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The stake of Zimbabwean telecom mogul Strive Masiyiwa in Econet Wireless Zimbabwe Limited has surged by $62.34 million (ZWL30.82 billion) so far this year.
This comes on the back of a rise in the share price of the leading telecom provider.
The Econet Wireless Zimbabwe share price has risen by 187 percent so far this year, as shareholders remain optimistic about growth in the telecom sector on the back of massive Internet adoption triggered by the COVID-19 pandemic.
The telecom operator aims to reduce its diesel consumption by 80 percent through the use of solar batteries. With this in mind, it has deployed Tesla Powerwall batteries to cut diesel consumption.
The company’s shares rank 25th on the Zimbabwean Stock Exchange (ZSE) in year-to-date performance.
As of press time, 5:30 pm (UTC+1) today, the market capitalization of the telecom operator was $219.10 million (ZWL70.54 billion), making Econet Wireless Zimbabwe one of the leading listed entities on the ZSE.
Econet is Zimbabwe’s largest telecom service operator. Masiyiwa is the majority owner. The billionaire holds 1.132 billion units of the company’s total issued ordinary shares, making him the single majority shareholder.
Masiyiwa’s stake in Econet accounts for 50 percent of the company’s total issued shares. As of press time today, the shares of the telecom operator traded at $0.0846 (ZWL27.23) per share on the ZSE.
At this price, Masiyiwa’s stake in Econet is valued at $95.71 million (ZWL30.82 billion).
