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