Foreign shareholding in a telecommunications company is limited to 49%.
"2 Interpretation
(1) In this Act - [...]
“cellular telecommunication licence” means a licence that authorises the licensee to provide a cellular telecommunication service or operate a cellular telecommunication system; [...]
“licence” means a cellular telecommunication licence, a postal licence, a radio station licence, a telecommunication licence or a private telecommunication licence, as the case may be, issued in terms of section thirty-seven; [...]
“telecommunication licence” means a licence authorising the licensee to provide a telecommunication service or operate a telecommunication system, other than a private telecommunication service or system; [...]
“telecommunication system” means any system by means of which signs, signals, sounds, pictures or communications are conveyed by the agency of electricity, magnetism or electromagnetism or by any agency of a like nature, whether with or without the aid of wires, and includes telephony and telegraphy and any improvements and developments thereof; 
[...]
36 Persons disqualified to be licensed
(1) The Authority shall not issue a cellular telecommunication licence, postal licence or telecommunication licence to any person other than a body corporate in which a controlling interest is held, directly or indirectly, whether through any individual, company or association or otherwise, by one or more individuals who are citizens of Zimbabwe and ordinarily resident in Zimbabwe: Provided that a licence may be issued to a body corporate in which no such controlling interest is held, subject to the condition that, within a period specified in the licence, a controlling interest is held by one or more such individuals.
(2) For the purposes of this section “controlling interest”, in relation to a body corporate holding a cellular telecommunication licence, postal licence, radio station licence or telecommunication licence, means (a) the majority of shares in the body corporate; or (b) shares representing more than half the share capital of the body corporate; or (c) shares of a value in excess of half the share capital of the body corporate; or (d) shares entitling the holders thereof to a majority or preponderance of votes in the affairs of the body corporate.[...]" (Postal and Telecommunications Act, [Chapter 12:05] of 2001, as amended)
Postal and Telecommunications Act, [Chapter 12:05] of 2001, as amended
[<a href="http://www.jsc.org.zw/jscbackend/upload/Acts/2014/1205updated.pdf">Act</a>]