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Econet Wireless Global acquires two African mobile firms

Xinhua, October 21, 2014 Adjust font size:

Telecommunications firm Econet Wireless Global has acquired the assets of Russian global telecoms operator, VimpelCom in Burundi and the Central African Republic for 65 million U.S. dollars as the telecommunications giant continues to grow its footprint in Africa.

Econet Wireless Group chief executive Craig Fitzgerald confirmed the transaction made by VimpelCom to the Cairo Stock Exchange Monday.

VimpelCom operations in Burundi and the Central African Republic were owned by its subsidiary Telecel Globe.

VimpelCom also owns Zimbabwe's second largest mobile telecommunications firm, Telecel Zimbabwe.

"Yes, I can confirm that our Mauritius registered telecoms holding company, Econet Wireless Global, has acquired Vimpelcom's two operations in Burundi and Central African Republic," said Fitzgerald.

Econet Wireless Global has operations and investments in telecommunications businesses throughout Africa, Britain, Asia Pacific and Latin America.

It also holds the controlling interest in Econet Wireless Zimbabwe, which is listed on the Zimbabwe Stock Exchange (ZSE).

Econet Wireless Global is a wholly owned subsidiary of Econet Wireless Group, a privately held group controlled by leading Zimbabwean industrialist Strive Masiyiwa.

Fitzgerald said the acquisition did not affect in anyway trading by Econet Wireless Zimbabwe.

"Econet Wireless Global owns a majority stake in the Zimbabwe operation, and it is not the other way round. I know many people make this mistake of thinking that because our Zimbabwean subsidiary is listed, it is also the holding company of all our businesses. Econet Wireless Zimbabwe does not own businesses outside Zimbabwe," he said.

He said Econet Wireless Global is not a listed holding company and had no plans to do so. Econet Wireless Global is also the parent company of Liquid Telecom, which operates Africa's largest satellite and fibre optic system, with the latter spanning 12 countries. Endi

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