From Nechanda Radio

Global telecoms operator Telecel International has denied rumors that it is pulling out of Zimbabwe. The company dispelled reports that it was shutting down because it was reluctant to pay the $137.5m required for a new 20-year license.

James Makamba: “All the media reports last week were untrue. We are working together with Telecel International and want to grow the network.The company owns 60% of Telecel Zimbabwe, with the balance owned by Zimbabwean consortium Empowerment Corporation. The latter holds its 40 percent  through a vehicle owned by indigenous groups under the chairmanship of businessman James Makamba. Patrick Zhuwawo, a nephew of Zimbabwean President Robert Mugabe, was appointed MD of Empowerment Corporation last year.

Telecel Zimbabwe’s 15-year licence expired in June last year and was renewed after it promised the Zimbabwean government that it would abide by the country’s indigenisation law, which states that foreign companies should cede 51% of ownership to black Zimbabweans.

Written by Samuel Mungadze/Read more at Nechanda Radio