Econet Wireless Zimbabwe Limited has wholly acquired TN Medical-owned by the group’s former chairman Tawanda Nyambirai for undisclosed amount. This comes as Econet last year took over Nyambirai founded TN Bank Limited now Steward Bank, after increasing its stake in the financial institution from 45 percent to 97.96 percent in a cash and share swap deal. The telecoms group, Zimbabwe’s largest with nine million subscribers, has rebranded TN Medical to Steward Health.
While the TN Medical deal was conducted in March, Econet did not specifically mention the transaction in its recently published financials for the half year to August 2014. However the group stated that $80 million investments were made in the acquisition of property, plant, equipment and intangible assets. Peter Mbizvo, Steward Health chairman’s said the transaction is in line with Econet’s wider strategy to form a financial services portfolio under the Steward banner. Source: Bulawayo 24