Zimbabwean Government Defends Acquisition of Telecel

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Enterprise Television- Zimbabwean Government Defends Acquisition of Telecel

A Cabinet Minister has justified the takeover of mobile network operator, Telecel, by the Zimbabwean government.

Supa Mandiwanzira, the Minister of Information Communication Technology and Cyber Security, said the move was necessary to save jobs amid indications the company faced collapse.

He also said the government are yet to receive 60 percent of its shareholding in Telecel International, which it acquired from Dutch company, Vimpelcom.

However, the Empowerment Corporation, a group of local investors with businessman James Makamba as the major shareholder, owned 40 percent.

Telecel said It requires about $30 million in new capital injection in order to competitively attract market.