Liquid Telecom, headquartered in Zimbabwe, has rebranded to Liquid Intelligent Technologies in a bid to become Africa’s leading digital services provider. The company additionally stated that it needed to develop people and improve organizational maturity, which will enable it to operate in its intelligent technology business to generate immediate and sustainable value to its current and future shareholders and exceed customer expectations to be more competitive in the industry.
The rebrand comes soon after the firm added a new range of solutions in addition to its connectivity offering, and acquired the Samrand data center.
Unfortunately, the move has seen the firm lay off numerous staff in one fell swoop. It is currently unclear as to how many of the 864 employees will be sent home.
The notice issued by the company stated that they were contemplating dismissing employees based on “operational requirements relating its technological and structural needs”. Liquid Telecom previously orchestrated a retrenchment drive of similar proportions in 2018.
Group Chief Executive Officer, Nic Rudnick, said “As we have transitioned our business in the last two years, we have added new products and solutions in addition to our connectivity offering.
As such, the company needs to develop people and improve organizational maturity that will enable us to operate in our intelligent technology business to generate immediate and sustainable value to our current and future shareholders and exceed our customer expectations to be more competitive in our industry.”
Liquid Telecom has been the leading fiber network provider in Africa; it provides an open-access network for 5G throughout Zimbabwe.
Liquid Telecom has said it will remain committed to building Africa’s digital future and collaborating with our customers to connect, innovate, and grow throughout their entire digitization journey through its transition.
In related topics, Liquid Intelligent Technologies’ CEO, Strive Masiyiwa, is also planning to sell 34% stake of Liquid Telecoms for $600 million to repay a $375 million loan taken from Public Investment Corp (PIC).
The loan was used to fund an ill-fated Pay-TV venture due to the economic crisis and currency shortage in Zimbabwe.
The plan was to repay the debt from the proceeds of listing an IPO, which has become even more unlikely as equity markets are currently volatile. PIC thus issued an ultimatum for the CEO to repay the loan by the end of August 2020.