Zimbabwe telecoms billionaire, Strive Masiyiwa, has failed to find a buyer for up to 34% shares in Liquid Telecoms that he had put on the market in an attempt to raise $600 Million.
DataCentreDynamics reports that Liquid telecoms had to resort to a rights issue, which raised only $307 Million, a huge discount on the original share price.
Masiyiwa needed the money to pay off the South African Public investment corporation, which he owes $375 Million.
It is not clear how much of his own shares Masiyiwa had to give up, or how much of his own money he put up as an additional investment into the company.
However, Masiyiwa told journalists that the UK government owned CDC group invested a further $40 Million into Liquid Telecoms. This brings the total investment by CDC in Liquid Telecoms to $220 Million.
Its is not clear if a further extension has been granted by the PIC, who warned in July that they would not grant any further extensions to Liquid Telecoms who have already defaulted on two previous occasions.