Home » Education » HARARE COMPLETES TAKEOVER OF STAKE IN MOBILE FIRM TELECEL

The Zimbabwe government has completed he protracted deal with VimpelCom and Global Telecom to take over their combined 60 per cent stake in mobile network company Telecel.

In a statement to the company's staff here Wednesday, Telecel chief executive officer Angeline Vere said management would focus on ensuring that the organization continued to operate smoothly over the transition period.

Vhere said the move created new opportunities for the company by bringing in much-needed recapitalization necessary for the growth and development of the company.

"Management will continue to focus on ensuring that the organization functions smoothly in the transition. It is very much business as usual and we should all remain hardworking and committed to serving our customers to the highest Telecel standards," she said.

"The conclusion of the sale creates numerous opportunities for the company in that the transaction will bring clarity to the organization and allow for recapitalization and growth of business.

"With these opportunities, we should all now focus our energies and resources on our strategic growth plans in developing our organization to the best of its potential and fulfilling our corporate values of customer service, innovation and value for money."

The takeover bid for Telecel Zimbabwe had been delayed over the years with the latest being the threat by the Empowerment Corporation, a shareholder with a 40 per cent stake in the company, threatening to sue the Netherlands-headquartered VimpelCom over pre-emptive rights in the

60 per cent stake.

Source: NAM NEWS NETWORK

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