UK-based Vodafone Plc has agreed to transfer a 35 per cent stake in Kenyan telco Safaricom to its majority-owned South African subsidiary Vodacom Group Plc.
The transfer -announced on Monday- will see Vodafone, through its fully owned subsidiary Vodafone International Holdings, give up 35 per cent of its total 40 per cent stake in Safaricom in return for new ordinary shares in Vodacom. Vodafone Plc currently controls a 65 per cent stake in Vodacom--South Africa's largest mobile operator.
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