Business / Companies
Econet to invest $400 million to spruce up its network
06 Jun 2011 at 02:04hrs | Views
Econet Wireless is reported to be investing $400 million to spruce up its network and improve customer care service Rangarirai Mberi, Group Corporate Communications Manager, has said.
Mberi said the amount had been sourced from the company's savings nationally since dollarisation.
"In total we have invested about $600 million in Zimbabwe," Mberi said. "In Zimbabwe this year alone we have invested at least $400 million upgrading our service as well as replacing out-dated equipment to bring into the country updated facilities so as to enhance our coverage."
"By 2012 we hope our mobile subscribers will have reached 11 million. We sincerely hope to continue expanding our growth both in terms of customers and equipment and Voice Mail Data which is the way to go right now."
Econet is Zimbabwe's largest mobile telecommunications network with more than six million subscribers in its stable.
It is currently led by businesman, Douglas Mboweni but is owned by Strive Masiyiwa who based in South Africa.
Econet is the only mobile telecommunications firm listed on the Zimbabwe Stock Exchange currently has a market capitalisation of $475,970,135.60.
Econet recently off-loaded its shareholding in financial services empire Kingdom Financial Holdings Limited (KFHL) under mogul and top banker, Nigel Chanakira, and the wealthy Meikles Africa Limited (MAL) empire under another tycoon, John Moxon, to concentrate on its core business of mobile telephones and services.
Mberi said the amount had been sourced from the company's savings nationally since dollarisation.
"In total we have invested about $600 million in Zimbabwe," Mberi said. "In Zimbabwe this year alone we have invested at least $400 million upgrading our service as well as replacing out-dated equipment to bring into the country updated facilities so as to enhance our coverage."
"By 2012 we hope our mobile subscribers will have reached 11 million. We sincerely hope to continue expanding our growth both in terms of customers and equipment and Voice Mail Data which is the way to go right now."
It is currently led by businesman, Douglas Mboweni but is owned by Strive Masiyiwa who based in South Africa.
Econet is the only mobile telecommunications firm listed on the Zimbabwe Stock Exchange currently has a market capitalisation of $475,970,135.60.
Econet recently off-loaded its shareholding in financial services empire Kingdom Financial Holdings Limited (KFHL) under mogul and top banker, Nigel Chanakira, and the wealthy Meikles Africa Limited (MAL) empire under another tycoon, John Moxon, to concentrate on its core business of mobile telephones and services.
Source - Byo24Business
