Vodacom is considering the sale of a R15-billion stake in the company to boost “black participation in the economy”, according to a report by Bloomberg.
The report stated that Vodacom plans to buy back part of a 12.47% stake owned by the Public Investment Corporation, according to sources.
The shares will then be listed as a “separate entity” and restricted to black investors. The negotiations with the PIC are expected to conclude in the coming months, stated the report.
Vodacom said it is exploring a “variety of options with the primary objective of broad-based inclusivity”, but did not comment on the alleged PIC transaction.
The report stated that the deal would help Vodacom comply with a “government initiative to help compensate those discriminated against during apartheid”.
Telecommunication companies should aim to be 30% black owned as part of the initiative, stated Bloomberg.