Intrigues build in Mascom takeover

Insiders close to the latest developments told Mmegi yesterday that while the pension fund is unhappy with seeing the equity stake go to Zimbabwe’s Econet Wireless, the BPOPF’s statutes limit the amount it could challenge for. Zimbabwean billionaire and Mascom founder, Strive Masiyiwa, will effectively control Mascom should the transaction go through.

At present, the BPOPF’s stake in Mascom is worth P2 billion and under the existing rules, its exposure in a single investment should not exceed P2.5 billion. The pension fund is however strategising a way around the limitation, including the possibility of taking up MTN’s stake and offering it to Batswana via a listing. The BPOPF board is due to sit soon. “There is a lot of value in Mascom but by law, BPOPF has limits on the exposure it can take in any single investment,” an authoritative source said.