The Tanzanian government and Bharti Airtel of India have signed a Memorandum of Understanding (MoU) to complete the state’s full takeover of national PTO Tanzania Telecommunications Company Limited (TTCL), reports local site the Daily News. The MoU, which was signed in Dar es Salaam on 23 June by the Treasury Registrar, Mr Lawrence Mafuru, and the CEO of Bharti Airtel Africa, Mr Christian De Fariasees, has seen Airtel transfer its 35% stake in TTCL to the state. TTCL’s Board Chairman, Professor Tolly Mbwette, is cited as saying that the repossession of shares will allow the operator to implement its business strategy, while it is noted that TTCL plans to list on the Dar es Salaam Stock Exchange as part of its five-year plan to raise USD330 million to improve and expand its operations.
As previously reported by TeleGeography’s CommsUpdate, the 35% stake has been valued at around TZS14.6 billion (USD6.7 million), with Bharti Airtel having rejected a former TZS5 billion offer from the government in November 2014.