fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Infrastructure Telecom

Vodacom to retain 100 percent stake in new South African tower subsidiary

The new subsidiary will take over its tower business in South Africa

Sunil Bolar by Sunil Bolar
July 22, 2022
in Telecom, The Global Economics, Top Stories
Reading Time: 2 mins read
0
Vodacom to retain 100 percent stake in new South African tower subsidiary

Vodacom to retain 100 percent stake in new South African tower subsidiary

28
SHARES
155
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

In a recent announcement, Vodacom Group has announced that it will retain 100 percent ownership of a new subsidiary poised to take over its tower business in South Africa. The telecom company also announced a rise of 5.2 percent in revenue for the first quarter of 2022.

Chief Executive Officer of Vodacom, Shameel Joosub, stated that the formation of the telecommunications-tower company was yet to be completed. Vodacom Group, based in South Africa, is also operational in other African countries.

Following a global trend, telecom companies in South Africa have either hived off their tower businesses, or sold them to companies specialised in the tower business.

These moves have enabled the companies to raise funds to support fast-growing services such as fintech. Some of the telecom companies have retained a stake in the tower companies.

The new subsidiary of Vodacom will own more than 9,500 tower sites, which include towers and rooftops, according to a statement from the company in its latest annual report which was published earlier this year.

The South African telecom company stated that the separation of its tower company would lower communication costs and enhance asset returns. The company also announced that a managing director for the new subsidiary would be named shortly.

Chief Financial Officer for Vodacom, Raisibe Morathi, stated that for the current year, the telecom operator would be in a position to consider multiple options after the separation of the tower company. The CFO also said that the company was not in a hurry to monetise, and the separation of the tower business was not intended to raise capital.

Vodacom revenue growth

Vodacom, in which UK telecom operator Vodafone holds a majority stake, announced that group revenue for the quarter ended on June 30 had grown to 26.1 billion Rand (USD1.53 billion), compared to 24.8 billion Rand for the corresponding quarter last year. The company said that the rise in revenue was assisted by growth in most of its markets, and South Africa in particular.  

Service revenue growth for the company at 5.2 percent, was boosted by an increase of 10.4 percent from its international portfolio, and a growth of 9.3 percent from its financial services business, stated Joosub.

He added that the financial services growth rate was hampered by mobile-money levies in Tanzania, and said that if the growth rate had been adjusted for the impact, it would have attained an estimated 19.7 percent.

Vodacom mentioned that subsequent to the end of the quarter, levies had been further reduced. The company said that this amounted to a cumulative reduction of 60 percent in levies since its implementation in July 2021. 

Service revenue in South Africa grew 3 percent, aided by sustained investment in network technology.

Via: short URL
Tags: South AfricatelecomVodacomVodafone
Sunil Bolar

Sunil Bolar

Sunil is a creative person who combines his love for writing with tech and business.

Related Posts

Abu Dhabi Airports inks a deal with ICP to enhance service quality in a new 2022 initiative
Mergers & Acquisitions

Abu Dhabi Airports inks a deal with ICP to enhance service quality in a new 2022 initiative

by Ritu M R
August 17, 2022
Saudi Wealth Fund, PIF acquires USD 7 billion US stocks in Amazon, BlackRock and Meta Platforms
Funds

Saudi Wealth Fund, PIF acquires USD 7 billion US stocks in Amazon, BlackRock and Meta Platforms

by Ritu M R
August 16, 2022
Penspen achieves USD 48 million worth of new contracts in Q2 2022
Energy

Penspen achieves USD 48 million worth of new contracts in Q2 2022

by Ritu M R
August 16, 2022
HSBC expands global securities services in Abu Dhabi Global Market (ADGM) in 2022
Digital

HSBC expands new global securities services in Abu Dhabi Global Market (ADGM)

by Ritu M R
August 16, 2022
GrubTech, Geidea partner to offer e-payment solutions for restaurants, cloud kitchens in Egypt, a new 2022 initiative
Mergers & Acquisitions

GrubTech, Geidea partner to offer e-payment solutions for restaurants, cloud kitchens in Egypt, a new 2022 initiative

by Ritu M R
August 12, 2022
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Abu Dhabi Airports inks a deal with ICP to enhance service quality in a new 2022 initiative

Abu Dhabi Airports inks a deal with ICP to enhance service quality in a new 2022 initiative

August 17, 2022
Saudi Wealth Fund, PIF acquires USD 7 billion US stocks in Amazon, BlackRock and Meta Platforms

Saudi Wealth Fund, PIF acquires USD 7 billion US stocks in Amazon, BlackRock and Meta Platforms

August 16, 2022
Penspen achieves USD 48 million worth of new contracts in Q2 2022

Penspen achieves USD 48 million worth of new contracts in Q2 2022

August 16, 2022
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles, delivered right into your email inbox.

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version