7 November 2008Telkom has announced the sale of a 15% stake in cellular operator Vodacom, worth R22.5-billion, to multinational cellular operator Vodafone. The deal, one of South Africa’s largest recent foreign direct investments, will also see Vodacom becoming one of the largest South African companies listed on the JSE.The transaction will see Vodafone’s share in Vodacom increased from 50% to 65%, giving the UK-based cellular operator full control of South Africa’s largest cellular operator by subscriber numbers.Telkom will distribute its remaining 35% stake in Vodacom to its own shareholders by way of an unbundling process, and investors will for the first time have direct equity in Vodacom.Major foreign direct investmentCommunications Minister Ivy Matsepe-Casaburri said the sale represented one of South Africa’s largest recent foreign direct investments and signalled Vodafone’s confidence in the future of the country.“Furthermore, it enables Telkom to speed up its deployment of enhanced, fixed and mobile, services to South Africans,” she said.“We are confident that this transaction is beneficial to the nation, as well as to Vodacom and Telkom, and look forward to them entrenching their positions as communications champions across the African continent.”The transaction is subject to approval of 75% of Telkom’s shareholders, as well as competition and industry regulatory authorities. The South African government and the Public Investment Corporation, two of Telkom’s largest shareholders, have already given their support for the transaction.The 15% stake will be sold for R22.5-billion in cash, less Vodacom’s attributable net debt of R1.55-billion. Telkom will distribute half of the after-tax proceeds to its shareholders by means of a special dividend that will be paid out on completion of the transaction, which is expected to take place in the first half of 2009.Unlocking value“The Telkom board is confident that this transaction will unlock significant value for shareholders, and will facilitate the transformation of Telkom into a leading converged information and communications technology player on the African continent,” Telkom CEO Reuben September said in a statement this week.“The retained portion of the proceeds from the disposal will be used to accelerate the development of our mobile and data strategies, while also allowing us to selectively expand our geographic presence.”He said that the shareholders agreement between Vodafone and Telkom placed several significant restrictions on both Telkom and Vodacom, and with that out of the way, Telkom could now act independently.Furthermore, Telkom would no longer be restricted from offering mobile voice services in South Africa or making mobile acquisitions in Africa south of the Equator. Vodacom, in turn, would be Vodafone’s expansion vehicle in sub-Saharan Africa, excluding North Africa, Ghana and Kenya.“Our approach will be to utilise the retained proceeds prudently with the aim of ensuring that Telkom remains an attractive and strongly competitive company after the transaction,” September said. “Telkom will be well capitalised and will focus on its goal of becoming the leading ICT player on the African continent.”SAinfo reporter Would you like to use this article in your publicationor on your website?See: Using SAinfo material
Man City striker Gabriel Jesus sets sights on displacing Agueroby Freddie Taylor10 months agoSend to a friendShare the loveGabriel Jesus is desperate to replace Sergio Aguero as Manchester City’s first choice striker.The 21-year-old has struggled for form since his close-knit family returned to Brazil after their UK holiday visa expired 18 months ago.But after scoring four in Wednesday night’s 9-0 win over Burton Albion, Jesus feels he’s back in form.”I’ve already forgotten the problems of last year and I’m really happy now,” he said. “My family is going back to Brazil, unfortunately, but that’s an issue just at home, not on the pitch.”I’ve had amazing days beside them, I’m grateful for the family I have, they are always beside me and allowing me just to focus on football.”I’ll miss them, obviously, but I’m mentally stronger now and I just want to play well, score goals and help the team.”He added: “Sure (I can do it) like when I first came here,” he told Esporte Interativo. “I’ve always respected and will always respect Sergio and the manager’s decisions, but it’s up to me to pursue a place in the team.”I try to show on a daily basis, training hard trying to get into the first XI.”I know Sergio is having an amazing season, but I’m here able to help whenever they need me.”I haven’t played a lot on Premier League this season and I want to help.” About the authorFreddie TaylorShare the loveHave your say
