Zimbabwean-born billionaire Strive Masiyiwa has bought back Mascom Botswana from MTN for US$300 million, 14 years after losing control of the telecoms giant.
MTN issued a statement on Thursday where it announced its intention to sell its 53% share in Mascom.
Pursuant to this, it announced that it would be disposing of its associate in Botswana, Mascom, for $300 million where its lack of control position and MTN branding meant that the group is not able to execute on its BRIGHT strategy.
Mascom was Strive Masiyiwa’s first mobile company before he obtained a licence to launch Econet Wireless after a protracted court battle with government authorities.
The name Mascom was derived from Masiyiwa Communications, a name that was reportedly suggested by a business partner.