Vodacom share sale to black investors abandoned by PIC

A planned sale of shares in Vodacom to black investors by the Public Investment Corporation has been abandoned, according to a report by Fin24.

The Public Investment Corporation was to sell a portion of its Vodacom shares to black investors to reportedly bolster the mobile operator’s BEE rating.

The sale involved a consortium which included former Vodacom executive Romeo Kumalo, stated the report.

“Vodacom will continue to seek potential black shareholders, one of the people said,” said Fin24.

The planned sale to black shareholders is needed to satisfy telecoms regulator ICASA’s requirement to bid for spectrum.

Companies need 30% black ownership to place a bid, according to the regulator.

Vodacom is currently 18.7% owned by black investors, while MTN is at 38.75%.

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Vodacom share sale to black investors abandoned by PIC