Liquid Telecom is now to be known as Liquid Intelligent Technologies. This strategic repositioning is followed by a retrenchment of company staff. The company has been the leading fiber network provider in Africa and provides an open-access network for 5G in Zimbabwe, its headquarters. It also recently acquired the Samrand data center and has added a range of new products and solutions.
Shortly after a press release stating the rebrand, Liquid Telecom sent out Section 189 notices to employees and informs them of a brewing retrenchment. It currently employs 864 people.
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The notice stated that the company was contemplating dismissing employees based on “operational requirement relating its technological and structural needs”. A similar occurrence was a large-scale retrenchment which took place in 2018.
Strive Masiyiwa, the CEO is also planning to sell 34% stakes of Liquid Telecoms for $600 million. He needs to repay a loan of $375 million that it took from Public Investment Corp (PIC). The loan was used to fund a Pay-TV venture that failed as a result of the economic crisis and currency shortage in Zimbabwe.
Strive planned to repay the debt from the proceeds of listing an IPO, but equity markets are currently volatile. PIC has issued an ultimatum for Strive Masiyiwa to repay the loan by the end of August.
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