Econet hit by dollar crunch

ZIMBABWE’S largest mobile company, Econet Wireless, planned to raise $130 million (R1.75 billion) from shareholders to pay foreign loans it is struggling to settle due to a severe dollar crunch, it said yesterday. Econet said that to avoid defaulting on external obligations, it had decided to raise money via a rights issue, adding that foreign currency shortages made it difficult for the company and its subsidiaries to pay foreign loans.