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Zimbabwe's Econet to raise $130 million from rights issue

Reuters
A Zimbabwean man speaks on his phone outside a branch of mobile service provider Econet Wireless in central Harare, June 6, 2014. REUTERS/Philimon Bulawayo (Reuters)

HARARE (Reuters) - Zimbabwe's largest mobile telephony company Econet Wireless plans to raise $130 million from shareholders to pay foreign loans it is struggling to settle due to a severe dollar crunch, it said on Tuesday. Econet said in a statement 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. (Reporting by MacDonald Dzirutwe; Editing by Ed Stoddard)