Zimbabwe: NetOne Fails To Attract Majority Shareholding Investor - Reports

Zimbabwe’s struggling state-owned telco NetOne has reportedly failed to attract an investor to take over its majority shareholding (a 74% share).

The country’s Finance Minister Mthuli Ncube had originally set September 2019 as the deadline for selling off the majority stake, but this was later moved to December.

Despite an aggressive attempt by the government to reel in potential investors, including frontrunners such as MTN, there has been no progress.

However, Ncube said that he remains optimistic and he recently hosted a public meeting where he announced that both NetOne and TelOne would soon unlock their combined value which stands at a whopping US$350-million.

While Ncube refused to reveal any details on a possible investor, speculation has surfaced that Zimbabwe’s government is looking to approach the South African telecoms services provider Telkom.

NetOne has been dealing with a series of resignations. After the Board Chairperson James Mutizwa resigned, he was followed by the Audit Committee Chairperson, Sibonile Dhliwayo and then the HR executive Keumetsi Mpandawana.

More recently, NetOne’s CEO Lazarus Muchenje was suspended, along with the CFO, Sibusiso Ndlovu.

This is the second time that Lazarus Muchenje has been suspended during his term at NetOne.

Former NetOne CEO Reward Kangai said that NetOne’s problems had been there for some time.

Credit: This article originated from

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