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Natasha Chamba, Business Reporter 

ECONET founder and Zimbabwean billionaire Mr Strive Masiyiwa has revealed plans to list his Botswana telecoms operator, Mascom, on the Botswana Stock Exchange (BSE) by October this year.

The Econet Group consolidated its controlling stake to 60 percent at Mascom in March this year after spending $300 million to acquire 53 percent additional shares from the MTN Group. 

Previously the group held seven percent shares. The deal is expected to be concluded anytime soon with regulatory approval at its final stages.

Speaking at a press conference in Gaborone last week, Mr Masiyiwa said the year 2019 would not come to an end before he takes Mascom to the BSE where he expects to attract huge investor interest. 

“This is what I have always wanted to do . . . I have never held enough shareholding to push it through. I wanted to achieve something, which I did in Zimbabwe, and sell shares to thousands of ordinary people.

“For the last 21 years, I have been unable to fulfil this promise because my company did not control enough shares. Now I can keep that promise,” he said.

“I hope Mascom 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). As soon as we complete the acquisition of the MTN shares, I have already instructed our management to begin a sale process to ordinary Botswana citizens.”

Mr Masiyiwa said more details would be unveiled in due course but encouraged people to buy shares at Mascom, which is valued at more than $600 million. 

Mascom was founded 21 years ago and is Botswana’s largest mobile operator with an estimated 1.7 million subscribers.

According to Forbes Magazine Africa, Mr Masiyiwa’s net worth stands at about $1,9 billion. His mobile telecoms company, Econet, has operations across Africa.

Mr Masiyiwa also owns just over half of Liquid Telecom, which provides fibre optic and satellite services to telecom firms across Africa.

His company Cassava Smartech Zimbabwe, which recently listed on the Zimbabwe Stock Exchange, is currently trading at $1,096 per share.

— @queentauruszw