Vodacom Tanzania, the country’s largest mobile operator by subscribers, has sold all 560 million shares on offer in its stock market flotation, raising TZS476 billion (USD210 million) as planned. Reuters reports that 40% of the shares on offer were bought by international investors. Vodacom had earlier delayed its listing on the Dar es Salaam Stock Exchange (DSE), following the introduction of new rules enabling foreign investors to participate in the share sale. The listing and commencement of share trading on the local bourse is 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 Dar es Salaam Stock Exchange (DSE). Vodacom launched its initial public offering (IPO) in March this year, although it was only open to local investors. Following further changes to legislation made in June, the government has now allowed foreign investors to purchase shares in those telecoms operators that are required to sell a portion of their stock, while also exempting small telecoms companies with Application Services Licences from listing.