Grant Thornton, the business rescue practitioner for Telecel Zimbabwe (Telecel), is seeking new investors for the struggling mobile network operator, once the country’s second largest.
Placed under corporate rescue in October last year, the company’s troubles trace back to years of under-investment, largely driven by protracted shareholder disputes.
These conflicts culminated in the government acquiring a controversial 60 percent stake through state-owned internet service provider Zarnet, a move widely seen as failing to arrest the decline.
Telecel now holds fewer than 319,548 subscribers – less than two percent of the market, far behind dominant Econet Wireless, which controls about 73 percent.
The company carries just 0.02 percent of national voice traffic and 0.16 percent of internet usage, underlining the scale of its operational collapse.
Its network infrastructure has also deteriorated significantly.
The network operates only 17 LTE base stations, about 0.5 percent of the national total, and has no 5G presence, compared to Econet’s extensive network of around 1,700 LTE sites.
Grant Thornton said potential investors must formally register their interest through transaction, emphasizing that “the process is aimed at recovery rather than closure”, signaling a structured attempt to stabilise the company’s finances and operations.
“The corporate rescue process is designed to rehabilitate the company and does not signify an intention to liquidate,” the business rescuer said. – TML