STATE REQUIREMENTS
Vodafone supports Vodacom BEE plans
Vodafone group CEO Vittorio Colao has thrown his weight behind plans to sell shares in Vodacom to black investors, saying that the deal should be broad-based. A new black economic empowerment deal (BEE) would further boost Vodacom’s empowerment credentials and help it meet the government’s revised requirements. Vodafone owns a 65% interest in Vodacom and has no intentions of losing control of the business, said Colao. "We support any decision regarding BEE. We would also like it to be broad-based." Vodacom is working on a new BEE deal that is likely to be finalised before its existing empowerment agreement at its South African operations expires in 2018. Vodacom sold shares in the South African operations in 2008 to black members of the public, Thebe Investments and Royal Bafokeng Holdings for R7.5bn. It is not clear, however, whether the new deal would involve the sale of equity at group level. Another option would be for a deal to be concluded in the South African operations. Voda...
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