Cellphone network operator Vodacom is embarking on a R17.5bn empowerment deal that will replace its current black economic empowerment (BEE) deal, which is due to unwind in October.
Th deal will give shareholders in BEE partner YeboYethu a more direct holding in Vodacom.
Vodacome says the new transaction includes a newly formed employee share ownership scheme and will take its BEE shareholding to 20% of the group.
CEO Shameel Joosub spoke to Business Day TV about the rationale behind what the company has called the biggest-ever empowerment deal in the country’s information and communications technology (ICT) sector.
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