Businessman Rostam Aziz concludes sale of Vodacom Tanzania stake

27 September 2019

Mergers, Acquisitions and Financial Results

Tanzanian tycoon Rostam Aziz has concluded the sale of the last tranche of his Vodacom Tanzania shares to Vodacom of South Africa, Forbes reported, citing the Citizen newspaper. Aziz sold his last 588 million shares in Vodacom Tanzania, which was held by his Mirambo Holdings vehicles to Vodacom South Africa in a deal that on the Dar es Salaam Stock Exchange on 18 September. The shares were valued at approximately USD 220 million at the time of the sale.

Shareholders in Vodacom Tanzania had approved the sale of Mirambo Holdings' stake to Vodacom in November 2018. Aziz had facilitated Vodacom South Africa’s entry to Tanzania and had owned an estimated 35 percent stake in Vodacom Tanzania. In 2014, he sold a 17.2 percent stake held via his Cavalry Holdings company and held on to an estimated 17.8 percent.

Vodacom Tanzania has more than 11 million active subscribers and is the country’s largest mobile phone company. Vodacom South Africa has more than 23 million subscribers.

Source: Telecompaper