Tuesday, August 25, 2009

Net*One Considers Listing On Harare Bourse

Zimbabwe's second largest mobile network operator, Net*One is reported to be looking at listing on the local stock exchange, if the the government approves a financing model. An alternative is to seek an outside investor.
Whichever plan is carried out, the government will not reduce its holding below 60 percent, ICT Minister, Nelson Chamisa told the The Financial Gazette. The investment will be used to recapitalise the company and funding its network expansion.
"Net*One is one of the four parastatals that the government is planning to recapitalise as soon as possible. We are looking at a number of recapitalisation models," Chamisa said.
South Africa's MTN Group was recently reported to be seeking an investment in a Zimbabwean operator, although the presumed target, Telecel denied the reports.
The country currently has three mobile network operators. According to figures from the Mobile World analysts, Net*One is estimated to have ended last year with around 340,000 subscribers - representing a market share of around 18.6%.

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