Group Of Diaspora Investors Interested In NetOne

Farai Mudzingwa Avatar

The Diaspora Infrastructure Development Group is mulling over the possibilities of investing in Zimbabwe’s second largest Mobile Network Operator, NetOne.

Donovan Chimhandamba, Executive Chairman at DIDG had this to say about their interest in Netone:

We continue to assess the situation at NetOne. We have expressed our interest before and the plans and we continue to monitor that.

…We will be approaching the relevant authorities the right time once we have consolidated structures and proposals

Waiting game…

From his words, it seems they are seriously considering bidding for a stake in NetOne. Hopefully, a bid materialises because the ownership of an MNO by the government has not led to efficiency and accountability thus far. NetOne and Telecel which are both state-owned have been allowed to operate without paying licences on time.

This is also in-line with Supa Mandiwanzira’s recent declaration that investors were targeting NetOne and Telecel. He hadn’t noted any particular companies but it’s now clear DIDG is one of the prior mentioned companies.

DIDG has a membership of over 1500 spread across South Africa, Zambia, Botswana, Namibia, USA, Canada, UK and Australia. The group focus their investment in sectors such as ICT, transport, water, mining and agriculture among other things.