Kenya: Tanzanian businessman Proposes to Acquire 50% Stake in Wananchi Group

Kenya: Tanzanian businessman Proposes to Acquire 50% Stake in Wananchi Group

Ali Mufuruki, a Tanzanian businessman, wants to acquire 50 percent stake in Wananchi Group Holdings. Currently, Mr Mufuruki holds one percent stake in the Zuku TV parent company and once the proposal is approved, his stake will grow to 51 percent.

The Fair Competition Commission (FCC) announced that it is presently looking into the proposed acquisition in accordance with the Fair Competition Act and procedure rules. FCC has invited interested parties to present their reactions and file any details that will help it to make a just and fair decision about the acquisition.

Wananchi Group, formerly Wananchi Online and founded by the current ICT CS Joe Mucheru and Njeri Rionge, offers home entertainment and communication services to residential areas and businesses. Its residential services are DTH satellite pay-TV services, fibre optic network, and “originating programming for its own pay-TV channels.

Source: Kenyan Wall Street



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