#Zimbabwe government buys Telecel to merge with NetOne #263chat #twimbos

Zimbabwe Co. Considers Buying VimpelCom’s 60% Stake in Telecel

By Godfrey Marawanyika and Chengetai Zvauya
(Bloomberg) — Internet service provider ZARNet “in the process of negotiating with the shareholders for an acquisition,” Information, Communication & Technology Minister Supa Mandiwanzira tells lawmakers in capital, Harare.

  • VimpelCom was close to deal w/ foreign co. on sale of Telecel; “govt took a deliberate decision to stop this kind of transaction on the basis that since its establishment foreign shareholding in Telecel Zimbabwe has exchanged hands more than 2 times without capital gains tax being paid in this jurisdiction”
  • “We made a decision that Zimbabwe assets cannot be traded outside the country without the country benefiting from issuance of capital gains

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