#MondayBlues: Gov Closing Telecel Deal

The Zimbabwe government has remained bullish on taking over the Telecel Zimbabwe investment, as the telecoms sector continuously indicates to be more viable, amidst slow economic turn around, ignoring the announced sale deal to George Manyere.

The moves is likely force restructuring of Telecel stake as it was from the origin, before the government offered Empowerment Council (EC) stake, taking into consideration the actual amount invested by the current stakeholders to re –evaluate the asset .

Speaking to the ICT Postal and Courier services minister on the development, he indicated that the government has always shown interest on total control over the investment and is not disturbed by the “alleged sale” to George Manyere.

Government is moving ahead with the acquisition of the 40% from the legitimate owners of the 40%, anyone who purports to have bought shareholding must know they have lost their money” said the minister.

Sources around the matter allege that the Telecel Zimbabwe local stake holders did not invest much to support their equity stake into the asset and this loophole is likely going to be used to re-evaluate the asset before the final sale.

Government helped the initial acquisition of stake to the locals through EC hence it has an influence as well over the disposal of the local shareholding, a move which will likely clash heavily with George Manyere.

The sale between Makamba and Manyere hangs in balance as government continues not to recognize is as a legitimate entry.

Sources close to the matter allege that the Local stakeholders were quick to offload stake to Manyere as they were skeptical of any significant buy in from the government due to investment and evaluation issues.

Government however continuously stated that they are close to finalizing the Telecel take over and were cautious in disclosing the terms of engagement around the matter, stating that they will only publicly do so once the deal is concluded .

It was not clear whether the deal with Mr Manyere was then reversed or still on hold as the Government insists over 100% shareholding takeover, in a move which many feel the government is in a buy to sell deal.

However their agreement with Vimplecom blocks the immediate sale of the asset , should they even take over the 100% stake, as it was coined in the terms of empowering the government and its local people

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