Business / Companies
Telecel Globe to reduce stake to 49 percent: Mugabe to increase his stake
01 Apr 2011 at 04:41hrs | Views
An Egyptian company Telecel Globe, a subsidiary of Orascom (Pvt) Limited which holds a controlling stake in Zimbabwe's Telecel mobile provider has announced that it will scale down its stake.
Telecel Globe has a 60 percent stake in Telecel but will scale down its stake to 49 percent.
Telecel Globe is to sell shares to an indigenous consortium led by Leo Mugabe, whose Zimbabwe Wealth Creation and Empowerment Council maintains that it was tricked into settling for a minority position in the company soon after its formation.
The council comprises the Affirmative Action Group, the Indigenous Business Women's Organization, the National Miners Association, the Zimbabwe Farmers Union, the Zimbabwe War Veterans Association and several other organizations.
Telecel Globe has a 60 percent stake in Telecel but will scale down its stake to 49 percent.
Telecel Globe is to sell shares to an indigenous consortium led by Leo Mugabe, whose Zimbabwe Wealth Creation and Empowerment Council maintains that it was tricked into settling for a minority position in the company soon after its formation.
The council comprises the Affirmative Action Group, the Indigenous Business Women's Organization, the National Miners Association, the Zimbabwe Farmers Union, the Zimbabwe War Veterans Association and several other organizations.
Source - Byo24News
