Govt Seeks To Raise $350 Million Selling Parastatal Shares

In a statement, Finance Minister Mthuli Ncube said Government expects to raise $350-million from selling shares in five state-owned telecommunications companies and a bank, as part of economic reforms being pursued by the government.

Ncube said Government seeks to dispose of shares in its two mobile phone operators NetOne and Telecel Zimbabwe, the country’s sole fixed line telephony company TelOne, postal services Zimpost and state-owned savings bank POSB. Ncube did not give a timeline. Reuters could not get a comment from Ncube. The government has targeted selling some or all shares in 43 of its companies, most of them loss-making and which have relied on state bailouts over the years.

More: Reuters 

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Mthuli NcubePOSBTelecel Zimbabwe

Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube

Post Office Savings Bank (POSB) is a savings bank owned wholly by the government of Zimbabwe. Founded in 1904, it was split up in 2001. This was a move to commercialize the bank and resulted in the creation of Net-One, Tel-One, and Zimpost and a... Read More About POSB

Telecel Zimbabwe is a telecommunications services provider with most of its services in the mobile cellular network services. The company is owned jointly by the Empowerment Corporation (40%) and Vimpelcom (60%), one of the largest telecoms companies in the world. In Zimbabwe, Telecel is the... Read More About Telecel Zimbabwe

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