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VimpelCom denies government has bought out Telecel yet
18/04/2016 00:00:00
by TP news
 
 
RELATED STORIES

GLOBAL telecom operator VimpelCom says the government has not yet completed the acquisition of its 60 percent majority control in Telecel Zimbabwe, contrary to a claim by ICT Minister, Supa Mandiwanzira, on 12 April.

VimpelCom spokesperson, Rozzyn Boy, said both VimpelCom and Global Telecom Holdings remain 60 percent shareholders in Telecel. They look forward to completing the sale only after the satisfaction of all customary closing conditions are met.

In 2015, VimpelCom decided to offload its stake in Telecel Zimbabwe after encountering regulatory and licence fee renewal hurdles. The government had accused it of not complying with indigenisation regulations that require foreign companies to give up majority shares to locals.

According to ITWeb sources have also said that VimpelCom was still involved in running Telecel Zimbabwe while other officials, who spoke on condition of anonymity, said that payment and other conditions of the buy-out have not yet been completed.

A senior staff member at Telecel said there is still involvement by VimpelCom in the running of the company but they have been informed that National Social Security Authority (NSSA) has raised money to finance the government's bid for the shares.



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