Strive Masiyiwa’s Cassava Technologies, a pan-African digital infrastructure group, is confronting fresh scrutiny from creditors as its flagship telecom operator, Econet Wireless Zimbabwe, plans to delist from the Zimbabwe Stock Exchange.
The move has raised concerns about Cassava’s debt servicing capabilities, with Moody’s Ratings downgrading the company to Caa2 and warning that its interest coverage falls below 1.0 without Zimbabwe earnings.
Econet’s decision to delist, citing a persistent valuation discount to African peers, will reduce routine disclosures and make it harder for outsiders to verify cash movements upstream to support Cassava’s obligations.
Cassava faces about $620 million in outstanding senior secured notes and $131 million in separate obligations, with a refinancing plan that leans on new equity and borrowing.
The company’s growth ambitions in artificial intelligence infrastructure are touted, but investors are questioning visibility into cash flows. With Econet becoming private, creditors may have fewer tools to monitor cash transfers through management fees, royalties, and intercompany loans.
Cassava has pursued debt reduction, including a planned sale of a minority stake in Africa Data Centres, but progress has been uneven. The company has not publicly detailed future cash transfer structures after delisting.
