TelOne requires US$300m for recapitalisation of projects

By Staff reporter | 16 Jul 2020 at 18:32hrs
STATE-OWNED utility, TelOne requires 300 million United States dollars to fully undertake its recapitalisation programme through strategic regional and global business joint ventures.

The unveiling of a network operations centre by the firm this Wednesday has seen government, mandating the TelOne board to forge ahead with turnaround policies.

The utility's managing director, Mrs. Chipo Mtasa says the recapitalisation programme can only be achieved by identifying regional and global partners.

"We need the funding it is our main initiative to ensure the project is a success," she said.

The Minister of ICT, Postal, and Courier Services Dr. Jenfan Muswere says government backs the recapitalisation plan.

"We are the shareholders and we remain committed to supporting all the programmes by the entity for the benefit of the economy," said the minister.

The entity is also being targeted for partial privatisation to improve efficiency and increase the value of returns.



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