The National Social Security Authority is reported to have reached an agreement with Empowerment Corporation for the acquisition of a 40% stake in Telecel Zimbabwe. This comes after the institution bailed out state-owned internet technology firm Zarnet to complete the acquisition of the 60% stake which was held by Amsterdam-headquartered Vimpelcom for a total consideration of $40 million. Well placed sources told the Herald Business that NSSA had reached an agreement with Empowerment Corporation for the sake for $20 million, which is the same price that previous suitor Brainworks Capital wanted to pay.
NSSA now is doing due diligence. Once the processes have been completed Government will officially own Telecel 100%.
NSSA recently said it would make relevant its services and leverage technology to attract and accommodate untapped informal sector market and expend its membership base.
(source: http://www.herald.co.zw/nssa-eyes-40pc-stake-in-telecel/)