Zimbabwe: Telecel Must Give Up Shares to Local Investors To Get Licensed Renewed

telecel_zimbabwe

 

The Zimbabwean network provider Telecel must meet the government’s requirements in order to get its license renewed. 60% of the company is held by the Egyptian telecom company Orascom Telecom, and 40% by the holding firm led by Leo MUGABE, the President’s nephew. The company does not meet the standards upheld by the Indigenisation and Economic Empowerment Act.

The program’s goal is to transfer at least 51% of control of all its companies with foreign investors to local investors or to the government.

As a result, the Zimbabwean government will not renew the company’s license which expires in a month if she fails to resolve what the Secretary in charge, Nicholas GOCHE has called “shareholdings anomalies.”

The Egyptian shareholder will have to give up 11% of its shares, which would reduce the foreign participation in favor of a local one. Let’s hope that this won’t allow the increase of the Mugabe clan’s shares…#justsayin’

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