Telecel Zimbabwe up for sale

VimpelCom intends to sell its shareholding in Telecel Zimbabwe and has invited bids from interested investors, the Herald reported.

VimpelCom owns 60 percent of Telecel Zimbabwe, and the remaining 40 percent is owned by Empowerment Corporation.

The paper's sources said VimpelCom intends to sell its stake in Telecel, and it has now reached the stage of evaluating the bids.

The process is at an advanced stage, and the winner might be announced before year-end.

Vimpelcom already sold its two other businesses in Africa, in Central African Republic and Burundi, for USD 65 million to South Africa-based Econet Wireless Global.

Econet Wireless Global owns Econet Wireless Zimbabwe, the country's largest mobile operator.