According to Vodacom Group, the transaction is pending approvals from the Johannesburg Stock Exchange, the National Telecom Regulatory Authority of Egypt and Egypt’s Financial Regulatory Authority (FRA).
At a recent general meeting, the minority shareholders gave the Vodafone Egypt transaction a vote of confidence and supported resolutions for the acquisition to take place.
A total of 99% of votes were cast in favour of the transaction, while 99.58% of votes went in support of the consideration of shares and 99.58% of votes backed a special resolution granting authority to issue consideration shares to sellers.
However, because this is a related-party transaction, Vodafone did not vote at the meeting.
Vodacom Group says the transaction will be funded through the issuance of 242 million new ordinary shares valued at R135.75 ($8.8) per share and $548m in cash. Vodacom aims to conclude the
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