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.
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.
Continue Reading Below
-Write to Rory Gallivan at firstname.lastname@example.org; Twitter: @RoryGallivan
(END) Dow Jones Newswires
September 05, 2017 11:57 ET (15:57 GMT)