Econet hit by dollar crunch

The Star Early Edition - - INTERNATIONAL -

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.

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