Local shareholders seek consent from TCRA to vend their shares to foreign investors (Tanzania)

Tanzanian shareholders holds 35% in domestic mobile operator Vodacom tanzania approaches the Tanzania Communications Regulatory Authority (TCRA) in order to seek permission to sell their shares to foreign investors, reports local media. According to a recent data, the unit, currently 65%-owned by South Africa’s Vodacom Group and Mirambo Limited of Tanzania (35%), is the nation’s largest player in terms of subscribers with a market share of 44.86% at 30 June 2008. However, it has since become involved in a dispute with the TCRA over who it is allowed to sell the shares to. Even though Mirambo is petitioning for the right to offload the asset to foreign investors, local legislation (under the Tanzania Communications Licensing Regulations of 2005) requires that telecoms companies operating in the country must have at least one local shareholder with a minimum 35% stake to meet the criteria for a telecommunication licence.

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