Vodacom SA now a standalone entity to manage expanded operations

Vodacom SA now a standalone entity to manage expanded operations

Vodacom Group, a subsidiary of Vodafone Group Plc recently announced the simplification of its structure and the development of a standalone South African business as it aims at managing its expanded presence in Africa. In a statement by the company, it mentioned that the South African telecom giant required a new structure to manage its business and work on its growth plans regarding digital and financial services. In order to oversee its operations in Africa, it was important to create a stand-alone South African operating entity, it further read. Reportedly, the Vodacom Group assumed responsibility for Vodafone Ghana from April 1 and subsequently formed a joint venture with Safaricom- a Kenya based mobile operating company after purchasing the mobile-based money transfer platform- M-PESA brand from Vodafone. Apparently, both, Vodacom and Safaricom have expressed their interest in bidding for an Ethiopian telecom license as a part of the association. Vodacom holds a strategic share in Safaricom. For the record, the new standalone business in South Africa will be managed by the director of Vodafone – Balesh Sharma who is presently the director of special projects for the Vodafone Group, which is a majority-owner of Vodacom. Notably, Sharma will now directly report to the Group Chief Executive Shameel Joosub and will join the reconstructed Vodacom Group executive committee from July 1, 2020. Following the news, the shares of the company rose by nearly 0.24%, outperforming the wider index which fell by close to 2%. In recent news, following the rise in internet users in South Africa due to the increase in people working from home, SA Vodacom witnessed an 8.9% jump in its total earnings, offering services to more than 116 million customers across the region. The company has also enhanced its fiber roll-out in the second half of the year, doubling the number of connected businesses and homes to 61,427.   Source credits:   https://www.channelnewsasia.com/news/business/vodacom-south-africa-now-a-standalone-business-12757640

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