By Ziyah News Reporter
TELECEL Zimbabwe, once the country’s second-largest mobile network operator, has officially been put up for sale in a high-stakes “rescue mission” aimed at averting total liquidation.
The formal call for investors was announced in late April 2026 by the company’s court-appointed Corporate Rescue Practitioners from Grant Thornton.
The move follows a period of voluntary corporate rescue that began in October 2025 to shield the company from creditors.
The invitation for bids was issued by joint practitioners Kundai Tibugare and Bulisa Mbano of Grant Thornton.
Prospective investors were given until April 28, 2026, to register their interest.
After signing non-disclosure agreements and paying a documentation fee, bidders were granted access to a “data-room” containing sensitive financial and operational details.
The practitioners stated the process is designed to “rehabilitate the company” and does not signify an immediate intent to liquidate, provided a suitable partner is found
According to media reports, the sale is driven by a catastrophic decline in the company’s financial and operational health.
Telecel is currently burdened with a debt exposure exceeding US$240 million.
While competitors Econet Wireless and NetOne have rolled out 5G, Telecel remains
stagnant with just 17 LTE (4G) base stations nationwide accounting for only 0.5% of the country’s total network capacity.
Its subscriber base has plummeted to roughly 319,000 users, giving it a market share of less than 2%. It now handles only 0.02% of national voice traffic.
Decades of legal infighting between the 60% state-owned stake (now under the Mutapa Investment Fund) and the 40% Empowerment Corporation stake have starved the company of necessary capital.
State Media reports quoted practitioners said that the company’s future hinges on finding an investor with deep pockets.
“The outcome will hinge on whether bidders can craft proposals that balance creditor expectations with the need for meaningful reinvestment in the business,” said practitioner Kundai Tibugare.
He further noted that at least US$50 million in immediate capital would be required just to modernize the network to a competitive standard.
According to the timeline provided by the practitioners:
A five-week period for registered bidders is currently underway.
Submission of final, binding offers is expected by June 15, 2026.
Proposals will be presented to creditors for a final decision in early July 2026.
Failure to secure a deal during this window would likely leave the Master of the High Court with no choice but to move toward liquidation, which would end Telecel’s 28-year history in Zimbabwe