Vimpelcom Limited says it still owns a majority stake in Telecel Zimbabwe (Private) Limited, as negotiations with the government over the 60 percent buy out continue.
Last year, VimpelCom was pressured by President Robert Mugabe’s administration to sell its stake in the mobile phone operator to Zarnet after its offers to a variety foreign and local investors was blocked on the basis that previous sales had not yielded any capital gains tax for the cash-strapped government.
“As announced in November 2015, VimpelCom and Global Telecom Holding (GTH) have reached an agreement with Zarnet (Private) Limited to sell their 60 percent stake in Telecel,” the Amsterdambased company’s spokesperson Rozzyn Boy told businessdaily.
“We are progressing with the transaction and continuing to make all preparations to bring the deal to,” she said.
“As always, our focus remains firmly on serving our customers in Zimbabwe and providing them with the best possible services.
“As of today, VimpelCom and GTH remain a 60 percent shareholder in Telecel and we continue our discussions with Zarnet,” Boy added.