Leicester boss Rodgers fumes: Mane made most of itby Paul Vegas20 days agoSend to a friendShare the loveLeicester City boss Brendan Rodgers was furious with the way Sadio Mane won Liverpool’s matchwinning penalty on Saturday.Mane was brought down in stoppage time after a mix up between Albrighton and goalkeeper Kasper Schmeichel before James Milner calmly slotted from 12 yards to give the hosts a huge victory that extends their winning run in the league to 17 games, dating back to March.Rodgers felt aggrieved by Chris Kavanagh’s decision to award the penalty kick, saying: “I think he has made the most of the contact.”Strikers now, they are clever. He has had a touch and gone over. If the referee didn’t give it I don’t think anyone would have said it was a clear and obvious error. “To concede a 95 minute penalty was difficult to take. I thought we deserved a point. You come to the European champions and you have to be resilient and deal with pressure and show your own qualities. I felt we did that.”I thought we could go on and win the game. We conceded a goal when we were in control. I thought it was a very soft penalty, not clear and obvious that is for sure but when the referee gives it it is hard for the VAR to go against it. “But I am very proud of the team and the personality we showed. To come here and be that competitive, it shows we are very much on the right path.”You have to have that [doggedness]. Any of the best teams always has a balance.”You come to a stadium that is one of the most difficult in Europe, in terms of momentum. We were able to turn the momentum around for us. “You have to have all types. Today we had to have that persistence and perseverance but when we had spells with the ball, we looked creative and we had a threat. “We looked like we could maybe get in front in the game. It wasn’t to be but I am proud of coming to here and bringing a team to compete at that level.” About the authorPaul VegasShare the loveHave your say
TagsTransfersAbout the authorPaul VegasShare the loveHave your say Tottenham planning signing spree in 2020by Paul Vegasa day agoSend to a friendShare the loveTottenham are planning a signing spree in 2020.The Daily Mail says flying full-backs Kyle Walker and Danny Rose were key figures in manager Mauricio Pochettino’s best side and Spurs feel they have lost one of their major strengths following the former’s departure to Manchester City and latter’s struggle to hit the same heights.Having signed Ryan Sessegnon, who can play down the left, for £25m from Fulham in the summer, landing a new right-back is their main priority in January.Norwich’s Max Aarons and West Brom’s Nathan Ferguson are two of Spurs’s options for that position.Beyond that Spurs intend to strengthen in central defence, central midfield and attack. They remain keen on Sporting Lisbon’s midfielder Bruno Fernandes and also have interest in Mainz forward Jean-Phillipe Mateta.
Transport and Mining Minister, Hon. Robert Montague, says stakeholder discussions are under way for the establishment of a globally recognised aviation school in Jamaica. Story Highlights Mr. Montague advised that the consultations involve representatives of the Ministry of Finance and the Public Service, Airports Authority of Jamaica (AAJ), Jamaica Civil Aviation Authority (JCAA), Caribbean Maritime University (CMU), and two overseas institutions. He said this forms part of the Government’s plans to further boost the local aviation industry by establishing a world-class facility to train more Jamaican commercial pilots. Transport and Mining Minister, Hon. Robert Montague, says stakeholder discussions are under way for the establishment of a globally recognised aviation school in Jamaica.Mr. Montague advised that the consultations involve representatives of the Ministry of Finance and the Public Service, Airports Authority of Jamaica (AAJ), Jamaica Civil Aviation Authority (JCAA), Caribbean Maritime University (CMU), and two overseas institutions.He said this forms part of the Government’s plans to further boost the local aviation industry by establishing a world-class facility to train more Jamaican commercial pilots.The Minister was delivering the keynote address at the opening ceremony for the second annual two-day aviation seminar, jointly hosted by the AAJ, JCAA and Aeronautical Telecommunications Limited (AEROTEL) at the Courtleigh Auditorium in New Kingston on Thursday (December 6).Mr. Montague, who noted that Jamaican pilots have long established themselves among the best in the world, said data suggest that the global aviation industry is short of approximately 600,000 commercial pilots.He contended that Jamaica needs to tap into the potential opportunities that this presents. “We believe we are selling the industry short if we do not give to general aviation, more Jamaican pilots,” he added.Meanwhile, Mr. Montague said the Government has given the JCAA approval to seek a seat on the International Civil Aviation Organization (ICAO), when the elections are held next year in Montreal, Canada, where the ICAO is headquartered.The Minister, who indicated that “we are confident of victory”, said securing a seat would be a major boost for the country and the wider Caribbean.The two-day seminar, being held under the theme ‘Air Transport as an Engine of Economic Development in Jamaica and the Caribbean’, forms part of Jamaica’s observance of International Civil Aviation Day on December 7 by the United Nations (UN), in commemoration of the International Civil Aviation Organization’s establishment in 1944.
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