News / National
Mnangagwa's son-in-law boots Makamba out
11 Jun 2018 at 11:44hrs | Views
An extraordinary general meeting of Telecel Zimbabwe on Thursday finalised Makamba's exit after decades as chairman.
New chairman Gerald Mlotshwa, president Mnangagwa's son-in-law, said it was a relief to put "legacy issues" to bed.
"We will be meeting shortly with our co-shareholder, Telecel International, to map the way forward operationally, particularly in relation to recapitalisation of Telecel, which requires at least $400-million over the next three to four years, mainly for network expansion and upgrades," he said.
"There is, of course, the need to put to rest the outstanding licence fees. The capacity to finance these costs is there. However, the manner and means in which this will be achieved will be made public in due course."
Makamba will receive $11-million for his Telecel Zimbabwe shares.
He sold off a remainder of 30.25% equity in holding company Kestrel Corporation to MHMK Group, controlled by Mlotshwa and George Manyere.
New chairman Gerald Mlotshwa, president Mnangagwa's son-in-law, said it was a relief to put "legacy issues" to bed.
"We will be meeting shortly with our co-shareholder, Telecel International, to map the way forward operationally, particularly in relation to recapitalisation of Telecel, which requires at least $400-million over the next three to four years, mainly for network expansion and upgrades," he said.
Makamba will receive $11-million for his Telecel Zimbabwe shares.
He sold off a remainder of 30.25% equity in holding company Kestrel Corporation to MHMK Group, controlled by Mlotshwa and George Manyere.
Source - timelive
