nasdaq-listed telecommunications company told businessdaily that VimpelCom has since written to the nonagenarian leader to allow his government to expedite […]
Zimbabwe has completed the $40 million purchase of a 60 percent stake in mobile telecoms operator Telecel from Vimpelcom, the communications minister said on Monday.
HARARE – President Robert Mugabe’s government was this week expected to pay VimpelCom Limited (Vimpelcom) about $30 million in outstanding funds for a 60 percent stake in Telecel Zimbabwe (Telecel), businessdaily has learnt. Although company executives, including chief executive Angeline Vere, were unreachable for comment, at least three independent sources said that the National Social […]
By Paul Nyakazeya Market watchers and telecoms experts this week questioned government’s decision to take over Telecel Zimbabwe, considering that it already controls NetOne and TelOne, the fixed line and mobile telecommunications firms, which it has failed to adequately capitalise since adoption of a hard currency economy in 2009. Reports indicate that government is now […]
Report by The Zimbabwean HARARE – The government’s recent acquisition of controlling shares in Telecel Zimbabwe has taken a new twist following revelations that the National Social Security Authority (NSSA) was forced to finance the takeover of VimpelCom’s 60 percent shares in the company. The government, through a wholly–owned, obscure entity named Zarnet, has just […]