Vodacom sets $200m target for Tanzanian listing
The listing of a 25% stake is a requirement aimed at boosting local ownership of international companies
Dar es Salaam — Vodacom’s Tanzanian unit plans to raise 476-billion shillings ($213m) in a share sale, the first of a series of initial public offerings by telecommunications companies on the domestic stock exchange this year. The company plans to sell 560-million shares at 850 shillings each after it received approval on Tuesday from the Capital Markets and Securities Authority, Godfrey Gabriel, head of corporate and market research at lead manager Orbit Securities, said by phone from the commercial capital, Dar es Salaam. Charles Shirima, a spokesman for the regulator, confirmed approval had been granted. Tanzania in June enacted a law requiring phone companies to sell at least a 25% stake of their units in the country on the Dar es Salaam Stock Exchange to boost local ownership. The industry has more than quadrupled its subscriber base over the past decade to more than 40-million users, according to the industry regulator. Vodacom is the country’s largest operator with 31% market...
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