JOHANNESBURG - The telecoms giant said it had received formal notification from the Public Investment Corporation (PIC) pursuant to the Companies Act that its shareholding in the group had reduced.
“The holding by PIC in Vodacom has decreased from 15.38% to 13.5% in the ordinary shares of the company as a result of the dilution effects of the recent increase in the share capital of Vodacom following its acquisition of an indirect stake of 34.94% in Safaricom and various disposals by the PIC in Vodacom shares,” the company said.
Earlier this year, Vodacom announced it had agreed to a deal in which it would acquire a 34.94% indirect interest in Safaricom from Vodafone by acquiring 87.5% of the issued share capital of Vodafone Kenya.
The transaction, which saw Vodafone increase its interest in the Vodacom Group from 65to 69.6%, was concluded early this month. Vodafone sold down its stake in Safaricom as part of its drive to streamline its African businesses.
The PIC is Africa’s largest money manager, with R1.9trillion in investments, most of that overseeing South African government workers’ pensions.
- BUSINESS REPORT