Safaricom reveals ownership of Ethiopia venture
Tuesday May 25 2021
By VICTOR JUMA
Safaricom #ticker:SCOM will own a majority stake in a series of companies formed for entry into Ethiopia’s telecoms market, giving the firm effective ownership of 55.7 per cent in the new venture.
The Nairobi Securities Exchange-listed company has disclosed the exact ownership structure of the consortium that on Saturday won a licence to enter the new market at a cost of $850 million (Sh91.6 billion).
Japan’s conglomerate Sumitomo Corporation is the second-largest investor with a 27.2 per cent stake, followed by UK’s sovereign investment fund CDC Group (10.9 per cent) and South Africa’s Vodacom Group (6.2 per cent).
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Safaricom takes 56pc stake in Ethiopia firm Business Daily Safaricom #ticker:SCOM has raised its controlling stake in Global Partnership for Ethiopia, the consortium that has made a bid for one of two telecoms licences in Kenya’s northern neighbour, to 56 percent from the 51 percent announced previously. Details of the consortium’s latest ownership structure was disclosed Tuesday by South Africa-based Vodacom Group which owns a 34.9 percent stake in the Nairobi Securities Exchange-listed firm. “The consortium is 56 percent owned by Safaricom, six percent by Vodacom, 25 percent by Sumitomo the Japanese conglomerate and 10 percent by CDC, the UK sovereign investment fund,” Vodacom’s chief executive Shameel Joosub said at an investor briefing yesterday. He did not explain the circumstances that led to the changes in the ownership. The multinational’s stake has also gone up, having previously stood at five percent. The percentages listed by Mr Joosub exclu