Vodacom Tanzania seeks USD150m capital injection

23 Jul 2009

Vodacom’s Tanzanian mobile unit says it has secured a USD90 million syndicated loan from local banks, part of a five-year deal designed to raise USD150 million for the company. ‘This funding is critical to our growth plans and will go a long way in facilitating better service for the consumer,’ said Vodacom Tanzania managing director Dietlof Mare in a statement. The company did not provide details of what the money will be used for. ‘The initial USD90 million multi-currency financing has been completely sourced through local banks along with Citibank Tanzania Limited,’ the statement read, adding that the bank would be responsible for raising the remaining USD60 million overseas.

Tanzania, Vodacom Tanzania