Zimbabwean-born billionaire Strive Masiyiwa has bought back Mascom Botswana from MTN for US$300 million, 14 years after losing control of the telecoms giant.
MTN issued a statement on Thursday where it announced its intention to sell its 53% share in Mascom.
Pursuant to this, it announced that it would be disposing of its associate in Botswana, Mascom, for $300 million where its lack of control position and MTN branding meant that the group is not able to execute on its BRIGHT strategy.
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Mascom was Strive Masiyiwa’s first mobile company before he obtained a licence to launch Econet Wireless after a protracted court battle with government authorities.
The name Mascom was derived from Masiyiwa Communications, a name that was reportedly suggested by a business partner.