Vodafone To Sell 5.2% Of Vodacom To Meet Minimum Free Float

Features Dow Jones Newswires

Mobile telecommunications company Vodafone Group PLC (VOD.LN) Tuesday said it plans to sell around 5.2% of the shares in its African offshoot Vodacom Group Ltd (VOD.JO) to enable Vodacom to meet the minimum 20% free float requirement imposed by the Johannesburg Stock Exchange.

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Vodafone, which recently increased its holding in Vodacom to 69.7% from 65% and said it expects Vodacom's free float to fall to around 18% as a result, said it will place around 90 million shares in Vodacom.

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

September 05, 2017 11:57 ET (15:57 GMT)