State-owned fixed telecommunications provider TelOne is owed $101 million by the government and parastatals.
The company’s managing director, Chipo Mtasa said that if the government pays its debts, it will be able to meet its immediate capital expenditure needs. Said Mtasa:
The issue that will really help us is the Government paying its debts to TelOne. It is an issue that continuously plays havoc with our cash-flows. Right now the total that we are being owed by Government and parastatals is RTGS$101 million.
Are you in Zimbabwe?
Read Pindula News without data on your phone on freedata.pindula.co.zw
Only Applicable to Econet lines
If we got all that money in, that is actually a good RTGS fund from which we can actually use for some of our immediate capital expenditure needs. We have an outstanding $5 million project, for example, that we really need to commission. And we can also pay other obligations.
Meanwhile, the government will soon complete the assumption of TelOne’s US$383 million legacy loans after Cabinet gave the green light.
More: The Herald
Chipo Mtasa is a Zimbabwean entrepreneur and the managing director of TelOne Read More About Chipo Mtasa
TelOne is one of the several Telecoms companies operating in the Zimbabwean telecommunications and technology industry. Its main core business revolves around voice, data and internet products and services. "TelOne owns a wide range of telecommunications equipment, varying from various exchanges located in strategic areas,... Read More About TelOne