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HARARE – Amsterdam-based VimpelCom Ltd has announced that its 51,9 percent owned subsidiary, Global Telecom Holding S.A.E. has entered into an agreement with Government’s ZARNet to sell its stake in Telecel International Limited for  $40 million.

Telecel International owns 60 percent of Telecel Zimbabwe, while the remaining 40 percent is owned by a consortium of local businesspeople.

In a statement, Vimpelcom said “transfer of ownership to ZARNet will occur after customary conditions are satisfied.”

ZARNet is wholly owned by the Government and it falls under the Ministry of Information & Communication Technology, Postal and Courier Services.

Government already owns fixed phone operator TelOne and mobile operator NetOne.

And the acquisition the majority stake in Telecel means that Econet Wireless Zimbabwe is now the sole major private operator in the telecoms sector.-BH24