Lessons for SA? Zimbabwe to raise $350m selling stakes in SOEs

By Godfrey Marawanyika

(Bloomberg) – Zimbabwe plans to raise $350m from the sale of stakes in five state-owned companies, Finance Minister Mthuli Ncube said.

The proceeds will help the Treasury achieve its target of reducing the budget deficit to 5% of gross domestic product, from 12%, Ncube said in a statement emailed Tuesday from the capital, Harare. The government has identified 43 state-owned entities for reform, he said.

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The firms earmarked for immediate sale are telecommunications companies Tel One Ltd., Net One Ltd. and Telecel Ltd., the state post office ZimPost and the People’s Own Savings Bank, Ncube said.

“Work is already under way to identify transaction advisers,” he said.

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