South African fund manager Public Investment Corporation (PIC) has bought the 40 per cent stake in Vodacom Tanzania allocated for foreign investors in the telco's initial public offering (IPO).
Vodacom floated 560,000,100 ordinary shares trading at Tsh850 ($0.4) each in March. The company was forced to extend the offer to July 28 and allow foreigners to participate after it failed to hit $213.07 million target, a 25 per cent stake in the company.
