Zimbabwe paying off Telecel shareholding balance

The government has begun paying off the balance to acquire a 60% shareholding in Telecel Zimbabwe and the transaction should be complete by next week. Sources revealed that the government had sent $30 million to VimpelCom.

The transaction is still to be completed and by next week it should be complete.

The government will hold 60% shareholding of Telecel Zimbabwe," a source said. The total value of the 60% stake in Telecel by government is $40 million and government made the initial deposit of $10 million last year.

Contacted for comment, Telecel Zimbabwe spokesman, Francis Chimanda could not disclose any information on the transaction.