Business / Companies
Telecel cobbles 'superficial' indigenisation deal
13 Jun 2013 at 05:12hrs | Views
Telecel Zimbabwe is reportedly putting together a "superficial" empowerment deal which it plans to rope in Zanu-PF legislator, Paddy Zhanda, as it races against time to comply with the country's economic empowerment law.
Unnamed sources said the telecoms firm's majority shareholder, Telecel International is mulling a phony empowerment scheme that could see a local consortium led by Zhanda taking over.
Telecel Zimbabwe has been warned that its licence would not be renewed until the company restructured its ownership in terms of the country's indigenisation laws.
Egypt-based Orascom owns 60 percent of the company with the balance held by local investors.
"They must meet the conditions they were asked to meet, they must go back to the original position of 60-40 with Empowerment Corporation once they meet that position there will be no problem," said Goche.
"There pressure is on them (to address the shareholding anomaly). If they don't do that I will not renew their licence. The ball is in the court (as their licence is about to expire)."
Under the country's empowerment laws foreign companies cannot own more than 49 percent of their Zimbabwe operations.
More to follow.....
Unnamed sources said the telecoms firm's majority shareholder, Telecel International is mulling a phony empowerment scheme that could see a local consortium led by Zhanda taking over.
Telecel Zimbabwe has been warned that its licence would not be renewed until the company restructured its ownership in terms of the country's indigenisation laws.
Egypt-based Orascom owns 60 percent of the company with the balance held by local investors.
"They must meet the conditions they were asked to meet, they must go back to the original position of 60-40 with Empowerment Corporation once they meet that position there will be no problem," said Goche.
"There pressure is on them (to address the shareholding anomaly). If they don't do that I will not renew their licence. The ball is in the court (as their licence is about to expire)."
Under the country's empowerment laws foreign companies cannot own more than 49 percent of their Zimbabwe operations.
More to follow.....
Source - fingaz
