Telecel gets temporary lifeline, granted provisional order by High Court

Nigel Gambanga

7 May 2015

There’s a bit of good news for Team #SaveTelecel. Following a High Court appeal made yesterday by Telecel, the mobile network has been granted a provisional order to continue operating until its licence and ownership issue is resolved.

According to an online news piece, High Court Judge Nicholas Mathonsi granted Telecel’s urgent application. This doesn’t get the operator free room to operate and forget about its obligations. It does give Telecel enough room to continue as a going concern in the face of mounting pressure to sort out issues to do with its licence payment as well as its ownership structure.

This is a developing story. We will share more details as soon as we get them.

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5 comments

Magneto

7 May 2015 16:02

Pheeeeww!
LTMMMMayhem

7 May 2015 16:37

Mr Supa, you are lying and economic with the truth, Vimplecom is on record to offload its 60% as the business is technically insolvent and a going concern plus shareholder wrangles by vultures who just want free bees under the dark smoke of indegenization while plotting to pounce on a dying animal. US£300 million capitalization plus the remainder of licence dribs paid to date with zero after tax profits in the unforeseable future while those with deep pockets scurry for cover and a very challenging operating environment.
1. Anonymous
  
  7 May 2015 17:02
  
  Your comment is badly written. Please edit and post it again for the benefit of other readers
  1. Tapiwa✓
    
    7 May 2015 21:17
    
    It’s not too badly written, it’s just that the sentences kinda run into each other. I took the liberty to edit it just for your snarky, anonymous self.
    
    Honourable Minister, you are lying and being stingy with the truth. Vimplecom has plans to offload its 60% shareholding since the business is technically insolvent. That is compounded by the shareholder wrangles instigated by scavengers who just want freebies under the guise of indegenization.
    
    Vimpelcom/Telecel has spent $300 million capitalization plus part of the license fee, however, there no prospects for profits (after tax) in the foreseeable future. Even those with deep pockets are finding it difficult in this very challenging operating environment – what hope will an indiginized Telecel have?
    1. Anonymous
      
      7 May 2015 23:53
      
      Thanks for editing. Please note that there are a lot of companies that have submitted credible bids to take over Telecel to both Vimpelcom and Empowerment Corporation, and I know one of those bidders. We have the financial resources and the capacity to turn around the company but we are waiting for feedback from the shareholders. Don’t underestimate the capacity of those who have the relationships with funders and the expertise to take over and reorganise this promising company, only if it’s the right hands.With all due respect to the current shareholders, they have not demonstrated their capacity and willingness to serve this company and I believe it’s time for others to shape and redefine the direction of this company

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