17 May 2017

Zimbabwe: Mandiwanzira Says Government Injected $5m Into Telecel

ICT Minister Supa Mandiwanzira announced Wednesday that the government invested $5 million into Telecel Zimbabwe in January this year.

He made the announcement at a cocktail organised to assure the market that the mobile operator is strong and has a solid future after its acquisition by government

The minister, "I wish to assure you that Telecel's continuity is assured. As soon as the Government finalized the purchase of the 60% stake in Telecel, in January 2017, it made an immediate capital injection of USD 5 million into the operation."

He added, "Government has plans to ultimately buy 100% of the Telecel business. Efforts to sanitize the 'shareholder wars' and eventually make the business private through listing or selling, et cetera continue."

"I wish to assure you that Telecel's continuity is assured. As soon as the Government finalized the purchase of the 60% stake in Telecel, in January 2017, it made an immediate capital injection of USD 5 million into the operation.

"Government has plans to ultimately buy 100% of the Telecel business. Efforts to sanitize the 'shareholder wars' and eventually make the business private through listing or selling, et cetera continue," said Mandiwanzira.

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