Zimbabwe Expects to Raise $350 Million Selling State Companies

(Bloomberg) -- Zimbabwe plans to raise $350 million from the sale of stakes in five state-owned companies, Finance Minister Mthuli Ncube said.

The proceeds will help the Treasury achieve its target of reducing the budget deficit to 5 percent of gross domestic product, from 12 percent, Ncube said in a statement emailed Tuesday from the capital, Harare. The government has identified 43 state-owned entities for reform, he said.

The firms earmarked for immediate sale are telecommunications companies Tel One Ltd., Net One Ltd. and Telecel Ltd., the state post office ZimPost and the People’s Own Savings Bank, Ncube said.

“Work is already under way to identify transaction advisers,” he said.

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