Mr Rostam Aziz.
By The Citizen Reporter
In Summary
- According to details obtained by the Citizen yesterday, Vodacom Group purchased the shares from Cavalry Holdings that owned a 35 per cent stake in Vodacom Tanzania through Mirambo Limited
Dar es Salaam. Cavalry
Holdings, the Jersey island-registered company that owned a 35 per cent
stake in Vodacom Tanzania, has sold 17.2 per cent shares in a
transaction worth $242 million (Sh387 billion).
If approved by the South African Reserve Bank,
the deal would increase Vodacom Group’s shares from the current 65 per
cent to 82.2 per cent.
According to details obtained by the Citizen
yesterday, Vodacom Group purchased the shares from Cavalry Holdings that
owned a 35 per cent stake in Vodacom Tanzania through Mirambo Limited.
The deal will see Cavalry Holdings pocket $242 million (Sh387 billion).
Registered in Jersey Islands, Cavalry is a private investment company.
Sourced close to Mirambo Holdings confirmed the
deal yesterday, saying the money would be injected into the holding
company to re-capitalise the business and settle debts owed to the
Vodacom Group.
“It is true that the deal has taken place. It is a subscription for new equity to be injected into Cavalry,” the source said.
The South Africa-based Vodacom Group’s
shareholding prior to the deal, which was transacted on Tuesday, was 65
per cent. The new stake would increase its shareholding to 82.2 per
cent.
The statement issued by the Johannesburg Stock
Exchange-listed Telecoms giant further said the acquisition of the 17.2
per cent stake would be done through subscription and give the group
indirect ownership of the shares.
The transaction is expected to close before the end of the financial year.
Mirambo Limited, which is owned by Tanzanian
businessman Rostam Aziz, will retain its shareholding in Vodacom
Tanzania at 17.8 per cent.
“Vodacom Tanzania has been Vodacom’s most
successful investment outside of South Africa to date,” the JSE-listed
company said in a statement.
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