Tanzanian cellphone firms look likely to miss share listings deadline
Dar Es Salaam — Tanzania’s cellphone companies are struggling to meet a government deadline for them to list their shares on the local market by the end of the year, industry sources say, leaving them facing the prospect of being fined or having their network operating licences suspended. The country’s eight operators are required by law to have 25% local ownership by December 31. They include Vodafone subsidiary Vodacom, Millicom subsidiary Tigo, and a local unit of India’s Bharti Airtel. President John Magufuli, elected to office last year, has said the move would bring more transparency and offer the public a share in the industry’s profits. But analysts say rushing through public offerings could lead to unsold shares, given that only Tanzanians are allowed to buy them. Meanwhile, mining firms face a longer, two-year deadline to sell 30% of their shares on the local market. "The Magufuli administration has a lot of good intentions but it is one thing to announce a policy and a to...
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