Econet Media, a branch of Econet Wireless International has recently put up its shares in the satellite broadcast business in 13 countries for sale after its operations proved to be nothing close to a walk in the park.
The group which has its headquarters in Mauritius and was trading as Kwese Tv as is said to be also selling its interest in free-to-air television and digital distribution of content.
Ernst & Young Ltd. said in a newspaper advertisement that it will oversee offers for all or part of the company’s shareholdings in businesses in Botswana, South Africa, Zimbabwe, Lesotho, Zambia, Nigeria, Rwanda, Tanzania, Uganda, Malawi, Mauritius, Ghana, Kenya and Dubai.
Zimbabwean billionaire and telecommunications guru Strive Masiyiwa’s company has been reported to have gathered up overUS$130 million in liabilities and has also been failing to pay suppliers.
The business, hired Ernst and Young’s Paul Gerald Lincoln, a licensed insolvency practitioner, in an effort to salvage the business.