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NetOne And Telecel Will Not Be Merged Into One Company

6 years agoMon, 26 Feb 2018 04:08:34 GMT
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NetOne And Telecel Will Not Be Merged Into One Company

Information Communication Technology and Cyber Security Minister Supa Mandiwanzira, told The Herald Business last week that both Telecel and NetOne will not be merged into one company.

Mandiwanzira said this is because Government does not own Telecel 100 percent. Government holds 100 percent shareholding in NetOne and 60 percent in Telecel. The remaining 40 percent in Telecel which was previously held by a consortium of indigenous groups including war veterans and veteran businesspeople including Dr Jane Mutasa and board chairman Dr James Makamba, was recently acquired by a consortium led by top Harare lawyer Gerald Mlotshwa and businessman George Manyere.

Government acquired its 60 percent stake in Telecel that was previously held by VimpelCom of Netherlands, through its information communication technology firm, ZARNet for $40 million. The deal was funded by the National Social Security Authority (NSSA).

More: Herald

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