TeleAccess gets US$40m for network roll-out

Staff Writer.

ZIMBABWE’S TeleAccess (Pvt) Ltd has secured a US$40 million credit facility with a yet unnamed American company to import equipment for the long awaited roll-out of its network.


Highly placed sources this week revealed to businessdigest that the American company would invest US$40 million in the beleaguered telecommunications company in exchange for equity.


The sources would, however, not disclose how much stake the United States firm would take.


The latest developments were revealed after Parliament’s transport and communications portfolio committee embarked on a fact-finding tour of the company’s various premises in Harare early this week.


The Daniel Shumba-led TeleAccess was granted a licence early last year and was expected to roll out its network within six months of getting licensed.


Zimbabwe’s parliament has for the past month been investigating delays in the company’s roll-out almost two years after the second national operator was issued with a licence.


Information at hand shows that the MPs visited TeleAccess’ Kopje Plaza headquarters, the proposed revenue hall along Samora Machel Avenue and its Highlands switch offices.


Said the source: “TeleAccess has indicated that the roll-out will be effected soon after the festive season, with 60 000 lines being availed. The committee was shown assortments of equipment to be used, but some of the critical equipment is yet to be imported.”


“Daniel Shumba also told the committee that the US investment will go towards financing the importation of the remaining equipment,” he added.


The portfolio committee is expected to recommend to parliament that TeleAccess be given a grace period to start operations when the house resumes sitting next week.