Investors are invited to bid for a stake in Telecel Zimbabwe (Telecel) as the company seeks to exit its court-sanctioned rehabilitation process, according to joint corporate rescue practitioners Kundai Tibugare and Bulisa Mbano of Grant Thornton.
The mobile operator, which is the third-largest in Zimbabwe after Econet Wireless and state-owned NetOne, has been under corporate rescue since October 2025.
Tenders are hereby invited from interested parties to invest in Telecel, said Tibugare and Mbano in a tender invite released this week. Prospective investors have until 28 April to table their bids.
The Telecel Zimbabwe corporate rescue practitioners did not reveal further details, such as the value of the company.
The tender invitation however, stated that interested bidders for the company will have access to details regarding the company’s operations after signing non-disclosure agreements.
Shareholding in Telecel Zimbabwe has shifted numerous times over the past few years.
It was initially set up as a joint venture between local investors under the Empowerment Corporation and Telecel International, which was controlled by the Egyptian telecom group, Orascom.
In 2016, a little-known Zimbabwean government entity, ZARNet, acquired Vimpelcom’s 60% stake in the mobile operator.
With the corporate rescue process ongoing, there is a “general moratorium on all legal proceedings” against Telecel Zimbabwe, including claims for liabilities, according to the company.
Data from the regulator, Potraz, show that Telecel Zimbabwe subscribers shrank to 319 548 network users by the end of the second quarter of 2025, signalling plummeting fortunes for the once vibrant telecoms company.
Apart from mobile telephony, Telecel Zimbabwe also has a mobile money operation, Telecash.
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