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Vodacom Tanzania approves sale of 26 percent stake to South Africa's Vodacom Group

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Staff Writer | November 15, 2018
Shareholders in Vodacom Tanzania on Wednesday approved the sale of a 26 percent stake owned by Mirambo Holdings Ltd to South Africa's Vodacom Group.
Africa   Shareholders in Vodacom Tanzania on Wednesday approved the sale
They approved the transaction during an extraordinary annual general meeting in Tanzania's commercial capital, Dar es Salaam.

"What we did today is just part of the required approval for the deal and this does not mean the deal is done, there are other authorities that need to approve it too, Ali Mufuruki, Vodacom Tanzania's chairman said.

The size of the transaction means approval from several institutions, including the Fair Competition Commission (FCC) and Capital Markets and Securities Authority (CMSA), will be required, he said.

Mirambo Holdings is the investment vehicle of Tanzanian business tycoon Rostam Aziz.

"After successful acquisition of the shares, in principle, Vodacom SA will announce the offer and invite any Vodacom Tanzania shareholder interested to buy the shares for a specific time and after that they proceed with the process," Mufuruki added.

Vodacom is Tanzania's leading telecom company and controls 32 percent of the country's 40 million mobile subscribers, ahead of companies including Tigo Tanzania, a subsidiary of Sweden's Millicom, and a local unit of India's Bharti Airtel.