News24
31 Jul 2020, 00:13 GMT+10
| Zimbabwe imposes dusk-to-dawn curfew after spike in Covid-19 cases
The 59-year-old tycoon had pledged shares in Liquid Telecom to the PIC as security for the loan, which had been taken out with Deutsche Bank. Masiyiwa was planning to repay the debt from the proceeds of an initial public offering in Liquid Telecom, which was scrapped because of volatile equity markets, the people said.
The founder of Econet Global, which has interests in mobile-phone network operators and digital-banking operations across the continent, would rather sell part of his 66% stake in Liquid Telecom to avoid surrendering shares in the company at a discount to the PIC, one of the people said.
Masiyiwa hired Goldman Sachs earlier this year to sell the stake, but talks with potential investors started unravelling after the Covid-19 outbreak intensified in March, the people said. Buyers wanted more time to assess the economic fallout of lockdowns to contain the virus on Africa's economies, they said.
Representatives for the PIC, Goldman Sachs, Deutsche Bank and Econet declined to comment.
Liquid Telecom operates in 13 countries in East, Central and southern Africa with data centres in Johannesburg, Cape Town and Nairobi. It also offers cloud-based services from Microsoft, according to its website. UK development finance institution CDC in December 2018 bought almost 10% of Liquid Telecom for $180 million.
Get a daily dose of Zimbabwe Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Zimbabwe Star.
More InformationWASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
Vancouver [Canada], July 11 (ANI): Canadian journalist Daniel Bordman called the attack on a cafe owned by comedian Kapil Sharma a...
KHARTOUM, July 10 (Xinhua) -- It was 2 p.m. in a displacement camp on the outskirts of Port Sudan, where the relentless sun had already...
The 17th BRICS summit was more than a photo op. It was a coordinated rejection of Western power and a declaration of intent A few...
The 17th BRICS summit was more than a photo op. It was a coordinated rejection of Western power and a declaration of intent A few...
New Delhi [India], July 11 (ANI): South African all-rounder Wiaan Mulder has revealed that legendary West Indies batter Brian Lara...
URUMQI, July 10 (Xinhua) -- A total of 24 journalists from 23 countries have participated in a media tour of northwest China's Xinjiang...