Telecel Zimbabwe has been asked to address shareholding issues before being allowed to renew its operator’s licence, with the government saying the firm must be majority owned by locals.
The government of Zimbabwe announced yesterday through the Ministry of Transport, Communications and Infrastructural Development that Egyptian-owned Telecel will not get its new licence until it transfers a majority stake to locals, according to The Herald.
Nicholas Goche, the Minister for Transport, Communication and Infrastructural Development, made the remarks in an interview with The Herald after making an announcement on the increase in mobile licence fees.
“They (Telecel) must meet the conditions they were asked to meet,” he said. “They must go back to the original position of 60 per cent (local) and 40 per cent (foreign) with the Empowerment Corporation. Once they meet that position, there will be no problem.”
Egyptian firm Telecel International, which holds 60 per cent of Telecel Zimbabwe, wants to renew its licence with the current one about to expire.
Telecel Zimbabwe is the second biggest mobile telecom operator in the country after Econet Wireless, with over 2.5 million subscribers.
