Vodacom plans R17.5bn stake sale to raise black ownership | Fin24
 
  • Moving Target

    What if FlySafair were to run embattled SAA? asks Ferial Haffajee.

  • Air Quality

    Activists acknowledge their court action is a 'baptism of fire' for Barbara Creecy.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Vodacom plans R17.5bn stake sale to raise black ownership

Jun 11 2018 12:53
Loni Prinsloo, Bloomberg

Vodacom [JSE:VOD] proposed raising the share of black shareholding in Africa’s largest wireless carrier by selling a stake of as much as 6.35% to investors including Royal Bafokeng, Thebe Investment, YeboYethu and company staff.

The R17.5bn deal will help Vodacom comply with a government initiative to ensure that at least 20% of the company is owned by blacks.

Vodacom’s existing empowerment deal is coming to an end on October 8. As part of the deal, current black shareholders will swap their shareholding in the South African unit of Vodacom for a stake in the total group.

“Our black shareholders wanted exposure not only to have exposure to the South African operations, but also to our international operations,” CEO Shameel Joosub said on a conference call on Monday.

“By black shareholders holding a stake in the larger group it will also provide better pricing transparency.”

Shareholders will have to approve the transaction, the company said. The final pricing of the deal will be confirmed in early July and the sale will take place in September, Vodacom said.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

vodacom  |  shameel joosub  |  companies  |  ict  |  bee
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SARS has lifted the tax return threshold from R350 000 to R500 000 per year. What are your thoughts on this??

Previous results · Suggest a vote

Loading...