1,8m subscribers on Econet mobile internet

Econet Wireless Zimbabwe Limited (Econet) now has an impressive 1,8 million subscribers on its mobile internet service, a senior official has revealed.

Econet is the second most heavily capitalised firm on the Zimbabwe Stock Exchange today after Delta Corporation Limited (Delta) led by Joe Mutizwa. It is the only listed telecommunications firm.

The firm has invested more than $20 million in Zimbabwe, the largest amount of investment since the building of the Kariba Dam before Independence in 1980.

This year alone, Econet is investing $460 million to spruce up its 3G technology countrywide.

Led by Douglas Mboweni in Zimbabwe, but controlled by tycoon Strive Masiyiwa from South Africa, Econet is the undisputed leader in the domestic telecommunications market with about 69 percent market share, and more than 400 base stations scattered countrywide.

Leading stock market analysts, Imara Edwards Securities, currently led by Thadius Kasaira, predict that Econet's turnover could skyrocket to $590 million in 2012 and a further $694 million by 2013.

Post published in: Economy

Leave a Reply

Your email address will not be published. Required fields are marked *