MTN: 5,592 +78 (+1.41%)
Zimbabwe's Econet plots Botswana Mascom listing by October
GABORONE, April 23 (Reuters) - Zimbabwean billionaire Strive
Masiyiwa plans to list part of his Botswana telecoms operator
Mascom by October this year, he said on Tuesday, in what he
expects to be one of the biggest flotations on the Gaborone
Masiyiwa, through his holding company Econet, is finalising
a $300 million deal with South African rival MTN Group
to raise his stake in Mascom from 7 percent to 60 percent.
"This is what I have always wanted to do ...I have never
held enough shareholding to push it through," he told reporters.
He said more details would be provided in due course but
said he anyone who can raise $10 should be able to buy shares in
Mascom, which Econet valued at more than $600 million when it
agreed to buy out MTN's 53 percent holding.
Masiyiwa founded Mascom 21 years ago, a few months before he
set up Econet in Zimbabwe. It is Botswana's biggest mobile
operator with 1.7 million customers. The remaining 40 percent of
Mascom is owned by the Botswana Public Officers' Pension Fund.
(Reporting by Brian Benza, editing by Louise Heavens)
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