Telecel Zimbabwe Convenes Meeting To Adopt Corporate Rescue Plan 

Source: Telecel Zimbabwe Convenes Meeting To Adopt Corporate Rescue Plan ⋆ Pindula News

Telecel Zimbabwe (Private) Limited, which is under corporate rescue, has convened a meeting of its members and creditors to consider and adopt its corporate rescue plan.

According to a notice issued by the Corporate Rescue Practitioners, the meeting will be held in terms of the Insolvency Act [Chapter 6:07]. The Plan Meeting will be held on Friday, 24 July 2026.

Telecel is proposing terms of settlement in accordance with Section 142(2)(b) of the Insolvency Act with three classes of participants — ordinary members, preferent creditors and concurrent creditors.

According to the notice, members and creditors may attend, speak and vote at the meeting and are entitled to appoint one or more proxies to attend, speak and vote on their behalf.

The Corporate Rescue Practitioners, Kundai Tibugare and Bulisa Mbano, are expected to report and publish the results of the vote within two weeks of the conclusion of the meeting.

Telecel is Zimbabwe’s third and smallest mobile network operator, a distant third behind Econet and NetOne.

The company now holds less than 2 per cent of the mobile market, with about 303,000 active subscribers as of late 2025, down from more than two million at its peak. The decline reflects prolonged financial distress and limited investment in infrastructure.

It is under the supervision of Grant Thornton Zimbabwe, which was appointed as Corporate Rescue Practitioner to restructure debts reported to exceed US$240 million.