TelOne and NetOne to be privatised

Zimbabwe government-owned telecoms company, TelOne, and its mobile subsidiary NetOne, will be partially privatised by September 2019 according to the country’s finance minister, Mthuli Ncube.

The government is looking to fast-track the partial privatisation process that would result in the state owning at least 40% equity in TelOne and NetOne, which are offered as a joint package to potential investors led by MTN and Telkom.

“Both TelOne and NetOne are well positioned to compete with competitors such as Econet within the market. What Cabinet then decided to agree on today was basically to conclude the issue of a transaction advisor for TelOne and NetOne. In doing so we have to ensure that they are offered as a package together. It is a joint offering to an investor. Government will get better value for money if these are offloaded together as a package.”