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Change in Vodafone’s Ownership of Vodacom Group and Vodacom Group’s Ownership of Its South African Subsidiary


WEBWIRE

Vodafone notes the announcement today by Vodacom regarding its transaction that is intended to support incremental broad-based BEE (black economic empowerment) and ownership in Vodacom. 

As a result of the transaction, Vodacom’s BEE ownership will move from Vodacom South Africa to Vodacom Group. Vodacom will increase its ownership of Vodacom South Africa from 93.75% to 100% and issue new Vodacom Group shares to its BEE investors, diluting existing Vodacom Group shareholders on a proportionate basis. Consequently, it is expected that Vodafone’s shareholding in Vodacom will fall from 64.5% to approximately 60.5% [1]

[1] The Vodacom South Africa / Vodacom Group share exchange ratio will be based on the 60-day volume weighted average price of the Vodacom Group share on the last practicable date before the final approval of the Vodacom Group and YeboYethu (Vodacom South Africa BEE shareholders) circulars by the JSE, expected to be 3 July 2018. For further details please refer to the SENS announcement made today by Vodacom.

 


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