Shareholders of Vodacom Tanzania have approved a move by Vodacom Group to increase its stake in the mobile unit, reports the Standard. During an extraordinary annual general meeting, shareholders voted to clear the sale of a roughly 26% stake in Vodacom Tanzania held by Mirambo Holdings to the South African group. The deal, which is subject to regulatory approval, will increase Vodacom Group’s total direct and indirect shareholding in the Tanzanian mobile market leader from 61.6% to around 75%.
Vodacom Tanzania completed an initial public offering (IPO) on the Dar es Salaam Stock Exchange (DSE) in August 2017, notes TeleGeography’s GlobalComms Database. All 560 million shares on offer, equating to a 25% stake, were sold, raising TZS476 billion (USD206.8 million). Following the conclusion of the IPO, Vodacom Group held a 48.75% direct stake in Vodacom Tanzania and 12.86% indirectly through Mirambo Limited, which owns 26.25% of the cellco.