Vodacom Group: Black-Economic-Empowerment Shareholders to Acquire Stake -- Update
11 Junio 2018 - 2:34AM
Noticias Dow Jones
(Adds comments from Vodafone Group about its ownership of
Vodacom Group.)
By Maryam Cockar
Vodacom Group (VOD.JO) said Monday that
black-economic-empowerment shareholders from its subsidiary,
Vodacom SA, will acquire between 5.8% and 6.3% in Vodacom
Group.
South African telecommunications company Vodacom Group said
black-economic-empowerment shareholders in Vodacom SA will buy the
shares through YeboYethu Ltd, Vodacom's black-economic-empowerment
scheme, in a transaction worth 17.5 billion South African rand
($1.34 billion).
Vodacom Group said it will unwind the existing
black-economic-empowerment transaction in Vodacom SA on Oct. 8.
Following the transaction, Vodacom Group's effective
black-economic-empowerment shareholding will increase to about
20%.
Vodafone Group PLC (VOD.LN), the majority shareholder of
Vodacom, said as a result of the transaction Vodacom Group will
increase its ownership of Vodacom SA to 100% from 94% by issuing
new Vodacom Group shares to its black-economic-empowerment
investors. This will consequently reduce Vodafone's shareholding in
Vodacom Group to about 61% from 65%.
Black economic empowerment is a program run by the South African
government that seeks to redress the economic inequalities that
arose from Apartheid.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
June 11, 2018 03:19 ET (07:19 GMT)
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