Business / Companies
Orascom team in Zimbabwe to renew Telecel licence
17 Jul 2013 at 04:27hrs | Views
A TEAM from Orascom Telecom Company, Telecel Zimbabwe's parent company, will this week engage Ministry of Transport, Communication and Infrastructural Development officials in a bid to renew the mobile phone operator's licence this month, a company executive has said.
Telecel, the country's second largest mobile phone operator, is 60% owned by Telecel Globe and the Empowerment Corporation - a local consortium of individuals and groups - with 40%.
Company spokesperson Obert Mandimika yesterday confirmed the arrival of the team from Orascom, but could not divulge much.
"We can confirm that representatives from our parent company will be here this week to meet relevant authorities regarding the licence renewal for Telecel Zimbabwe," said Mandimika.
Following the expiry of the operating licence, the telecoms firm has been a target of indigenisation regulation compelling foreign-owned companies to sell 51% stakes to locals.
Mandimika said efforts were underway to comply with the indigenisation and empowerment regulations.
Telecel, the country's second largest mobile phone operator, is 60% owned by Telecel Globe and the Empowerment Corporation - a local consortium of individuals and groups - with 40%.
Company spokesperson Obert Mandimika yesterday confirmed the arrival of the team from Orascom, but could not divulge much.
Following the expiry of the operating licence, the telecoms firm has been a target of indigenisation regulation compelling foreign-owned companies to sell 51% stakes to locals.
Mandimika said efforts were underway to comply with the indigenisation and empowerment regulations.
Source - newsday
