Ventures Africa reports that all foreign-owned companies are required to to cede 51 percent shares to local business people in line with the Zimbabwe Indigeniusation and Empowerment Law
The company that boasts over 2.5 million active subscribers in Zimbabwe has however ignored this law.
Your non-compliance with the ‘indiginization laws’ has stalled the issuance of your licence document and you cannot continue to operate without a licence document,” said Baxton Sirewu, director general of Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) in a letter to Telecel Zimbabwe management.
Currently Telecel Globe owns 60 percent in Telecel Zimbabwe while the remainder 40 percent is held by Empowerment Corporation led by businessman Jame Makamba
Telecel Globe is a subsidiary of Orascom Telecom Company, a major international telecommunications company with interests in Europe, Africa, Asia, the Middle East and North America.