Zimbabwe seeks to raise $350m selling shares in state firms

expects to raise $350-million from selling shares in five state-owned telecommunications companies and a bank, as part of economic reforms being pursued by the government, Finance Minister Mthuli Ncube said in a statement.The southern African nation's economy is experiencing a severe dollar crunch and faces more headwinds from a drought this year that has wilted crops and left up to 5,3-million people in need of food aid, according to a UN humanitarian agency.

Ncube said on Tuesday the government would dispose of shares in its two mobile phone operators NetOne and Telecel Zimbabwe, the country's sole fixed line telephony company TelOne, postal services Zimpost and state-owned savings bank POSB. "Work is already underway to identify transaction advisers. Government projects to realise over $350-million from this initial process," Ncube said in a statement, without giving a timeline.

Ncube was not immediately available to comment but he said in October selling state firms, known locally as parastatals, was one of the ways to reduce government spending.The government has targeted selling some or all shares in 43 of its companies, most of them loss-making and which have relied on state bailouts over the years., who was re-elected in a disputed vote last July and is seeking to pivot away from some of the disastrous policies of his predecessor Robert Mugabe.

Source: News Formal (newsformal.com)

We have government thieves who are hoarding millions of US dollars in their homes and who knows where else, they should hand over their ill begotten gains, and kick start their economy

I hope they will bought by Africans living in Africa. Otherwise...

Bathengisa Ilizwe

The money will be used to buy ammunition, Police vehicles and supplement fency lifestyle of the top Zanu officials. Its not a big deal for the poor.

Down here south. We want to nationalize stuff. And you guys are selling shares in SOEs? Perhaps a clear cut case study for RSA? Perhaps the governing party could learn a thing or two?

About two million of that will probably go to the well being of that cursed country

Noooo!!

To China

Oops, the socialists nightmare. What says EFF and NUMSA?

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