#MondayBlues can confirm Top Telecel Executive and Vimplecom legal team are meeting in South Africa to close deal which will see Vimplecom officially announcing the sale of its stake to the government.
The deal has gone over a year citing none funding of nostro accounts, a major issue which has been crippling the Zimbabwean economy and many deals making the Vimplecom team skeptical about the government’s sincerity to close deal.
However latest updates with yours truly can confirm that using other alternative modes of payment including the mining exchange deal, the Vimplecom team will soon announce the deal done and sealed ceding all powers to the local authority.
To date the Vimplecom has not announced nor confirmed the deal as signed but maintains in its official statement that it is still engaging the government over its interest to sell stake.
Amsterdam (November 18, 2015) – VimpelCom Ltd. (“VimpelCom”, “Company” or “Group”) (NASDAQ: VIP), a leading international provider of telecommunications services headquartered in Amsterdam, today announced that its 51.9% owned subsidiary, Global Telecom Holding S.A.E. (“GTH”), has entered into an agreement with ZARNet (Private) Limited to sell its stake in Telecel International Limited for $40 million.
The Govt-Vimplecom deal has heavily dragged progress at Telecel Zimbabwe as the mobile network has been caught in between fighting stake holders for long, forcing the company not to make any serious investment decision but concentrate on daily operational issues.
The 60% shareholding being sold was gained by VimpleCom from Orascom and the remaining 40% is being owned by Empowerment Corporation.
The move will bring joy and growth to Telecel Zimbabwe if its expedited and as it officially gives a local stakeholder full control to drive the growth of the mobile network and make it competitive again.
VimpleCom is one of the world’s largest integrated telecommunications services companies, providing voice and data services through a range of traditional and broadband mobile and fixed technologies in Russia, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Laos, Algeria, Bangladesh, Pakistan