VODACOM SELLS ALL 560 MILLION SHARES ON OFFER IN THE STOCK MARKET
With 40 percent bought by international investors, Vodacom Tanzania said on Tuesday that it has sold all the...
With 40 percent bought by international investors, Vodacom Tanzania said on Tuesday that it has sold all the 560 million shares on offer in the stock market and raised about Tshs 476 billion ($213 million) as planned.
A listing on the Dar es Salaam Stock Exchange was tentatively set for Aug. 15, the company said.
Vodacom described the initial public offering (IPO), Tanzania's biggest ever, as "a significant landmark transaction for the country" having attracted more than 40,000 local investors, most of whom were first-time participants in the country's stock market.
The IPO was part of government-imposed rules on all telecoms companies to list part of their equity locally and foreigners were initially banned from participating in the share sale.
The deadline for the conclusion of the sale had been extended twice and foreign investors allowed to participate after local buyers failed to take up all the shares on offer.
That led the sale, which commenced on March 9, to be under-subscribed and forced the government in June to lift the embargo on offshore investors.
The number of mobile phone subscribers in Tanzania rose 0.9 percent last year to 40.17 million, driven by the launch of cheaper mobile phones.