STATE-OWNED telecommunications company, TelOne says there has not been any meaningful progress regarding the clearance of its legacy debts despite the government’s commitment to facilitate debt warehousing to free up its balance sheet.
TelOne is owned by the government through Mutapa Investment Fund which also owns over a dozen of state-owned enterprises.
As of January 31, 2024, TelOne’s legacy loans amounted to US$390 million. The legacy loans were inherited from PTC during the restructuring of its predecessor company in 2000. The loans had been secured by PTC in the 1980s and 1990s to fund infrastructure projects.