Econet Wireless Group has confirmed founder and CEO Strive Masiyiwa is not planning to move himself or the company`s headquarters to Zimbabwe, despite recent market rumours.
A number of people in Zimbabwe have been calling on Masiyiwa to relocate the Econet headquarters to Zimbabwe, says spokesman Sure Kamhunga.
However, "the company has many international investors and financiers who would not accept the group relocating to Zimbabwe," he says.
The Econet Wireless Group is an international company, not a Zimbabwean company, despite the fact that it was started by Masiyiwa, a Zimbabwean citizen, says Kamhunga. The Econet founder relocated to SA in 2000 to spearhead the group`s expansion, following a decision taken in 1997 to expand the company globally.
He says it would be difficult to run a global business like Econet Wireless from Zimbabwe, as it needs access to large amounts of capital and skills that the country is not able to provide at this time.
In a company statement, senior executive Zachary Wazara said SA is the only country in Africa with the capital and skills base to support a global business, followed closely by Nigeria. "If the company needs to raise money for its subsidiary Econet Zimbabwe, it will do it from SA."
Kamhunga says the group has generated foreign currency through its international traffic and roaming, which has helped Econet Zimbabwe maintain a 50% EBITDA over the past seven years.
He adds Masiyiwa has also never been approached by any group in Zimbabwe to head up a political party. "A report that Mr Masiyiwa had been approached by a splinter group of the main opposition party, Movement for Democratic Change, was carried in the Zimbabwean state newspaper is obviously false.
"The CEO has made it clear in the past that he has no interest in politics; he is purely a business man."
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