{"id":26333,"date":"2020-08-10T21:17:49","date_gmt":"2020-08-10T19:17:49","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=26333"},"modified":"2020-08-10T21:17:49","modified_gmt":"2020-08-10T19:17:49","slug":"masiyiwa-struggles-to-offload-liquid-telecom-assets-amid-covid-19","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/masiyiwa-struggles-to-offload-liquid-telecom-assets-amid-covid-19","title":{"rendered":"Masiyiwa struggles to offload Liquid Telecom assets amid Covid-19"},"content":{"rendered":"<p>Strive Masiyiwa, Zimbabwe\u2019s richest man and founder &amp; chairman of Econet is reportedly struggling to sell a stake in Liquid Telecom due to the effects of Covid-19.<\/p>\n<p>According to Bloomberg, Econet, Liquid\u2019s parent company has been attempting to sell between 20% to 34% of the telco for a reported $600 million.<\/p>\n<p>Citing those close to the matter, Bloomberg says that the funds will be used to pay a $375-million loan to Public Investment Corp (PIC).<\/p>\n<p>PIC is supposedly demanding that the loan be repaid by the end of August, following a extension its granted at earlier this year. The funds were used to launch a pay-TV business that was unsuccessful due to \u2018economic woes\u2019 in Zimbabwe as well as \u2018currency shortages\u2019 which meant the company was unable to pay its suppliers.<\/p>\n<p>Masiyiwa used shares in Liquid as security against the loan, but would rather sell some of its 66% stake in Liquid than giving PIC the shares at a discounted rate.<\/p>\n<p>Masiyiwa instructed Goldman Sachs Group to sell the shares but talks soon fell apart when the Coronavirus pandemic hit in March causing much global economic instability and buyers calling for more time to assess the situation.<\/p>\n<p>In related news, at the start of the year, Masiyiwa\u2019s Econet confirmed in a statement that it is \u201cactively developing interests\u201d in Ethiopia, which experienced several extended internet outages in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strive Masiyiwa, Zimbabwe\u2019s richest man and founder &amp; chairman of Econet is reportedly struggling to sell a stake in Liquid Telecom due to the effects of Covid-19. According to Bloomberg, Econet, Liquid\u2019s parent company has been attempting to sell between 20% to 34% of the telco for a reported $600 million. Citing those close to [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":4993,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[533,1122],"class_list":{"0":"post-26333","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-community","9":"tag-econet","10":"tag-masiyiwa"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Masiyiwa struggles to offload Liquid Telecom assets amid Covid-19 - zimbabwe<\/title>\n<meta name=\"description\" content=\"Strive Masiyiwa, Zimbabwe\u2019s richest man and founder &amp; chairman of Econet is reportedly struggling to sell a stake in Liquid Telecom due to the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/masiyiwa-struggles-to-offload-liquid-telecom-assets-amid-covid-19\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Masiyiwa struggles to offload Liquid Telecom assets amid Covid-19\" \/>\n<meta property=\"og:description\" content=\"Strive Masiyiwa, Zimbabwe\u2019s richest man and founder &amp; chairman of Econet is reportedly struggling to sell a stake in Liquid Telecom due to the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/masiyiwa-struggles-to-offload-liquid-telecom-assets-amid-covid-19\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-10T19:17:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/upload\/sites\/14\/2019\/03\/Botswana-president-Mokgweetsi-Masisi-520.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"520\" \/>\n\t<meta property=\"og:image:height\" content=\"346\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/masiyiwa-struggles-to-offload-liquid-telecom-assets-amid-covid-19\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/masiyiwa-struggles-to-offload-liquid-telecom-assets-amid-covid-19\",\"name\":\"Masiyiwa struggles to offload Liquid Telecom assets amid Covid-19 - 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