Zimbabwe’s smallest mobile operator Telecel is reportedly courting investors to generate funds for a new network expansion.
Speaking to local news outlet The Herald, the operator’s chairman Selby Hwacha talked up the operator’s strategies to bring in investment, saying: “There are a couple of initiatives to raise capital. Telecel is a very attractive proposition. It is the least funded network; it’s easier to get into a relationship with us.”
Hwacha laid out certain strategies that Telecel is evidently considering, but stopped short of confirming any investors, saying that the operator’s size and situation made it “attractive for equity adjustments, joint ventures, lending, but I can’t get into specifics because of non-disclosure expectations.”
Telecel has faced difficulties with investing in its network due to ongoing clashes with its 40% shareholder, Empowerment Corp. As reported by CommsUpdate, this has caused the operator to lose ground to its larger rivals Econet and NetOne, dropping from 17% market share in 2015 to just 5.5% at the end of 2020. However, Hwacha noted that this is now abating.
The Zimbabwean government has held the remaining 60% in the operator since 2016.