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Telecel Secures Funds to Expand Zimbabwe Network
Published on:
Zimbabwe based mobile network operator, Telecel has received a cash injection of US$70 million from its parent shareholder, Orascom Telecom Holdings to help expand the network's coverage.
Citing a company executive, the Financial Gazette reported that the network coverage is currently at 80% of the population and the funds will go -- in part -- towards boosting that to 90% of the population.
Telecel's CEO, Francis Mawindi said that the company was now well capitalised after the US$70 million cash injection.
Telecel currently has a subscriber base of 2.62 million from 2.58 million at the end of last year. It comes a distant second to the market leader, Econet Wireless which has around 8 million customers.
On the web: Financial Gazette
Tags: [telecel] [orascom telecom holdings] []
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