Econet plans $400m network investment

Zimbabwe's largest mobile operator, Econet, is investing $400 million in network improvement, reports Global Telecoms Business.

Group corporate communications manager Rangarirai Mberi, says: “In total, we have invested about $600 million in Zimbabwe.”

He adds: “In Zimbabwe this year alone, we have invested at least $400 million upgrading our service as well as replacing outdated equipment to bring into the country updated facilities so as to enhance our coverage.”

According to The Zimbabwean, by 2012, Econet plans to net an 11 million mobile subscriber base.

Econet is the only mobile telecommunications firm listed on the Zimbabwe Stock Exchange that currently has a market capitalisation of $475 970 135.60.

The telco recently offloaded its shareholding in financial services empire Kingdom Financial Holdings and Meikles Africa to concentrate on its core business of mobile telephony.

All Africa.com says Econet is selling its shareholding in Afre Corporation and Rainbow Tourism Group in the wake of financial misdemeanours unearthed at Afre; which prompted government intervention.

But Econet is yet to decide the fate of its partnership with Afre, under which the two firms offer mobile phone-based life assurance cover, EcoLife.