Johannesburg - Vodafone Group’s South African unit is considering the sale of a R15 billion ($1.1 billion) stake in what would be one of the country’s biggest-ever deals aimed at boosting black participation in the economy, according to two people familiar with the matter.
Vodacom Group plans to buy back part of the 12.47 percent stake owned by the government’s pension-fund manager, the Public Investment Corporporation, said the people, who asked not to be identified because the deliberations are private. The shareholding could then be listed as a separate entity restricted to black investors, they said. Negotiations with the PIC are ongoing and an outcome is expected in coming months, said one of people.
“Vodacom is committed to delivering on the ideals of black economic empowerment and continue to explore a variety of options with the primary objective of broad-based inclusivity,” a spokesman said in e-mailed comments, without directly commenting on whether such as a transaction is being considered. “Any transaction of this nature will be conducted through a well-governed, highly transparent process.”
Loni Prinsloo.
Full story at IOL.
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