Vodacom expects BEE deal later this year

11 Mar 2008

The South Africa-based cellular operator Vodacom Group says it expects to go ahead with its ZAR7.5 billion (USD939 million) black economic empowerment (BEE) deal in the fourth quarter of this year. The firm, which is South Africa’s largest mobile operator by subscribers and also operates in Tanzania, the Democratic Republic of Congo, Lesotho and Mozambique, says it has drawn up a shortlist of black investors. Some shares will also be offered via a public sale. ‘All black South African citizens and black-owned entities will be eligible,’ Vodacom CEO Alan Knott-Craig said in a company statement. Further details of the deal, which is being carried out under the Department of Trade & Industry’s BEE Codes of Good Practice and the draft Information and Communications Technology Charter, are expected to be released in the third quarter.

South Africa, Vodacom Group