In December, Telkom SA announced the offloading of their majority stake in iWayAfrica, citing a need to cut out the negatively performing business from the group. The sale was to Gondwana Communications, a South African telecoms firm. We talked a bit about the possible chances of Gondwana turning around iWay here. The one issue not mentioned in reports so far however is what the other shareholders in the iWas did or didn’t do along with Telkom SA.
We contacted Masawara, the only other owners of 15.5% in iWayAfrica Zimbabwe we know, and they told us they had not sold to Gondwana along with Telkom SA. “The Telkom SA / Gondwana Communications transaction has had no effect on Masawara’s shareholding in iWayAfrica Zimbabwe,” said a representative of the company to us this week.
Though loss making so far, this may be a sign Masawara believes Gondwana may turn the company around. And besides, iWayZim isn’t seriously underperforming – the Masawara component of the loss for the year ending Dec 2012 was just $8k.