Confusion shrouds the Telecel Zimbabwe acquisition deal as government intends to expedite its conclusion with Netherlands based Vimpelcom Ltd. Government is planning to pay with treasury bills alongside money settled off through a mining deal with a multi national platinum mining company, #MondalBlues can reveal.
On November 18, 2015 VimpelCom announced its sale of the majority stake in Telecel to Zarnet, a parastatal under the ministry of ICT, Postal and Courier Services.
“VimpelCom a leading international provider of telecommunications services headquartered in Amsterdam, 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. Telecel International owns 60% of Telecel Zimbabwe (Pvt) Ltd. Transfer of ownership to ZARNet will occur after customary conditions are satisfied,” said the group.
Latest information shows that the government has found another way to pay out the remaining chunk , which will soon sign off the Telecel deal and empowers it to have full controlling stake as it plans out a 100% ownership.
A close source to the developments said that two separate chunks of $2.5million have been directly paid to Vimplecom.
“The transaction has been delayed due to the empty bistro accounts in Zimbabwe that leaves heavy balance sheets on the local RTGS markets inaccessible outside Zimbabwe,” said the source who requested anonymity.
While the ministry of ICT announced its initial commitment of $10 million which was actually cleared to Vimplecom, the Amsterdam headquartered company, according to the source “…is disappointed about the transaction balance which has remains stuck in the Zimbabwean bank account.”
The delay has been extended by National Social Security Authority (NSSA) who was technically consulted as a financier of the deal. It boggles the mind why this delay as NSSA a potential bankroller by now could have become a signatory in the deal.
This procrastination has greatly crippled Telecel which is currently running on auto-pilot since the company executives has no powers and authority to invest while driving the company with alternative shareholder interest.
The Dutch who initially showed signs of pulling out paving way for the new shareholder reportedly came back to monitor the transaction which caused serious confusion in the control of the stake.
However the government which has not fully paid nor fulfilled the contractual obligations had no legal mandate to run the mobile network under the circumstance.
This development may soon see Telecel deal concluded allowing the mobile network company operate at full capacity. Lately Telecel has been running on a limited capacity and caught in between serious shareholders wrangler as they have been serving two masters .