“NetOne has reportedly been approached by MTN of SA and indications are that the SA player will get about 40% stake in a JV where MTN will be the technical Partner. Orascom has also reportedly indicated that it will inject more funds into Telecel,” Bulls and Bears said according to a report on itnewsafrica.com.

“It is supposedly these behind the scenes developments that forced Econet to seek for the US$93m funding through EWG.” The companies could not be reached to comment on the reports.

The Zimbabwe telecommunications industry, like most businesses in the Southern African nation, has suffered from prolonged political turmoil, instability and hyperinflation.

The government recently revealed plans to reform the sector by removing high tax charges on imported equipment, and allowing network operators to bill customers in foreign currencies.