Wednesday, June 23, 2010
Telecel Shareholders Disagree Over Zimbabwe Listing
‘Our client denies participating in the alleged proposal to have the company listed on the local stock exchange. Our client has not participated in the [proposed] alleged issuing of new [Telecel Zimbabwe] shares,’ the statement continued.
Telecel Zimbabwe is owned by Orascom Telecom’s Telecel Globe division (60%, registered to Telecel International), and EC (40%), itself comprising Kestrel (23%), IEG (18%), Indigenous Business Women's Organisation (17%), National Miners' Association (14%), Zimbabwe Farmers' Union (14%) and Magamba eChimurenga (14%). EC was originally given pre-emptive rights to acquire an 11% stake from Telecel International by the government.
The state gave Telecel a deadline of 30 June 2007 to comply with ownership rules; after failing to meet the conditions – largely because of the hyperinflation that paralysed Zimbabwe’s economy – the cellco has technically been operating without a valid licence ever since.