Cellphone giant Vodacom has implemented a R7,5-billion broad-based black economic empowerment (BEE) ownership transaction, it said on Tuesday.
Vodacom said it was ”committed to meaningful participation by historically disadvantaged South Africans at all levels of the South African economy”, read a statement issued by the company.
In furthering this commitment, Vodacom said it had concluded agreements that would facilitate the acquisition of an effective 6,25% interest in the issued ordinary share capital of Vodacom by broad-based BEE groups.
The BEE transaction would be funded through a combination of equity raised from BEE investors and notional vendor funding.
Vodacom’s BEE transaction would be one of the largest broad-based BEE transactions in the South African information and communications technology industry and also included a significant public offer to the broad-based black South African public through YeboYethu.
Telkom SA holds a 50% interest in Vodacom. — Sapa