TelOne, Zimbabwe’s sole fixed-line operator and ISP, is planning a fundraising of around US$100m, its managing director has said.
Chipo Mtasa told local reporters that the funding would be invested in the next four years to turn the state-owned company…
TelOne, Zimbabwe’s sole fixed-line operator and ISP, is planning a fundraising of around US$100m, its managing director has said.
Chipo Mtasa told local reporters that the funding would be invested in the next four years to turn the state-owned company around.
Specifically, TelOne’s network will be updated and mobile services might be launched, she said.
Zimbabwe has three wireless operators – Econet, GTH’s Telecel and state-owned NetOne.
Mtasa did not disclose whether the company was looking for equity or debt funding but local reports suggested the money would be raised from international investors.
The operator was not immediately available for comment.
Yesterday, TelOne said its revenue for the first quarter ending 31 March was up 8% compared with the same period last year. But it added that its operations have been affected by the current liquidity crunch in Zimbabwe’s economy.
The fixed-line monopoly also said it is owed around US$300m by its customers and that the recovery process has been slow.
