Tanzania's businessman Ali Mufuruki. PHOTO | NMG
Summary
- Currently, Mr Mufuruki holds one per cent of the total shares in the Zuku TV parent company.
- Once the purchase of the additional shares is approved, his shareholding in the internet and pay-TV service provider will increase to 51 per cent.
- The tech company started off as Wananchi Online in 2000 with Kenya’s Joe Mucheru and former CEO Njeri Rionge among its founders.
Dar es Salaam
Tanzanian
businessman Ali Mufuruki is seeking to take over control of Wananchi
Group Holdings Limited following the planned acquisition of the
company’s 50 per cent shareholding.
Currently, Mr
Mufuruki holds one per cent of the total shares in the Zuku TV parent
company. Once the purchase of the additional shares is approved, his
shareholding in the internet and pay-TV service provider will increase
to 51 per cent.
Fair Competition Commission (FCC)
announced on its website that it’s currently investigating the intended
acquisition in line with the provisions of the Fair Competition Act and
procedure rules.
FCC notified parties who deem
themselves as having sufficient interest in the merger to register their
interests and or objections (if any) or file any information that will
assist the FCC in reaching a just and reasonable decision with regard to
the acquisition.
Home entertainment
Wananchi
Group Holding Ltd is a home entertainment operator, provides home
entertainment and communication services to residential and corporate
customers. Its residential services include Internet through its fibre
optic network; DTH satellite pay TV services; and acquiring and
originating programming for its own pay TV channels.
The tech company started off as Wananchi Online in 2000 with Kenya’s Joe Mucheru and former CEO Njeri Rionge among its founders.
In
2008, the business transformed into Wananchi Group after new investors
joined the company following several rounds of fundraising through a mix
of debt and equity from State-owned Export Development Canada, Emerging
Capital Partners, Dutch telcoms firm Altice, Nasdaq-listed cable firm
Liberty Global Inc, and New York-based Prudence Holdings, among others.
Wananchi
has operations in a dozen African countries — including Kenya, Uganda,
Tanzania, Rwanda, South Sudan, Burundi, Ethiopia, Somalia, Zambia,
Malawi, and Mauritius.
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