HARARE - Econet Wireless is investing $400 million to spruce up its network as and improve customer care service Rangarirai Mberi, Group Corporate Communications Manager, has said.
In an exclusive interview with The Zimbabwean, Mberi said the amount had been sourced from the company’s savings nationally since dollarisation.
Econet is Zimbabwe’s largest mobile telecommunications network with more than six million subscribers in its stable.
It beats hands down government-controlled NetOne (Private) Limited, and Telecel Zimbabwe (Private) Limited owned by war veterans tycoon Jane Mutasa.
Econet is currently led by businesman, Douglas Mboweni but is owned by Strive Masiyiwa based in South Africa.
“In total we have invested about $600 million in Zimbabwe,” Mberi said. “In Zimbabwe this year alone we have invested at least $400 million upgrading our service as well as replacing out-dated equipment to bring into the country updated facilities so as to enhance our coverage.”
More than nine million people have access to cellular phones in Zimbabwe.
“By 2012 we hope our mobile subscribers will have reached 11 million. We sincerely hope to continue expanding our growth both in terms of customers and equipment and Voice Mail Data which is the way to go right now.”
Econet, the only mobile telecommunications firm listed on the Zimbabwe Stock Exchange currently has a market capitalisation of $475,970,135.60.
It is among the high-flyers on the bourse today with an impressive share price of some $5,05 per share.
Econet recently off-loaded its shareholding in financial services empire Kingdom Financial Holdings Limited (KFHL) under mogul and top banker, Nigel Chanakira, and the wealthy Meikles Africa Limited (MAL) empire under another tycoon, John Moxon, to concentrate on its core business of mobile telephones and services.
Post published in: Economy