Econet of Zimbabwe Is Said to Be in Talks About Restructuring
Econet of Zimbabwe Is Said to Be in Talks About Restructuring
(Bloomberg) -- Econet Wireless Zimbabwe Ltd. is in talks about restructuring the company, according to two people familiar with the matter.
The company, which has a market value of $3.1 billion, announced on Monday it’s in talks that may affect its share price, urging stockholder caution when trading its securities. It didn’t provide further details.
The talks are related to a reorganization, the two people said, asking not to be identified because they aren’t authorized to discuss it publicly. One of the people said the restructuring may relate to plans for an initial public offering by Liquid Telecom, a unit of Econet that owns about 40,000 kilometers (25,000 miles) of cross-border fiber networks in Africa.
Liquid Chief Executive Officer Nic Rudnick said last year that an IPO was a possibility. Econet, founded by Zimbabwean phone tycoon Strive Masiyiwa, is also considering selling shares on the London Stock Exchange that could value the company at about $8 billion, people familiar with the matter said in November.
To contact the reporter on this story: Godfrey Marawanyika in Harare at gmarawanyika@bloomberg.net
To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net, Paul Richardson, Michael Gunn
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