African Telecom Group Econet Wireless Considering London Stock Exchange Listing

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Written by Peter Pedroncelli

African telecommunications company Econet Wireless may be considering a listing on the London Stock Exchange at some point during the course of 2018.

The company is allegedly considering the sale of shares on the English bourse to the value of around $8bn through a combination of new and existing assets, people close to the company told Techcentral.

Econet Wireless is a diversified telecom group with operations and investments throughout the world, with specific focus on mobile and fixed telephony services, broadband, satellite, optical fiber networks and mobile payment solutions.

The company currently operates in 17 countries throughout Africa, Europe, South America and the East Asia Pacific Rim.

Econet Wireless, which was founded by London-based Zimbabwean business mogul Strive Masiyiwa, is in discussions with Luxembourg-based carrier Millicom International Cellular to buy some of their African assets, according to the Chronicle.

The European company, which is controlled by Sweden’s Stenbeck family, is scaling back in Africa to focus on Latin America. As a result, it may be interested in parting with significant holdings in Tanzania, Chad, Ghana and Rwanda.

Millicom serves around 25 million users in those countries, which would be a significant addition to Econet’s operations in Africa.

Potential London listing for Econet Wireless

A listing on the London Stock Exchange would provide the company with a larger pool of international investors, with the funds likely to be used for further acquisitions.

When pressed on the potential for a London Stock Exchange listing, the company admitted that work is being done to bring various assets together to form a firm which would make an attractive listing, but no confirmation was forthcoming.

“We are working to streamline these into a vehicle which can be listed,” the company said, according to Moneyweb.

“At the moment, Econet considers it premature to discuss further, but will provide further clarity should the listing proceed,” the company added.