Halotel seeking approval for revised IPO application

25 Jan 2018

Mobile operator Viettel Tanzania, which operates under the brand name Halotel, has resubmitted its initial public offering (IPO) prospectus, after previous versions were rejected by the Capital Markets and Securities Authority (CMSA). The Citizen reports that Viettel submitted its prospectus to the CMSA late last year, with a view to meeting a legal requirement for the country’s telecoms operators to list their shares on the Dar es Salaam Stock Exchange (DSE). Commenting on the ongoing process, the CMSA’s public relations manager, Charles Shirima, said: ‘We returned the prospectus to Halotel because it lacked some regulatory requirements. After we finalise working on it, the company’s shares will be floated on the market.’

As previously reported by TeleGeography’s CommsUpdate, in June 2016 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. Mobile market leader by subscribers Vodacom Tanzania was the first – and remains the only – operator to so far meet the requirements, having concluded its IPO last year.

Tanzania, Viettel Tanzania (Halotel)