Econet Gets All Regulatory Approval on Rights Offer

Zimbabwe’s largest mobile network operator Econet Wireless has received the nod with regards to the controversial Rights Offer thereby ending all the controversies surrounding the issue.

Econet had to force its way through in approving the $130million  rights offer transaction despite being forbidden by the Zimbabwe Stock Exchange.The rights offer saga which sent ZSE CEO Alban Chirume on an indefinite leave also prompted the Postal and Telecommunications Regulatory Authority to probe the matter.

Nonetheless, the company said in a statement that it acquired the necessary  crux concerning the rights offer.

“Econet Wireless Zimbabwe Limited (“Econet”) published an update on the Rights Offer with guidelines for letters of allocation. Econet advised that it has secured all the regulatory approvals required for the purposes of this Rights Offer,” said  Econet.

Upon receiving the nod, Econet reviewed the timetable with the Rights Offer closing on March 17.

“Also, the timetable has been revised with the LAs starting trading on 27 February 2017 and the Rights Offer closing on Friday 17 March 2017,” said the company.

Econet Wireless Building in Gweru

 

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