Vodacom creates a separate legal entity for its tower business
Vodacom group has secured ownership of Tower company and looks to announce its MD in due course. Vodacom Group Chief Executive Officer Shameel Joosub said in a statement, “The tower company will be 100% owned by Vodacom Group and intends to announce the managing director of the business in due course.” According to Vodacom, majority-owned by Britain’ s Vodafone,…
Vodacom group has secured ownership of Tower company and looks to announce its MD in due course. On Thursday, the company said it is establishing a separate legal entity for its South African tower business, after the telecoms operator had reported a 5.2% rise in its first quarter revenue which was helped by growth in its domestic operations.
As a way to monetize parts of the business and keep a chunk for future gains or use the proceeds to fund fast growing services like fintech, South African telecoms firms have either carved out towers businesses or sold them to tower companies, a move also seen globally.
Vodacom Group Chief Executive Officer Shameel Joosub said in a statement, “The tower company will be 100% owned by Vodacom Group and intends to announce the managing director of the business in due course.”
According to Vodacom, majority-owned by Britain’s Vodafone, group revenue for the quarter ended on June 30 rose to R26.1 billion ($1.53 billion) from R24.8 billion in the same quarter last year.
“During the past quarter we made good progress on the optimisation of our assets, which in the medium term will also positively contribute to bridging the digital divide.”
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