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Vodacom to remain in DRC, says new CEO

Sep 28 2012 12:14
Reuters
Vodacom

Vodacom (Duncan Alfreds, News24)

Company Data

VODACOM GROUP LIMITED [JSE:VOD]

Last traded 166
Change -3
% Change -2
Cumulative volume 1919099
Market cap 0

Last Updated: 29-04-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Vodacom Group [JSE:VOD] no longer plans to exit the Democratic Republic of Congo, where it aims to resolve a longstanding dispute with its local partner, incoming CEO Shameel Joosub said on Friday.

Vodacom has previously said it was looking to exit the business in the DRC, where it has been stuck for years in a row with Congolese Wireless Network over fees.

“We are working with the local partner to resolve the issues. We are confident the issues are resolvable,” Joosub told reporters at a media event.

Joosub was speaking to reporters for the first time since being named as the company’s next chief executive. He will replace current head Pieter Uys in April next year.

He also said the company plans to roll out next generation 4G services in South Africa by the end of this year.

Joosub’s comments about the DRC business signal a major shift in strategy over the unit, of which Vodacom owns 51%.

The company in 2010 appointed investment bank Rothschild to help with the sale of the stake.

The sale process was halted after a DRC court ordered Vodacom to pay $21m in consulting fees to a separate firm or face the loss of its stake.

That dispute is also on-going.


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