HARARE-Zimbabwe billionaire and founder of Econet Wireless, Strive Masiyiwa is taking Mascom public, barely a few months after buying back shares from MTN to regain majority control.

Mascom is a Botswana mobile telecoms company which has been in existence for 21 years but has not gone public because of MTN’s strategic thrust. It has a subscriber base of 1.5 million and a 54% market share.

Ahead of a townhouse engagement in Botswana on Tuesday, Strive Masiyiwa wrote on his Facebook page that he had already instructed his management at Mascom to begin a sale process to ordinary Botswana citizens, as soon as the acquisition of MTN shares is completed.

MTN directly and indirectly controlled 53% in Mascom majority shareholding before the preemptive disposal to Econet Global, an SPV controlled by Masiyiwa. The other minority shareholder is BPOPF, one of Botswana’s pension funds.

MTN had since taken a position to simplify its business, reducing risk and enhancing returns through disposal of some its investments. Africa’s largest telco by revenue said it is looking at raising $1.1 billion through the disposals in order to strengthen its balance sheet position notably its gearing.

The Mascom deal will raise $300 million for in an investment which cost MTN less than $70 million close to 2 decades ago. Masiyiwa sees significant scope for further growth stimulated by Botswana’s location and superior per capita GDP.

In December 2018, Cassava a technology focussed Zimbabwe company controlled by Masiyiwa was listed on the ZSE, in a spinoff move from Econet Wireless Zimbabwe. In turn EWZ was listed on the ZSE in 2008 exactly 20 years before Cassava’s listing.

The duo is among the 3 most capitalised counters on the ZSE with a collective market capitalisation of over $5 billion. Other notable investments include Liquid Telecoms which is present in 8 African countries offering internet services.