Telecel in $5.14  million  investment plan

Telecel  has embarked on a 5.14 million investment drive that will see the telecoms company upgrading its current network to 4G over the next 5 years.

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Telecel  has embarked on a 5.14 million investment drive that will see the telecoms company upgrading its current network to 4G over the next 5 years.
Telecel  has embarked on a 5.14 million investment drive that will see the telecoms company upgrading its current network to 4G over the next 5 years.

Telecel  has embarked on a 5.14 million investment drive that will see the telecoms company upgrading its current network to 4G over the next 5 years.

Speaking at a tour of Telecel  by the Parliamentary Portfolio on Information Communication Technology, Telecel Chief Executive Officer Angeline Vere said the biggest investment was in two years.

“Telecel is looking at a five year investment plan, in total we are looking at about 514 million spread over five years with the biggest investment in the first two years and it tempers down.

“The investment will bring the network into the modern era, the network will now be 4G,” she said.

Vere said the investment will  enable the group create  also  business oppotuniites to support the economy.

“It will also be able to give a lot of the business support that is required by business entities in Zimbabwe.

“We are looking at business to business models, we are looking at business to the home models, we are looking at giving smart service to the generality of Zimbabwe.

“At the moment, we are very optimistic that that funding will be availed and Telecel will be able to lip frog into the 4G era that everybody else is enjoying.

“So our customers out there,  look forward to a very modern network with a converged billing system and a modern IT system,” she said.

Speaking at the same occasion, Telecel Finance Director Ezra Chinake said  the third largest telecoms group has been lagging behind because the previous owners who sold the shares to people with no meaningful capital

“The issue about funding is about investment, Telecel was previously owned by a Russian company which started selling its stake in 2014 and if you are selling something there is no need for you to invest.

“They  have been selling 2014, 2015, 2016 and they concluded in November so during that period no significant investment was made in this company that is why it is lagging behind.

“I understand 60 percent of shares have been sold so we are yet  to get the investment from the new shareholders,” Chinake said.