Vodacom Tanzania, the country’s largest mobile operator by subscribers, has delayed its listing on the Dar es Salaam Stock Exchange (DSE), following the implementation of new rules enabling foreign investors to participate in the share sale. According to the company’s website, the extension period was opened on 10 July and will close on 28 July, with the listing and commencement of share trading on the local bourse now scheduled for 15 August 2017.
As previously reported by TeleGeography’s CommsUpdate, in June last year an amendment to the Electronic and Postal Communications Act of 2010 made it a legal requirement for the country’s telecoms operators to float at least 25% of their shares on the DSE. Vodacom launched its TZS476 billion (USD210 million) initial public offering (IPO) in March this year, although it was only open to local investors. Following further changes to legislation made last month, the government has now allowed foreign investors to purchase shares in telecoms operators that are required to sell a portion of their shares, while also exempting small telecoms companies with Application Services Licences from listing.