Strive Masiyiwa, Zimbabwe’s richest man, has announced that his company, Econet Group, will list Botswana mobile network operator, Mascom, on the nation’s stock exchange later this year.
Speaking at a press conference in Gaborone on Tuesday, Masiyiwa said that by October this year, he intends to list some of Econet’s Mascom shares on the Botswana Stock Exchange in what he believes will be one of the biggest flotations on the bourse.
“This is what I have always wanted to do …I have never held enough shareholding to push it through,” he told reporters.
On his Facebook page, Masiyiwa said that anyone who can raise $10 should be able to buy shares in Mascom.
“In what I hope will be the biggest public listing ever undertaken in Botswana, I want to sell shares to anyone who can raise about 100 pula ($9.36),” Masiyiwa said.
Mascom was the first mobile telecom company Masiyiwa founded. He founded the company 21 years ago, few months before he established Econet Wireless in Zimbabwe. It is Botswana’s largest mobile operator with a reported 1.7 million subscribers.
Earlier in March, Econet Group spent $300 million acquiring a 53% stake in Mascom from MTN Group, thereby increasing its stake from 7% to 60%. The deal is expected to be concluded anytime soon as regulatory approval is at its final stages.
Strive Masiyiwa, Zimbabwe’s richest man, has a net worth FORBES estimates at $1.9 billion. His mobile telecoms company, Econet Wireless, has operations across Africa. Masiyiwa also owns just over half of private company Liquid Telecom, which provides fiber optic and satellite services to telecom firms across Africa.