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Vodacom tumbles 6% on Vodafone share sale plan

Vodacom tumbles 6% on Vodafone share sale plan”

Vodafone's share price has been subdued in London in today's session, having slipped 0.74 percent to 215.95p, slightly underperforming the broader United Kingdom market, with the benchmark FTSE 100 index now standing 0.43 percent lower at 7,341.40 points.

Vodacom said in a statement that the placement ensures that it meets the JSE's free float requirement of more than 20%.

Vodafone Group PLC (VOD.LN) said Wednesday it has placed 90 million shares in its African offshoot Vodacom Group Ltd (VOD.JO) at 165 South African Rand ($12.80) a share, raising ZAR14.85 billion.

In May, Vodafone transferred part of its indirect holding in Safaricom Ltd to Vodacom, as part of an effort to streamline and simplify its sub-Saharan African holdings.

This is after Vodafone disposed of its 35% stake in Kenya's Safaricom to Vodacom, in the process increasing its stake in Vodacom from 65% to almost 70%.

The share sale plan will reduce Vodafone's shareholding in the Johannesburg-headquartered Vodacom to approximately what it was prior to the Safaricom transaction.

In connection with the placement of the shares for sale, Vodafone has agreed not to sell, distribute or otherwise dispose of any ordinary shares in Vodacom that are not sold in the placement for a period of 90 days afterwards, subject to consent by the joint book runners.



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