Telecel Zimbabwe receives US$70 million capital injection

Zimbabwe cellco, 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 per cent of the population and the funds will go – in part – towards boosting that to 90 per cent.

Telecel’s CEO, Francis Mawindi said that the company was now well capitalised and currently has a subscriber base of 2.62 million, up from 2.58 million at the end of last year. Telecel comes a distant second to the market leader, Econet Wireless which has around eight million customers.