06 Jul Tanzania: Tanzanian tycoon set to offload shares in Vodacom – report
Tanzanian tycoon Rostam Aziz is in the process of selling off his remaining shares in Vodacom Tanzania, The Citizen reported citing unnamed sources. The daily said Aziz may sell his 26.25 percent stake in the company to Vodacom Group, which has been targeting the businessman’s shares to take full control of the mobile operator. The stake is valued at more than USD 200 million, but it is not yet clear how much Vodacom South Africa will be paying the Tanzanian tycoon for the stake, the report said.
Aziz sold 17.2 percent of the shares to Vodacom in 2014 at USD 240 million. At the time, he held the shares via Cavalry Holdings, a Jersey-registered private investment company wholly controlled by him. The 57 year-old’s remaining shares are held via Mirambo Holding, his family’s investment vehicle.
Vodacom Tanzania, which has more than eleven million active subscribers, is the country’s largest mobile phone company, and Vodacom Group’s second most successful operation in Africa, after its South African unit, which boasts more than 23 million subscribers. In August 2017, the company made its debut on the Dar es Salaam Stock Exchange.