OPINION: Strive Masiyiwa is an African brand and should not allow his name to be associated with what looks like profiteering from a pandemic, writes VictorAfrica zimbabwe lockdown coronavirus
Imagine owning a share in this listed company. You read a report at the beginning of 2020 that the company’s half-year revenue to August 31, 2019, grew 45% and its customer market share for the same period is up to 69% from 66%. Although there are some translation losses, its earnings before interest, taxation, depreciation and amortisation increased 90%!
Restricted movement of people to contain the spread of coronavirus sharply increased the value of connectivity. This is why the share price of companies such as Amazon and Zoom are so hot right now; the latter is trading above $160 per share - it was around $80 in June last year, and only got to $100 in late February.
Econet Wireless Zimbabwe is a listed subsidiary of Econet Global - which dabbles in telecommunications, technology and renewable energy in over 20 countries in Africa, Latin America, the United Kingdom, Europe, China, United Arab Emirates and New Zealand. One man owns more than 50% of Econet Wireless Zimbabwe. He is Strive Masiyiwa, a Zimbabwean dollar-billionaire who resides in London.
Perhaps Econet Wireless Zimbabwe is too small an asset for Masiyiwa to be bothered now. But, to the people of Zimbabwe, whose children and businesses depend on connectivity, this is the biggest name they know.
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