13th Feb 2023 08:14
(Alliance News) - Vodacom Group Ltd said on Monday the UK telecommunications company Vodafone Group PLC now owns 65.1% in South African mobile carrier.
Vodacom said it had issued 241.9 million new shares to Vodafone as part of Vodacom's acquisition of a 55% interest in Vodafone Egypt Telecommunications SAE.
In December, Vodacom completed the acquisition of 55% stake in Vodafone Egypt from the Berkshire, England-based telecommunications company Vodafone for around ZAR42.64 billion in cash and shares.
Vodacom settled this acquisition through the issuance of 241.9 million new shares and cash proceeds of GBP577 million, or ZAR10.81 billion. Each new share is worth ZAR135.75.
In Johannesburg, shares in Vodacom were up 0.1% at ZAR122.65 on Monday.
Following the deal, Vodafone's shareholding in Vodacom Group has increased from 60.5% to 65.1%.
Vodacom said on Monday it will filed the required notices with the Takeover Regulation Panel.
By Artwell Dlamini, Alliance News reporter
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