The partial privatisation of Mozambique’s state telecoms operator, Moçambique Telecom (Tmcel), could see the entry of a strategic partner from a shortlist of potential investors identified by the government, including AXIAN Telecom, a consortium formed by Optimum Systems W.L.L. and Meridian Ventures Investment FZCO, and Aikun Solutions DMCC. The three entities present distinct profiles and levels of experience in the telecommunications sector and in investment.
According to information obtained by Diário Económico, the government authorised the launch of a strategic partner selection process for Tmcel through Resolution No. 67/2026 of 21 August, which may include the partial disposal of shares currently held by the state.
The transaction is intended to contribute to the stabilisation, recovery, modernisation, and financial and operational sustainability of the company, at a time when Tmcel is seeking to strengthen its position in the national telecommunications market.
To manage and coordinate the strategic partner selection process and related negotiations, the government has established a Multisectoral Technical Team in accordance with applicable legislation.
AXIAN stands out for sector experience
Among the potential investors identified, AXIAN Telecom is the entity with the most significant operational presence in the African telecommunications sector. The group is controlled by Franco-Malagasy businessman Hassanein Hiridjee and is incorporated in Mauritius.
AXIAN Telecom operates across 11 markets in Africa and the Indian Ocean, where it runs mobile and fixed networks, fibre optic infrastructure, telecommunications towers, data centres, and digital financial services under brands including Yas, Mixx, and TowerCo of Africa.
In 2025, the group reported revenues of approximately US$1.69 billion, adjusted earnings before interest, taxes, depreciation, and amortisation of US$728 million, 43.8 million mobile subscribers, and more than 5,300 employees — figures that illustrate the scale of the company relative to the market in which Tmcel operates.
AXIAN Telecom also has a track record of acquiring and transforming telecoms operators in countries including Madagascar, Tanzania, Togo, Senegal, and the Comoros, including stakes in former Tigo operations and involvement in privatisation and restructuring processes in the sector.
Consortium and Aikun present distinct profiles
Optimum Systems W.L.L., a private Qatari company established in 2014, operates in the areas of information technology, systems integration, and enterprise connectivity solutions. However, publicly available information does not demonstrate experience in operating a national mobile network or in the recovery and management of an operator of Tmcel’s size and complexity.
Optimum Systems W.L.L. is associated with Meridian Ventures Investment FZCO, an investment and advisory platform based in Dubai. Limited public information exists on this entity, and its shareholders, directors, assets under management, financial capacity, or prior investments in the telecommunications sector are not readily identifiable.
In this context, Optimum Systems W.L.L. could contribute primarily on the technology side, while Meridian Ventures Investment FZCO may play a role linked to investment or financial structuring of the transaction. However, neither entity publicly presents an operational track record in the telecommunications sector comparable to that of AXIAN Telecom.
Aikun Solutions DMCC, meanwhile, is a company registered in the DMCC free zone in Dubai, presenting itself as a specialist consultancy focused on strategy, corporate finance, mergers and acquisitions, debt restructuring, company valuation, and organisational transformation.
Tmcel in privatisation process
The company states that it operates across sectors including oil and gas, mining, renewable energy, real estate, agribusiness, consumer goods, media, and telecommunications. However, the institutional information available does not allow for clear identification of its beneficial owners, management team, financial accounts, volume of assets under management, or material prior transactions in the telecommunications sector.
Based on its publicly presented profile, Aikun Solutions DMCC more closely resembles an investment consultancy or structuring firm than a telecoms operator with direct experience in managing a national network. Among the potential investors identified, AXIAN Telecom is the entity whose operational experience and presence in the African telecommunications sector are publicly documented.
All three entities could participate in the process in different capacities — as financial investors, technology providers, advisers, or transaction structurers. Their eventual ability to assume primary management of Tmcel will depend on the proposals submitted, including financial guarantees, operational and technology plans, and the possible involvement of additional strategic partners.
Strategic partner selection process
The process is open to domestic and foreign entities interested in participating in the recovery and modernisation of Tmcel, which must submit an expression of interest in Portuguese. The partnership is expected to mobilise capital, technology, management expertise, and technical and commercial capabilities to improve the operator’s performance and sustainability.
Expressions of interest must be submitted within 15 days of the publication of the notice, either electronically or by physical delivery to the Instituto de Gestão das Participações do Estado (IGEPE) in Maputo. Submission of an expression of interest does not guarantee selection or the conclusion of any contract, as the process remains subject to the assessments, negotiations, and approvals required under applicable legislation.
The state currently holds a direct 66% stake in Tmcel’s share capital, while IGEPE controls an additional 26%.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/16/negocios/empresas/privatizacao-da-tmcel-conheca-os-potenciais-interessados-na-entrada-no-capital-da-operadora/
