Business / Companies
Foreign mobile phone companies scramble for Zimbabwe's NetOne
21 Jul 2011 at 17:20hrs | Views
Zimbabwe's state-owned mobile phone operator NetOne has attracted interest from at least six foreign investors to buy a stake in the company, NetOne MD Reward Kangai revealed today.
"In the last two weeks alone, we have received four inquiries from foreign companies wishing to acquire a stake," Kangai said in a telephone interview today.
Bharti Airtel Ltd of India and MTN Group Ltd of South Africa have also been "in contact" with the company, he said, declining to give more details.
"At the moment we cannot announce anything as a result of the non-disclosure agreements we have signed," he said.
Zimbabwe agreed in March to allow foreign investment in NetOne to help boost capital in the company. It needs to inject as much as $100 million a year into its network to grow its subscriber base and roll out a 3G network and data services, Kangai said March 9. NetOne competes with Econet Wireless Zimbabwe Ltd. (ECWH), the southern African country's biggest operator, and Telecel Zimbabwe, a unit of Orascom Telecom Holdings SAE.
"In the last two weeks alone, we have received four inquiries from foreign companies wishing to acquire a stake," Kangai said in a telephone interview today.
"At the moment we cannot announce anything as a result of the non-disclosure agreements we have signed," he said.
Zimbabwe agreed in March to allow foreign investment in NetOne to help boost capital in the company. It needs to inject as much as $100 million a year into its network to grow its subscriber base and roll out a 3G network and data services, Kangai said March 9. NetOne competes with Econet Wireless Zimbabwe Ltd. (ECWH), the southern African country's biggest operator, and Telecel Zimbabwe, a unit of Orascom Telecom Holdings SAE.
Source - Byo24News
