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Cape Town - South Africa will not dispose of a 13% stake in Vodacom Group [JSE:VOD], a unit of Britain's Vodafone, because of its important contribution to the national fiscus, the communications minister said on Tuesday.
"Right now we think that these are significant shareholdings that are important to the fiscus and we do not have any intention to dispose of them," Roy Padayachie told reporters.
He said the stake equated to about R500m a year, and the government needed to develop a national strategy after determining which assets it owned in the ICT sector in Africa's largest economy.
The shareholding became available when government-owned fixed line operator Telkom [JSE:TKG] unbundled its 50% stake in Vodacom in 2009 as it sought to enter the mobile phone sector.
"Right now we think that these are significant shareholdings that are important to the fiscus and we do not have any intention to dispose of them," Roy Padayachie told reporters.
He said the stake equated to about R500m a year, and the government needed to develop a national strategy after determining which assets it owned in the ICT sector in Africa's largest economy.
The shareholding became available when government-owned fixed line operator Telkom [JSE:TKG] unbundled its 50% stake in Vodacom in 2009 as it sought to enter the mobile phone sector.
