Fight for Mascom turns dirty

BPOPF is engaged in a tussle with Zimbabwean billionaire Strive Masiyiwa who earlier this year announced a P3 billion offer to buy MTN’s 53% stake in Mascom. The deal would increase his company, Econet’s overall hold in the local telecomms giant to 60%.

While a buoyant Masiyiwa told a packed youth meeting in Gaborone in April that the deal was a fait accompli, Econet ran into trouble after BPOPF resisted the transaction citing the right of first refusal principle. The pension fund is not only wary of the billionaire’s plans for Mascom but believes control of the country’s largest mobile telecomms provider should remain with Batswana who have built up its value over the last 21 years.