Zimbabwe businessman ups stake in Telecel

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A report from Zimbabwe suggests that local lawyer and businessman Gerald Mlotshwa has taken full control of the 40% stake in mobile operator Telecel held by Empowerment Corporation (EC).

The Daily News writes that Mlotshwa’s investment partner, George Manyere, founder of private equity group Brainworks Capital Management, has exited EC to leave Mlotshwa in full control. Manyere recently disposed of his shares in Brainworks to concentrate on other business ventures.

According to the most recent figures from telecoms regulator POTRAZ, Telecel had 1.79 million active subscribers and 13% of the country’s mobile market at the end of September 2017. The government of Zimbabwe has a 60% stake in Telecel, which is held via state-owned ISP Zarnet.