South African mobile operator Vodacom will be listed on the Johannesburg stock exchange on 5 May after joint-owner Telkom distributes a 35 percent stake to shareholders. Telkom is selling its remaining 15 percent stake in Vodacom to Vodafone, increasing Vodafone's interest in the company to 65 percent.
The transactions are subject to various conditions, including the approval of shareholders of Telkom at its general meeting on 26 March. Vodacom issued a pre-listing statement, saying the JSE had agreed to it listing on 5 May and that Telkom would distribute its remaining stake to shareholders as expected. Telkom confirmed it would pay a ZAR 19 per share special dividend to its shareholders.
Vodacom anticipates a dividend payout ratio of about 40 percent of headline earnings for the year ended 31 March 2010. Dividends will be paid semi-annually with the first dividend payable for the first half of 2010.
As Vodacom is to become a public company, there will be changes in the board of directors to ensure an experienced and well-balanced board. The board will consist of thirteen directors of which ten will be non-executive and four of those independent non-executive directors.
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