Former SAP executive readies to roll with Check Point in Africa

Checking out
Africa's security

Former SAP exec to lead Check Point Africa.

Friday, Aug 23rd

Zimbabwe targets US$350-million from telco shares

Zimbabwe targets US0-million from telco shares

Zimbabwe hopes to raise US$350-million from the sale of shares in state-owned telcos as part of economic reforms, according to Finance Minister Mthuli Ncube.

The reforms are aimed at boosting the economy and containing expenditure said Ncube on Tuesday 19 March 2019.

Fixed phone operator TelOne and mobile telcos NetOne and Telecel, as well as ZIMPOST and the People's Own Savings Bank (POSB) will be among the first SOEs to be privatised and commercialised.

"Having approved the implementation framework for 43 SOEs and parastatals in 2018, Government has targeted five public enterprises (Tel-One, Net-One, Telecel, ZIMPOST and POSB) for immediate reforms and work is already underway to identify transaction advisors," Ncube said.

"Government projects to realise over US$350 million from this initial process," he added.

State-owned telcos have struggled to grow revenues and return to profitability against worsening foreign currency shortages.

The Auditor General's office in Zimbabwe has flagged some of the parastatals and cast doubt over their ability to continue operating.

The government also imposed a 2% electronic transaction tax is part of austerity measures, and Ncube defended the controversial action saying it would help to raise funds for the cash-strained state.

"The 2% tax on electronic transactions, was hotly disputed when it was announced, but its impact has been significant. US$166-million was raised in the last two months of 2018, and almost US$100-million was raised in January alone," he said.

He added that the government expects to raise over US$600-million by the end of the current year.

ALSO ON ITWEB AFRICA

AI to change contact centre CX experience Published on 08 August 2019

For companies looking to enhance their contact centre environments, AI can be leveraged to deliver more improved CX at unprecedented levels.

Business support systems and 5G Published on 20 August 2019

BSS providers will play a key role in helping drive communication innovations in the future says Hassen Hamza, Pre-Sales & Business Development Director, MEA, at Nexign.

HPE South Africa appoints new MD Published on 30 July 2019

President Ntuli will serve in the position effective 1 August 2019.