Econet plans to list $8 billion shares on London Stock Exchange


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African telecommunications group Econet is planning to list shares worth $8 billion on the London Stock Exchange (LSE) from a combination of new and existing assets.

Bloomberg reported today that the company will acquire some African telecommunication companies to grow its asset base and is said to be in discussions with Millicom International Cellular SA to buy some of the Luxembourg-based carrier’s assets on the continent.

Millicom is scaling back its operations in Africa where it has operations in Tanzania, Chad, Ghana and Rwanda where it serves some 25 million users.

The Zimbabwe Stock Exchange listed Econet is trying to attract new international investment and plans to make an initial public offering of $1 billion new shares in London.

It may also consider a secondary listing at the Johannesburg Stock Exchange.

Econet sources said the report was ‘about right.’ The group has interests in 17 countries. – The Source

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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